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. 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.
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:
Applicant should contact an IET or TCAR office in your region prior to developing a proposal,
Applicant 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 Industry, Energy and Technology, and Tourism, Culture, Arts and Recreation 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.