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PRINCE GEORGE – Forest sector research and development is getting a boost with the help of Northern Development Initiative Trust’s new Forest Innovation Fund.
The fund will provide up to $1 million in grants over a two-year period for small and medium-sized companies and community forests engaged in resource extraction, resource processing and supply chain activities related to the forest sector.
“This fund will provide support to the small and medium-sized businesses that call our communities home, employ our family members and friends and are directly impacted by the Mountain Pine Beetle epidemic,” says Evan Saugstad, Board Chair, Northern Development Initiative Trust. “These grant dollars will help our local resource sector businesses innovate and diversify, supporting jobs that are the backbone of our economy.”
The Forest Innovation Fund provides up to 50% to a maximum of $50,000 in grant funding per project to support research and development, innovative technologies, and new or improved products to optimize the fibre supply in central and northern B.C.
The fund is part of the Trust’s ongoing response to the Mountain Pine Beetle epidemic, which is anticipated to result in fibre supply reductions in the coming years that will impact jobs and communities in pine beetle affected areas.
“Northern Development has provided support to help Lo-Bar pursue innovative new ways to improve our harvesting operations and day-to-day practices, which will make our company more sustainable and position it for growth,” says Marty Hiemstra, Operations Manager, Lo-Bar Log Transport. “The Forest Innovation Fund provides a new source of capital that companies like ours can use to stay competitive.”
The Forest Innovation Fund will focus on support for small and medium-sized enterprises, filing a funding gap in the current innovation landscape that will create positive results for the region’s entrepreneurs and the communities they call home.
Examples of eligible projects include innovation in biomass and harvesting and gathering techniques, site remediation advancements, seedling survival enhancement, value-added forest products, new technologies and technology transfer.
Eligible companies must be privately owned, have less than 500 employees, annual revenue of less than $100 million and be based within the Trust’s service area.
Applications for funding are being received on an ongoing basis. Application guides and forms can be downloaded at www.northerndevelopment.bc.ca.
Quick Facts:
- The Forest Innovation Fund will provide $1 million in funding over a two-year period for small and medium-sized companies and community forests engaged in resource extraction, resource processing and supply chain activities related to the forest sector
- Since 2005, Northern Development’s Pine Beetle Recovery Account has been utilized to support 246 projects throughout the region, totalling nearly $25 million in funding
- Local governments, First Nations and non-profit organizations in pine beetle impacted areas can access funding support for community projects through the Pine Beetle Recovery Account
- The Trust expects up to $2.5 million in grant funding will be approved through the Pine Beetle Recovery Account in 2016 to support communities and businesses
- The Forest Innovation Fund will complement the Province of British Columbia’s Forest Enhancement Society announced last week, which will be supported with $85 million in funding
