Regional Economic Growth through Innovation application instructions for financial assistance

Application for financial assistance:

Before completing your Application, carefully review the REGI Business Scale-up and Productivity Stream Guidelines or REGI Regional Innovation Ecosystems Stream to verify that your organization and proposed activities fit within the program criteria. FedNor will work to ensure project applications also align with the Government of Canada's Prosperity and Growth Strategy for Northern Ontario.

Complete an Application for Financial Assistance providing key contact and project information, along with a brief summary of how the proposed project will result in the following outcomes:

• Businesses in Northern Ontario invest in the development and commercialization of innovative technologies, products, services and processes.
• Businesses in Northern Ontario are innovative and growing.
• The number of high-growth firms in Northern Ontario is expanding.

Applicants will receive written or electronic confirmation that their Application has been received. While reviewing the information, FedNor may contact applicants for additional details to complete the application.

The results of the Application review will be communicated to applicants electronically or in writing.

Applications can be completed and submitted electronically, or printed and sent to the nearest FedNor office.

Phase Two Detailed Application:

Upon initial evaluation, FedNor will provide an electronic or written decision on whether the project should proceed to Phase Two. If selected to proceed, applicants will be invited to submit a Phase Two Detailed Application and provide supporting documentation. This may include a detailed business plan, financial statements, and articles of incorporation. The information required and instructions on how to proceed will be provided to applicants.

Application Review for Business Scale-up and Productivity Stream:

Phase Two applications will undergo a due diligence process where they are assessed against a number of factors. Assessment criteria include, but are not limited to:

• Project's contribution to achieving the objectives of the Business Scale-up and Productivity Stream and government priorities.
• Viability of the applicant. Early-stage companies must provide evidence of market demand and/or market traction, demonstrated by revenue as shown in financial statements, signed sales or distribution agreements, purchase orders, paid pilot or demonstration projects, or regulatory approval if applicable. For greater clarity, companies at earlier stages of development focusing on demonstration and commercialization should be able to demonstrate sustainability within three to five years to be considered under this program. More established companies must have a sustainable business model and a track record of profitability for the past two (2) years, as demonstrated in financial statements.
• Demonstrated capacity of the applicant to successfully implement the project, achieve the stated objectives and fulfil its repayment obligation, if applicable. Factors to be assessed include managerial capacity, technical capacity, operational capacity and financial capacity.
• Demonstrated market opportunity and demand.
• Risks (financial, commercial, technical) and mitigation strategies.
• Private sector leverage and risk capital.
• Economic benefits of project.
• Innovation benefits of project.
• Demonstrated need for FedNor's investment and its incremental impact on the project in terms of scope, location, and timing.

Furthermore, Phase Two Detailed Applications must clearly demonstrate how the project will have short- to medium-term measurable results leading to the economic development of Northern Ontario communities and businesses, such as:

• Revenue growth rate of supported firms.
• Amount invested in business scale-up and productivity projects.

Application Review for Regional Innovation Ecosystems Stream:

Phase Two applications will undergo a due diligence process where they are assessed against a number of factors. Assessment criteria include, but are not limited to:

• Project's contribution to achieving the objectives and expected outcomes of the Regional innovation ecosystems Stream and government priorities.
• Demonstrated capacity of the applicant to successfully implement the project and achieve the stated objectives. Factors to be assessed include managerial capacity, technical capacity, operational capacity and financial capacity.
• Assessment of need for the project, and how the project fills a significant gap in the ecosystem in priority sectors or clusters.
• Risks (financial, technical) and mitigation strategies.
• Economic benefits of the project.
• Innovation benefits of the project.
• Demonstrated need for FedNor's investment and its incremental impact on project in terms of scope, location and timing.
• Support for inclusive growth priorities (e.g., women-owned or Indigenous-owned organizations).

Furthermore, Phase Two Detailed Applications must clearly demonstrate how the project will have short- to medium-term measurable results leading to the economic development of Northern Ontario communities and businesses, such as:

• Number of jobs created or maintained by supported projects.
• Amount invested in regional innovation ecosystems projects.

Reporting Requirements:

Successful applicants will be required to report to FedNor on project expenditures and activities, the results/outcomes of the project, and achievement of performance indicators as identified in contribution agreements.

Note:

• A complete Application for Financial Assistance must first be submitted to determine your proposal's eligibility.
• Electronic or Written confirmation that an application may proceed to a Phase Two Detailed Application should not be interpreted as FedNor's approval of the proposed project or authorization to start with the proposed activities.
• Applicants cannot presume that financial support will be provided toward their project until written approval is obtained through a signed contribution agreement.

If you decide to accept public funding, depending on the nature of your project and the targeted clientele, you may be asked to assume official languages obligations among other obligations outlined in your contribution agreement.

FedNor requires that all projects conform to requirements set out in the Impact Assessment Act of Canada 2019 (IAA 2019). For details of IAA 2019 requirements please visit: : www.iaac-aeic.gc.ca.

Contact Us:

For more information, please contact FedNor or call us toll-free at 1-877-333-6673.