FundingSources – Must Reads

This week’s Must Reads from Funding Agencies and Industry Associations

  • Biotech Gate: The following biotech companies secured financing in June 2014:
    • Transition Therapeutics, $47.8M, Post-IPO
    • Lorus Therapeutics Inc., $17.5M, Other
    • Critical Outcome Technologies Inc., $1.3M, Post-IPO

WINN Initiative to hold next intake round in the fall

Small and medium sized enterprises (SMEs) in Western Canada should take note that the $100-million Western Innovation (WINN) Initiative is planning to hold its next intake round in the fall.

Launched last October, WINN is five-year fund administered by Western Economic Diversification Canada which helps SMEs in Western Canada bring innovative new technologies to market.

The Initiative is open to SMEs seeking funding to support commercialization-related activities, including:

  • Introduction of a new product, process or service to new or existing markets,
  • Improvement of products, processes or services,
  • Technology development/acceleration,
  • Product certifications, including Controlled Goods Registration,
  • Pilot projects (first user) and technology demonstration projects,
  • Validation of market potential and end-user acceptance, and
  • Support for marketing, productivity, and process or quality improvement directly related to the commercialization of new opportunities.

The fund supports applicants from a wide range of sectors, including health and life sciences, cleantech, energy, aerospace and defence, nanotechnology, and information and communications technology (ICT). Applicant companies must have less than 500 full-time employees and have been in operation for more than one year to be eligible. All successful projects must be completed within a three-year period.

In addition, applicants must secure at least 50% of the proposed project costs through private sources of funding.

Funding under the program is provided in the form of repayable contributions of up to $3.5 million per project. Companies may submit more than one project application during any intake period, but they cannot receive more than a total of $7.5 million in funding from the program.

Successful applicants have a one-year grace period after completion of the funded project, and subsequent repayment of the funds takes place over a five-year period.

Western Economic Diversification Canada accepts applications through calls for proposals. The first intake period for applications began on Nov. 9 and closed on Dec. 8, 2013. This will be the fund’s second round. Once the call for proposals has been announced, businesses will have 30 days to prepare their applications.

The Funding Portal has identified 12 successful projects under the first round, for a total disbursement of $8.5 million. Individual awards ranged between $90,000 and $1.6 million.

Applications will be evaluated based on their strength and their fit with the program’s objectives. These include supporting the commercialization of innovative technology-based products, processes and services, stimulating private sector investment, increasing the number of jobs in Western Canada, and supporting industry growth. Applicant eligibility is also assessed based on the company’s current business plan, recent financial statements, and confirmation of other funding sources.

Although the program will provide up to $100 million over the next five years, it is expected to become an evergreen fund over time.

FundingAwards – Who got Funded – Week of July 21

Overall Disbursements:  Funding from federal and provincial governments grows to $77.1M this week, compared to $19.8M last week.

Top Sector: Arts, Culture & Community is the top sector this week, attracting $49.7M, 65% of the total amount disbursed.

Top Region: British Columbia is the top province this week, attracting 64% of the total amount disbursed.

Top Recipients in Ontario: No new awards this week. Funding announcements are now expected to pick up in the Province following the passing of Budget 2 in the Legislature last week.

Funding Disbursed by Industry Sector:

Sectors

Funding Disbursed by Province:

Provinces

Active Funding Programs this Week:

  • AgriMarketing
  • Alberta Innovates Technology Futures
  • Building Communities through Arts & Heritage (BCAH)
  • Business Development Program
  • Canada Arts Presentation Fund (CAPF)
  • Carbon Neutral Capital Program
  • Community Infrastructure Improvement Fund (CIIF)
  • Development of Official-Language Communities Program
  • Enhancement of Official Languages Program
  • Hosting Program
  • Innovation Voucher Fund
  • Job Creation Partnership
  • Museums Assistance Program
  • Nova Scotia Transit Research Incentive Program
  • Prince Edward Island Century 2000 Fund
  • Quebec Economic Development Program
  • Sport Support Program

To receive daily reports on which organizations received funding in Canada, subscribe to The Funding Portal’s MONEYTRACKER™ service.

FundingSources – Must Reads

This week’s Must Reads from Funding Agencies and Industry Associations

  • BDC: BDC published its monthly Economic Letter.
  • EDC: Export Development Canada announced financing of USD 70 M to Pacific Rubiales Energy Corp., renewing its partnership with the largest private sector publicly traded oil and gas producer operating in Colombia. 
  • Finance Canada: The Department of Finance reported a $1.1-billion deficit in April and May 2014, compared with a $2.7-billion deficit for the same period in the previous year.
  • Ontario: Budget 2 passed in the legislature.

QP Briefing: Province funds 116 projects to get Ontarians moving

By Ashley Csanady

The provincial government wants you to be more active, and it’s spending $7.2 million in communities across the country to encourage people of all ages to get moving.

Minister of Tourism, Culture and Sport Michael Coteau announced Friday that 116 projects across the province will receive some of that money this year through the Ontario Sport and Recreation  Communities Fund. The cash will support new and existing sports and recreation programs, help train coaches and volunteers and increase public education of the importance of physical activity.

“Investing in physical activity at any age saves taxpayers money because it keeps fewer people on the health-care system, it keeps young people away from possible problems, it keeps people active and it engages people. So, I think that in the long run, it’s a great investment and it has an economic return to the province,” Coteau said Friday when asked why the government is investing in sports when it’s tackling a $12.5-billion deficit.

Many experts agree that life-long prevention is the future of health care.

As the baby boomers age, the bulging demographic could weigh down on the provincial health-care budget, but research shows that life-long activity leads to longer health and fewer costly, acute hospital visits. Some experts even suggest that “sitting is the new smoking,” meaning the hours most people spend at desks every day is as damaging to their long-term health as our ignorance of smoking was decades ago.

The programs will target all ages, in some communities the funds will focus on youth outreach, in others, they’ll facilitate seniors’ programs. Coteau said it’s all about getting people active and helping them stay that way.

“If a young person believes in physical activity and buys into it at a young age, it becomes a lifetime quality. People who enjoy basketball at 14 or 15 are playing basketball at 30 and 40. I think it’s one of those no-brainers where we all agree that it is a good thing for the community,” Coteau said.

The $7.2 million and 116 projects may sound like a lot, but Coteau said demand far outstripped the grant’s supply. There are 444 municipalities in Ontario, so not every community that applied received the funds.

“There are so many different categories,” Coteau said. “We look, obviously, to get an equitable distribution among regions, with programs geared towards seniors, programs for those low-income areas that are remote that may not have programs available.”

“We also look at organizations that have not been able to develop these programs in the past,” he said.

The province seeks to balance this funding against other programs, such as schools that receive education ministry cash to run after-school programs, Coteau said. He hopes to see more money invested in such active-living initiatives in the future.

And the minister in charge of the embattled Pan Am Games said some of the training programs and recreational activities that are being supported could link to the international sporting event.

“This is also feeding into our Pan Am Games in 2015. Also, it will help people enhance their coaching skills and their governance skills, so it’s not directly involved with the participants, but also the governance and the preparation for any type of physical delivery [of a major sporting event] in Ontario,” Coteau said.

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Access regional funding programs for your business

When searching for government funding, many business owners and executives focus their search on funding programs that cater specifically to their industry sector, but there are also a wealth of regionally-oriented funds from which Canadian businesses can benefit.

These programs are often open to businesses in any industry sector, and are meant to promote job creation and new business opportunities within a specific region.

The first place to start your search for regional funding programs is at the federal level of government, where there are several regional agencies that aim to promote economic development across the country. These include:

  • FedDev Ontario: which administers the Southern Ontario Prosperity Initiatives and the Eastern Ontario Development Program Extension, among other programs,
  • Federal Economic Development Initiative for Northern Ontario (or FedNor): which offers financial support for businesses through small business loans and funding for research and development (R&D), among other programs,
  • Western Economic Diversification Canada: which administers the Western Innovation (WINN) program for SMEs (this fund is expected to accept a new round of applications in the fall),
  • Canada Economic Development for Quebec Regions: which provides funding for startups, productivity, export, innovation, and tech transfer,
  • Atlantic Canada Opportunities Agency (ACOA): which administers the Atlantic Innovation Fund, the Business Development Program and the Innovative Communities Fund, and
  • Canadian Northern Economic Development Agency (CanNor): which administers several programs, including the Strategic Investments Northern Economic Development (SINED) initiative.

Businesses seeking funding should also consider provincial programs, such as the Eastern Ontario Development Fund and the Southwestern Ontario Development Funds in Ontario. Finally, businesses located in large cities may also be eligible for lesser-known municipal funding programs.

The Funding Portal Search Widget makes it easy for businesses to find all the funding programs that are open to their business, thanks to its comprehensive coverage of all 4,500 federal, provincial and municipal funding programs in Canada. Try a search today or order a FundingSources report to have the portal’s experts identify the top 10-25 funding programs for your business.