The Economic Infrastructure and Innovation ProgramGrants 19.10.2018
The Economic Infrastructure and Innovation Program supports the development of a wide range of projects in targeted sectors, with non-repayable matching funding contributions up to a maximum of $400,000.
The program enables local governments, Indigenous communities, non-profits and other eligible applicants to develop the infrastructure required to support strategic economic development initiatives. Projects should be consistent with local, regional and provincial strategic priorities or meet unique local or regional needs.
All projects must demonstrate incremental economic benefits in the short to medium term (3-5 yrs). Benefits may include new investment attraction, business, industry or sectoral growth, creation of new employment, new business startup, new visitor or resident attraction, emerging sector development or any other tangible, measurable economic benefits to communities and their residents.
Priority will be given to projects that:
- Provide broad regional benefits
- Demonstrate long term economic and environmental sustainability
- Demonstrate collaboration between local governments, Indigenous communities and other community or regional partners
- Integrate barrier-free design principles
- Demonstrate innovative approaches or new ways of doing things
- Demonstrate high standards of financial management, accountability and transparency
To adjust for variations in economic vitality between communities applying for funding, ICET uses a sliding scale matching funding formula for its contribution of 1:1 (up to 1/2) for smaller, remote and resource dependent communities, 1:2 (up to 1/3) for smaller but thriving communities and 1:3 (up to ¼) for fast growing and less resource reliant communities.
- The One Step Process
This is a simpler, more time sensitive review process for applicants requesting $50,000 or less in funding. Applicants will complete one application form which will be reviewed by the appropriate Regional Advisory Committee and the Board of Directors before a final decision is made. This application process will usually take from 1-3 months to complete.
- The Two Step Process
This is a more detailed process for applicants requesting over $50,000 in funding. The first stage consists of a summary project application which is reviewed by the appropriate Regional Advisory Committee and the Board of Directors. Successful applicants are then invited to submit a more detailed Stage 2 application to the Board of Directors for a final decision. The full application process will usually take from 3-9 months to complete, subject to the applicant’s readiness to submit the Stage 2 application.
The specific region where the Trust may invest is defined on the map.
Learn more: www.islandcoastaltrust.ca