Harold Fitzpatrick

Government Support

All three levels of government - federal, provincial and municipal - offer a variety of incentives to new enterprises in the Port Aux Basque region.

ECONOMIC DIVERSIFICATION AND GROWTH ENTERPRISES (EDGE)

EDGE is a provincial program that provides a package of incentives to encourage significant new business investment in Newfoundland & Labrador. Companies that meet the basic EDGE requirements will be entitled to significant tax rebates.

PROVINCIAL WAGE SUBSIDY PROGRAM

This competitive provincial program will subsidize employees of specified new industries for up to a maximum of 5 years. Employers can receive up to 10% of their payroll in the form of a rebate paid upon specified criteria. This program is negotiated on an individual basis and is in addition to all other government programs.

SMALL AND MEDIUM ENTERPRISE FUND

This provincial fund provides term loans and equity investments to small and medium sized businesses. Businesses which have export potential and need assistance to enter or expand into external markets are targeted. Funds are provided to complement funding from conventional sources, where a need has been demonstrated..

SMALL BUSINESS AND MARKET DEVELOPMENT PROGRAM

A provincial program which provides new entrepreneurs and expanding small businesses with funding to acquire expertise to pursue new business ideas and new markets for their products or services. New growth opportunities in the economy are supported. Small businesses located and operating in Newfoundland & Labrador are eligible applicants. 

INNOVATION ENHANCEMENT PROGRAM

The Innovation Enhancement Program is a provincial program providing non-repayable contributions to public sector institutions, not-for-profit groups, community organizations and industry associations that involve activities to enhance innovation in the province. Proposed project activities must demonstrate innovation enhancement consistent with the Government of Newfoundland Labrador's innovation strategy.

COMMERCIALIZATION PROGRAM

This provincial program bridges on identified funding and investment gap between product research and product marketing. Activities leading to the development of innovative, market-ready products and services may be provided with financial assistance. Proposed project activities must be consistent with the Government of Newfoundland & Labrador's innovation strategy.

BUSINESS DEVELOPMENT PROGRAM

This federal program is run by the Atlantic Canada Opportunities Agency and focuses on the set-up, expansion or modernization of small and medium sized enterprises. Upon meeting the program's criteria, an unsecured, interest free loan on eligible costs may be provided. The loan is repayable on a time schedule tailored to the business.

LABOUR MARKET DEVELOPMENT AGREEMENT

This agreement is co-managed by the Government of Canada and the Government of Newfoundland & Labrador to design and tailor labour market employment programs. The co-management of the agreement ensures appropriate linkages are made to the Province's economic growth agenda. Through this agreement, specific needs of communities, employers and the unemployed are met. In Newfoundland & Labrador, this program is administered by the local Service Canada office in conjunction with a local committee.

 

These are just a few of the programs that are available to businesses looking at development in Port Aux Basques region.