Northern Development Initiative Trust (NDIT) is once again providing help to northern B.C.
The company announced they will be providing $1.1 million in grant funding for 2020 to two programs: the Competitiveness Consulting Rebate as well as the Northern Industries Innovation Fund, receiving $600,000 and $500,000 respectively.
“Northern B.C.’s economy has taken a hit this past year with mill closures and curtailments," NDIT CEO Joel McKay says in a release.
"However, the people who live and work here are resilient and capable. Northern Development is eager to support those businesses in our region that seek out innovative opportunities in order to grow our economy and improve life in the north.”
The Competitive Consulting Rebate was created to help support central and northern B.C. manufacturers, innovators, processors and their first line suppliers to grow business, implement world-class business practices and become more competitive in the global market with the goal of creating measurable economic benefit for the region.
The Northern Industries Innovation Fund provides funding for small and medium-size business companies engaged in sectors like forestry, agriculture, aquaculture, mining, energy, oil and gas, manufacturing and related supply chain activities.
"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," NDIT says on its website, "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 include:
- Supporting 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
- 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
- Rebates 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
- Priority to companies operating in the regions most impacted by the pine beetle epidemic and decreasing timber supply
NDIT lists funding terms as up to $50,000 in rebate funding to a maximum of 50 per cent of the total budget of the project.
The applicant must be able to provide a minimum of 25 per cent of the project.
To be eligible, the applicant must:
- Eligible companies must be privately owned
- Incorporated
- Have less than 500 employees
- Revenues less than $100 million
- 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
“Central and Northern B.C. are crucial to the economic well-being of our entire province, and support for innovation is key to ensuring long-term prosperity in our resource industries," Minister of Jobs, Economic Development and Competitiveness Michelle Mungall adds in the release.
"The continuation of these successful programs will help allow more small businesses in central and northern B.C. to grow, become more competitive, create new jobs and strengthen local economies.”
For more information or to apply, you can visit NDIT's website.
