Atlantic Canada Business Grants

Tourism

Business Investment Fund – Business Investment Program

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Amount:

$1,000,000.00

Type of Program:

Loan & Investment

Description:

The Business Investment Program provides term loans and equity investments to Newfoundland and Labrador SMEs in strategic growth sectors as identified by Industry, Energy and Technology (IET). The fund is also available to businesses which have export potential and require assistance to enter or expand in external markets.

Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.

Comments on Funding:

Funding is in the form of repayable term loans  at the department's base rate of 4,5%.

Equity funding is in the form of redeemable preferred shares to a maximum of $500,000 per project and a maximum aggregate of $1 million is available.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a SME based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales,
  • demonstrate its ability to undertake the work identified in the project proposal,
  • demonstrate its ability to access the financial capital required to complete the project,
  • operate in a strategic sector as defined by IET,
  • be in good standing with the Government of Newfoundland and Labrador.

Strategic sectors: Advanced Technologies, Aerospace, Agri-foods, food and beverage, Aquaculture, Biotechnology and Life Sciences, Craft, Gift and Apparel, Energy, Environmental Industries, Fishery (excludes fish harvesting and primary processing), Forest Products, Information and Communications, Technology, Manufacturing, Ocean Technology, Mineral Resources, Natural Stone, and Tourism and Cultural Industries.

Application Steps:

1

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

Documentation Needed: 

The applicant must submit:

  • the application form,
  • a business plan and project summary & Benefits,
  • 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, if an existing business,
  • a copy of the Articles of Incorporation,
  • a Personal Net Worth Statement for all shareholders and key management personnel (loans/equity investments only),
  • a Cash Flow Statement and pro forma statements for the next two to five years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if an existing business,
  • Income Statement and Opening Balance Sheet, a Cash Flow Statement and pro forma statements for the next two years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if a new business,
  • any supplementary information that may be relevant to his operation.

For larger, more complex projects a more detailed Business Plan, a Feasibility Study and/or Market Study may be required.

Program Contact:

Business Investment Program

Application for Assistance

Tourism Market Readiness Subsidy Program

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Amount:

$2,500

Type of Program:

Subsidy

Description:

The Market Readiness Subsidy Program assists tourism stakeholders in enhancing the quality and market readiness of their tourism services, businesses and products. There are three eligible programs:

  1. 1
    Best Practice Missions supports missions to other destinations designed to expose operators to successful development and marketing models. Primarily offered by Tourism Atlantic;
  2. 2
    Gros Morne Institute for Sustainable Tourism (GMIST) focuses on experiential travel, marketing and sustainability;
  3. 3
    Other initiatives that address market readiness for industry participant's maybe considered, subject to approval by the Department of Tourism, Culture, Arts and Recreation.

This program provides a 25% subsidy for one of the above programs once per year for one business or organizational representative.

Comments on Funding:

Funding is up to 25% of eligible costs of the approved programs. The allowable subsidy is a maximum of 25% up to a total for one event of $2,500.
Applicants are expected to contribute at least 25% of total eligible costs. In kind contributions will not be accepted.

Depending on the program (for example, Best Practice Missions, GMIST) an additional 50% subsidy could be received from federal government sources.
The maximum government subsidy from all levels of government is not to exceed 75%. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • private sector operators (owners, managers or senior personnel-not for front line staff) that meet all regulatory requirements (Licensed under the Tourism Establishment Act and Regulations) and are in business for a minimum of one year and/or operated for at least one season
  • non-commercial/not-for-profit organizations (municipalities and other entities undertaking initiatives that will directly benefit tourism in the province) that are in good standing. Participants from these organizations will be expected to communicate their experiences and knowledge to tourism stakeholders in their respective regions.

Application Steps:

1

a request for funding "form" before they are eligible to receive the subsidy,

2

the expense claim that was enclosed with their approval letter within 30 days of travel and forward with copies of their receipts to the attention of Lucy Alway for processing. lucyalway@gov.nl.ca.

Documentation Needed:

The applicant must submit:

  1. 1
    the Market Readiness Subsidy Program Application Form;
  2. 2
    the Participant Information Questionnaire.

Program Contact:

Tourism Market Readiness Subsidy Program

Tourism Financing Assistance

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Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Tourism Financing Assistance is designed to meet the particular needs of Prince Edward Island tourism operators for the following purposes: purchase of business, expansion, debt consolidation, new construction, and repair or updating of fixed assets. These loans may be used for the purchase of machinery, equipment, real property and buildings, or other items of a capital nature.

The assistance can take the form of:

  1. 1
    long term loan for the establishment, expansion and refurbishment,
  2. 2
    intermediate term loans for improvements to certain assets, excluding vehicles that are not involved in the borrower’s income/sales,
  3. 3
     operating loans mainly for pre-season preparation of tourist facilities.

Comments on Funding:

The long term loans will not generally exceed 80% of the fair market value or purchase price of the asset(s) being financed, and not exceed a period of 20 years.
Funding for operating loans is up to 100%.

The amortization period must coincide with the expected life of the asset being financed, but in no case will it exceed 20 years.


There is an application fee of $250.00 or one half (½) of one per cent of the amount of the loan proposed, whichever is greater. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant can be any person that :

  • carries on a tourism business, or intends to carry on such a business, in the province, 
  •  operates a business, other than a bed & breakfast establishment as defined in the Tourism Industry Act Regulations (EC267/99), that holds a valid tourism establishment license issued pursuant to the Tourism Industry Act Regulations.

Accommodation operations require a minimum of three lodging units, once complete, to qualify for capital financing. Projects that will expand the tourist season are strongly encouraged. 

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.
Published date: January 31, 2016

Program Contact:

Tourism Financing Assistance

Tourism Economic Development (TED) Fund

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Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Tourism Economic Development Fund provides financial assistance to Miramichi community organizations and businesses to develop new tourism products. Funding will be available to non-profit community-based organizations or for-profit community businesses whose purpose is to operate a tourism attraction, facility or activity and whose focus is on attracting visitors from the local, regional, national and international markets to the City of Miramichi. 

Comments on Funding:

Where applicable, funding should be complementary to Programs offered by other agencies, rather than replace such funding.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

  • be Miramichi community organizations and businesses, both for-profit and non-for-profit,
  • support the growth of the Tourism sector in the community of Miramichi.

Application Steps:

1

Applicants must contact the Department of Economic Development and Tourism for further details.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

This fund is approved annually by Mayor and Council of the City of Miramichi. Applications are accepted on an ongoing basis throughout the year until the allocated funds are depleted.  

Program Contact:

Tourism Economic Development “TED” Fund

Tourism Relief Fund

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  • This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Grant & Loan

Description:

With a budget of $500 million over two years (ending March 31, 2023), including $50 million specifically dedicated to Indigenous tourism initiatives and $15 million for national initiatives, The Tourism Relief Fund supports tourism businesses and organizations to adapt their operations to meet public health requirements while investing in products and services to facilitate their future growth.

Comments on Funding:

Contributions to businesses will be either:

  1. 1
    non-repayable contributions up to $100,000 for up to 50% of eligible costs;
  2. 2
    fully repayable contributions up to $500,000 for up to 75% of eligible costs

Not-for-profit organizations and Indigenous entities (not generating profits) will be eligible for non-repayable contributions.

Project contribution amounts would not exceed $500,000. The actual contribution amount will be based on the minimum amount required to carry out the project.

A business cannot receive a combination of a non-repayable and a repayable contribution for the same project. 

When It Ends:

Ongoing

Deadline:

March 31, 2023

Eligibility:

Applicants must:

  • be tourism entities that cater mainly to visitors, such as:
  • businesses;
  • not-for-profit organizations, such as tourism associations;
  • municipalities, and
  • band councils or other Indigenous organizations and cooperatives.
  • meet at least one of the following criteria:
  • be a key supplier or operator in the visitor experience;
  • be part of a defined tourism cluster or a tourism dependent community, including supporting downtown cores; or
  • provide an anchor product or service in a tourism destination.

Application Steps:

1

Applicants must consult the applicant guide

2

Applicants must fill out the Tourism Relief Fund application form online

3

Applicants must send the form through the application for financial assistance page or by mail to the ACOA regional office in your province.

Documentation Needed: 

For-profit applicants must submit a completed application form and the following supporting documents:

  1. 1
    incorporation documents and information on ownership (names and percentage of ownership),
  2. 2
    financial statements (current and last two years),
  3. 3
    research and development (r&d) project plan, business plan and/or marketing plan,
  4. 4
    supplier quotes,
  5. 5
    copies of relevant permits and licenses,
  6. 6
    other relevant documents (specify).

Not-for-profit applicants and other applicants must submit a completed application form and the following supporting documents:

  1. 1
    constituting / incorporating documents and list of directors/members of the board,
  2. 2
    financial statements (current and last fiscal year),
  3. 3
    description and mandate of the applicant, including the management and qualifications of key personnel,
  4. 4
    HST rebate information (I.E. rebate rate), 
  5. 5
    one of the following two items is required: research and development (r&d) project plan or detailed project description, including milestones, costs, financing, key partnerships established and evidence of support from the community,
  6. 6
    supplier quotes,
  7. 7
    copies of relevant permits and licenses,
  8. 8
    other relevant documents (specify).

Other Things to Note:

  1. 1
    The TRF will provide $500M investment over two years (2021-2022 to 2022-2023) across Canada to support tourism businesses/organizations through investments to improve their offerings and adapt to public health measures for the short and long term.
  2. 2
    Date modified: 2022-09-23.

Program Contact:

Tourism Relief Fund

APPLICATION FOR FINANCIAL ASSISTANCE TOURISM RELIEF FUND

TOURISM RELIEF FUND APPLICANT GUIDE