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Capital and Innovation Program

Program Category: Built Environment, Community Infrastructure
Program Sub-Category: Economic Development, Innovation
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Status: Closing Soon

Funder

Island Coastal Economic Trust (ICET)

Deadline Details

Next Deadline: February 17th 2023. Additional application deadlines in 2023 will be May 12 and October 20.

Funder Organization Type

  • Trust

This is a regional program and only supports communities in its service area.
 
Details can be found in the program summary and on the program’s website.
The Capital and Innovation Program supports the development of vital regional and community-based public amenities and services to support sustainable economic diversification and growth, innovation, as well as enhanced quality of life. Funds are invested in initiatives that enhance the region’s competitive position in key sectors including energy. technology and innovation, small business, tourism, agriculture and aquaculture, transportation, forestry, energy, mining and economic development.
The Capital and Innovation Program supports the development of incremental economic diversification infrastructure and innovation leadership with targeted funding streams:
  1. Industry and Business Support
  2. Downtown Revitalization
  3. Strategic Tourism Infrastructure
  4. Destination Trails
  5. Innovation Infrastructure
  6. Innovation Support

Eligible Community

Local and Regional GovernmentsIndigenous CommunitiesNon-profit SocietiesCommunity Contribution Companies (C3)Other non-profit organizations involved in economic development such as airport authorities, harbour authorities, industry associations, sectoral organizations or educational institutions

Regional Limitations

Yes (See the Map)

Required Community Contribution

No community contribution required

Funding Stacking Restrictions

No

Professional input required

No

Type of funding

  • Non-repayable Contribution

Range of funding available per project

  • Up to $100,000
  • From $100,000 to $1,000,000

Description of funding

  • Up to $300,000 for the Capital and Innovation Program (Industry and Business Support Stream, Strategic Tourism Infrastructure funding stream and Innovation Infrastructure funding stream)
  • Up to $200,000 for the Capital and Innovation Program (Downtown Revitalization funding stream, Destination Trails funding stream)
  • Up to $100,000 for Capital and Innovation Program (Innovation Support funding stream)

Percentage of project funded

There are 3 levels of matching funding:
1:1 (50%) for smaller, remote and formerly resource dependent communities
1:2 (33%) which is intended for rural and small to mid-sized communities experiencing relative growth and economic prosperity
1:3 (25%) which is intended for larger urban communities or communities experiencing advantageous economic growth and opportunities

Eligible costs

Engineering, Design, Capital Costs, Equipment/Material Purchase, Project Management

Ineligible costs

Any costs incurred prior to signing a funding agreement, Building Purchase Costs, Administration Fees, Staff Costs, Land Acquisition

Reporting requirements

Progress reports and final reports