McCain Foods Adjustment Fund
Deadline September 28, 2018 by 4:00 p.m.
The McCain Foods Adjustment Fund (the “Fund”) has been created to help the Albany /Borden-Carleton area with reducing the lost employment and economic impacts resulting from the closure of the McCain french fry processing facility in Albany, PEI.
The Fund will support new economic development activities for the region. The creation of quality employment opportunities will be the main measure of evaluating the success of the fund, however other projects that contribute to the economic capacity of the area will also be considered.
What are the application requirements?
Applications to the Fund must be submitted to Innovation PEI using the attached application form.
Applications must be fully defined, and supported by documentation that clearly demonstrates the sustainability of the project and the stated economic impacts.
Approved projects must be substantially implemented by January 31, 2019.
Who is eligible for funding?
Businesses, community, and non-profit organizations can apply to the Fund for conditional non-repayable contributions towards projects that meet the objective of the fund.
Projects must take place within the Albany, Borden-Carleton region. In the case of projects that do not have physical assets, it must be clearly demonstrated that the defined region will directly benefit from the activities to be undertaken.
Projects must be incremental in nature and must enhance the capacity and sustainability of the applicant (for example: general repairs and maintenance would not be considered an eligible activity).
The Fund contributions will be determined by a Steering Committee based on the objectives of the fund, as identified above, and on the spirit of leveraging the maximum amount of additional investments.
Eligible projects will consist of:
- New business start-ups that demonstrate sustainable employment opportunities and incremental economic activity for the region.
- Business expansions that demonstrate sustainable employment opportunities and incremental economic activity for the region.
- Infrastructure that directly enhance the ability of the region to attract and grow economic activities.
- Research and Development projects that have the potential to enhance the ability of the region to attract and grow economic activities.
- The fund may also be used to support existing sustainable economic development initiatives.
What funding assistance is available?
Up to 25 per cent of the cost of equipment, building construction or other infrastructure costs directly related to the establishment of a new business or the expansion of an existing business. Expansions to existing businesses must be supported by a clear description of the incremental activity to be accommodated by the expansion.
Up to 25 per cent on incremental wages paid on new positions created within the first 2 years of a new or expanded business. Positions must be directly related to activities within the defined geographic region.
Up to 50% of the costs of professional and technical services related business feasibility studies for projects within the defined geographic region.
No maximum contribution has been defined, however approved amounts will be directly reflective of the potential economic impact of the application using a general guideline of $10,000 per job.
What is the claim process?
- Innovation PEI will forward all eligible and completed applications to the Steering Committee, along with an opinion on the economic development impacts of the project and a recommendation.
- The Steering Committee will review applications, and forward recommendations onto Innovation PEI.
- The Minister of Economic Development and Tourism will have the final say in the approval of projects.
- If approved, applicants will enter into a contribution agreement with Innovation PEI which will set out the terms and conditions for which the funds are to be applied and the specific milestone achievements of the project.
Performance Monitoring and other Conditions
- All communications about projects accessing the Fund, will clearly identify the Fund as a partner and be approved by the Steering Committee prior to release.
- Projects funded under this program will not exclude the company from applying for other government programs.
- Funded projects will be monitored for a two-year period following the final disbursement of funds. This may include submission of yearly financial statements and other supporting information on the on-going activities of the business required to measure economic impacts.
- Projects which fail to comply with the terms of the contract may be requested to repay in full or a part thereof of the incentive provided.
- All submissions must be received by September 28, 2018 by 4:00 p.m.
Who do I contact for more information?