Business Investment Fund
The Department of Department of Tourism, Culture, Industry and Innovation (TCII) recognizes business and sector development as the key to economic development. The Business Investment Fund provides a source of funding to business and economic sectors that responds to the changing needs of enterprises. The Business Investment Fund is comprised of two components: the Business Investment Program and the Business Development Support Program.
Business Investment Program
The Business Investment Program provides term loans and equity investments to small and medium-sized enterprises (SMEs) in strategic growth sectors as identified by TCII. The fund is also available to businesses which have export potential and require assistance to enter or expand in external markets. Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.
Business Development Support Program
The Business Development Support Program assists Newfoundland and Labrador SMEs with opportunities to increase their productivity and improve their competitiveness. The program supports SMEs who demonstrate a desire to develop and grow by improving the operations of the business, investing in its people, and focusing on trade opportunities. TCII assistance will be targeted towards businesses in strategic sectors that normally focus on export markets and/or improve import substitution. Funding is available for productivity improvements, knowledge development, market development and/or professional technical advice.
The Business Investment Program is in the form of repayable term loans to a maximum amount of $500,000 per government fiscal year at the department's base rate of three per cent.
Equity funding in the form of redeemable preferred shares to a maximum of $500,000 per project; maximum aggregate of $1 million is available.
The Business Development Support Program is in the form of a non-repayable contribution(s) to a maximum amount of $100,000 per government fiscal year. The contribution level will be up to 50 per cent of eligible costs, with the business identifying their access to the remaining funding to complete the project(s).
Eligible applicants must normally:
- Be a small and medium-sized enterprise (SME) based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales.
- Demonstrate its ability to undertake the work identified in the project proposal.
- Demonstrate its ability to access the financial capital required to complete the project.
- Operate in a strategic sector as defined by TCII.
- Be in good standing with the Government of Newfoundland and Labrador.
Please visit this link for additional information and contact information; https://www.tcii.gov.nl.ca/programs/bif.html