Small Business and Market Development Program

The Small Business and Market Development Program provides new entrepreneurs and expanding small businesses with funding to help them acquire the necessary expertise to pursue new business ideas and new markets for their products or services. The program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities.

Eligibility Criteria

Small businesses (those with less than 50 employees and less than $5 million in annual sales) located and operating in Newfoundland and Labrador, including corporations, co-operatives and other similar structures, are eligible applicants.

The business must demonstrate that it has the appropriate financial structure and management ability to arry out the proposed project.

Summary

Program Activities
The Small Business and Market Development Program will provide support in three main areas:

• new market development activities or researching new product development opportunities;
• technical feasibility research relating to potential new business opportunities; and
• acquiring external expertise on production processes, marketing, financial management or other internal company needs for growth and expansion.

Ineligible Activities

• The program will not fund pre-commercial industrial research and development activity;
• The program will not fund generic business plans for new business start-ups or expansions unless extenuating circumstances exist;
• Funding must be used to pay actual incremental costs incurred and paid by the company. In kind or "sweat equity" contributions are not eligible costs.

Available Funding
Up to $25,000 in the form of a grant is available to eligible applicants. These funds must be matched on an equal basis by the business itself.

For more information:

• call toll-free at 1-800-563-2299
• view the application form
• visit the regional office nearest you:  INTRD - Contacts for Newfoundland and Labrador.