Atlantic Innovation Fund (AIF)
Amount:
$3,000,000.00
Type of Program:
Grants & Loan
Description:
The Atlantic Innovation Fund (AIF) is helping Atlantic Canada compete at home and abroad by supporting the development of innovative products and services that lead to commercial success. AIF helps researchers and innovative businesses team up to develop new products and services and put them on the market.
Comments on Funding:
Funding is up to 80% of total eligible costs for projects led by not-for-profit organizations. Contributions to not-for-profit organizations are non-repayable
Funding is up to 75% of total eligible costs for private-sector-led projects. Contributions to the private sector are conditionally repayable based on the commercial success of a project.
It should be noted that the AIF assistance for eligible building and major renovation costs would not normally exceed 30% of the costs.
Eligible costs could include wages, salaries, capital costs and other operating expenses directly related to the project. The AIF assistance for eligible building and major renovation costs would not normally exceed 30% of the costs.
Funding for innovation project ranges from $500,000 to $3 million. Innovation projects of less than $500,000 may be eligible under ACOA’s Business Development Program.
Types of Projects Eligible for Atlantic Innovation Fund:
The AIF provides funding for a wide range of projects that support innovation and economic growth in Atlantic Canada. Eligible projects may include:
Evaluation Criteria for Atlantic Innovation Fund:
The AIF evaluates applications based on several criteria. According to the Atlantic Canada Opportunities Agency (ACOA), projects must meet the following essential criteria to be considered for funding:
- Be compatible with AIF objectives
- Be scientifically and/or technically sound
- Demonstrate management capability to successfully undertake the project
- Demonstrate significant economic benefits for Atlantic Canada
In addition to the essential criteria, the AIF also considers the following desirable criteria:
- Includes private sector participation (for institutional proposals)
- Fills a gap in the Atlantic system of innovation
- Improves innovation capacity of the private sector
- Is pan-Atlantic in scope
When It Ends:
Ongoing
Deadline:
Rolling Deadline
Eligibility:
Applicant must be:
Application Steps:
Applicant must complete a Project Concept Template and submit it to the ACOA office nearest to them. ACOA will contact them to confirm receipt and to discuss their project.
Applicant must complete and submit the Application for Financial Assistance form, once they have discussed their project with ACOA.
Documentation Needed:
For-profit applicants must submit a completed application form and the following supporting documents:
- 1incorporation documents and information on ownership names and percentage of ownership
- 2fully repayable contributions up to $500,000 for up to 75% of eligible costs
- 3R&D project plan, business plan and/or marketing plan,
- 4supplier quotes,
- 5copies of relevant permits and licenses,
- 6other relevant documents (specify).
Not-for-profit applicants and other applicants must submit a completed application form and the following supporting documents:
- 1constituting/ incorporating documents and list of directors/members of the board,
- 2financial statements (current and last fiscal year),
- 3description and mandate of the applicant, including the management and qualifications of key personnel,
- 4HST rebate information (I.E. rebate rate),
- 5one of the following two items is required: (R&D) project plan or detailed project description, including milestones, costs, financing, key partnerships, established evidence of support from the community,
- 6supplier quotes,
- 7copies of relevant permits and licenses,
- 8other relevant documents (specify).
Other Things to Note:
Date modified: 2022-08-16
