Economic Diversification and Growth Enterprise (EDGE) Program

Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The Economic Diversification and Growth Enterprises (EDGE) Program provides incentives to encourage significant new business investment in the province to help diversify the economy and stimulate new private sector job creation, particularly in rural areas. The City of Corner Brook participates in the Provincial Economic Diversification and Growth Enterprise (EDGE) Program.

Comments on Funding:

Funding will take the form of the following incentives and benefits:

1
a 100% rebate on provincial corporate income tax and payroll tax for 15 years;
2
a 50% rebate on federal corporate income tax for 15 years;
3
a 100% rebate on City of Corner Brook property and/or business taxes for 10 years.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be a new business or an existing business interested in expanding in the province;
have the potential to create and maintain 10 new permanent jobs in the province;
be prepared to make a minimum capital investment of $300,000 or generate incremental annual sales of $500,000;
not establish or expand in the province in the absence of the EDGE incentives.

Application Steps:

Applicants must submit a signed, completed application with supporting documentation to the office of Industry, Energy and Technology (IET) in their area.

Documentation Needed:

Applicants must submit:

1
a Business Plan and Project Summary & Benefits;
2
the Business Description including a brief history of the company;
3
the project Description;
4
a 12 month travel plan, if funding is requested for travel related to market development;
5
a “Contamination Warranty.” (if applicable);
6
Project Budget;
7
quotations and supporting documentation for project costs;
8
a brief history of the shareholders;
9
resumes and remuneration for the principal owners and key management personnel;
10
full disclosure of corporate shareholdings for all companies owned, controlled or effectively controlled by the applicant or its shareholders;
11
Description of the competition;
12
Marketing information;
13
If Existing Business:

financial statements for the current and previous two to five years of operation including notes to the financial statements and the most recent interim statements. If a proprietorship, include recent and previous two to five years personal income tax returns including CRA T2125 form and Notice of Assessment;
a Cash Flow Statement;
pro forma statements for the next two to five years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts;

14
If New Business:

the Income Statement and Opening Balance Sheet;
a Cash Flow Statement;
pro forma statements for the next two years including Balance Sheet and Income Statement with detailed assumptions;

15
supporting revenue forecasts;
16
other required documentation:

copy of Articles of Incorporation;
personal Net Worth Statement for all shareholders and key management personnel (loans/equity investments only);
include any supplementary information that maybe relevant to your operation.