No Fixed Amount
Type of Program:
The Innovation and Business Development Fund is focused on investments to grow and diversify Newfoundland and Labrador’s oil and gas supply and service capabilities. The fund provides funding to commercial and non-commercial applicants for business development, emerging technologies and industry diversification.
Comments on Funding:
Project funding will normally not exceed 50% as a non-repayable contribution.
Other Provincial Government funding is ineligible as project financing (i.e., no duplication of provincial funding sources will be permitted).
Multi-year commitments may be considered based on the business case for the investment and are subject to the available budget and additional approval requirements.
When It Ends:
The applicant must:
should contact an NR or TCII office in your region prior to developing a proposal,
must submit a detailed proposal and a completed application with supporting documentation to the Department of Tourism, Culture, Industry and Innovation (TCII) office in their area.
Applicant must submit:
Other Things to Note:
The Departments of Natural Resources (NR) and Tourism, Culture, Industry and Innovation (TCII) are co-administering the fund, ensuring coordination with the programs of the Innovation and Business Investment Corporation.
The fund supports The Way Forward on Oil and Gas - Advance 2030: A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry.