The Northern Industries Innovation Fund program provides funding for small and medium sized companies engaged in forestry, agriculture, aquaculture, mining, energy, oil and gas, manufacturing and the supply chain activities related to these sectors. The program will support applied research and development, new or improved products and services and testing of innovative equipment or technologies to support capital investment decisions. The program’s objective is to support the diversification and expansion of the northern B.C. economy as measured through increased business competitiveness, incremental revenue and job creation.
The Northern Industries Innovation Fund program is established to provide incremental funding to support innovation projects that increase the competitiveness of local businesses in traditional industries across northern B.C. The program is also intended to support economic diversification and/or viability of businesses to mitigate the economic impact of the pine beetle epidemic.
Features and benefits of the program
- The program supports the diversification of local and regional economies in central and northern B.C. through investment in innovation by businesses in forestry, agriculture, aquaculture, mining, energy, oil and gas and manufacturing.
- The program offers incremental funding to match and leverage existing funding programs from provincial and federal organizations or private sector investments that have the potential to create new jobs and increase revenues in central and northern British Columbia.
- The program provides funding, in the form of a rebate, to businesses to offset the cost of consulting and consultant travel, third party research, capital costs for new technology or equipment for prototype testing etc. for qualifying project.
- Companies may use preferred consultants, researchers or subject matter experts or request assistance to identify qualified consultants, researchers or subject matter experts.
- Applications are received and approved on a continuous basis throughout the year – no intake deadlines.
- Direct payments to reimburse the company within weeks of receiving verified completion of the project and payment of all expenses.
- The program gives priority to companies operating in the regions most impacted by the pine beetle epidemic and decreasing timber supply.
- Innovation or improvements in harvesting and gathering, extraction or manufacturing techniques.
- Advancements in site remediation.
- Productivity improvements.
- Innovative utilization of marginal natural resources (forests, non-timber forest products, agriculture, aquaculture).
- Value add sector products.
- Implementation of new technologies.
- New product manufacturing.
- Technology transfer regionally, nationally and/or internationally.
Up to $50,000 in rebate funding to a maximum of 50% of the total project budget. The applicant must contribute a minimum 25% of the project budget.
- Eligible companies must be privately owned, incorporated, have less than 500 employees, revenues less than $100 million and be operating within the Northern Development Initiative Trust region.
- Registered non-profit organizations whose sole purpose is to create jobs and economic benefit in the specified industrial sectors, i.e. community forests, industry associations.
Please review all program documents in detail as incomplete applications will not be reviewed.
Completed application forms with all supplementary materials should be provided electronically to Northern Development by email.
Please contact Northern Development staff to discuss your project in further detail.
Phone : 250-561-2525