Cape Breton Growth Fund

The objective of the Cape Breton Growth Fund (CBGF) is to promote and assist in the financing and development of industry on Cape Breton Island, to provide employment outside the coal producing industry, and to broaden the base of the economy.

Eligibility Criteria

Eligible applicants include commercial and non-commercial enterprises including, but not limited to, individuals, partnerships, cooperatives, bodies corporate, non-profit organizations, municipal governments, associations or educational institutions. Departments of the Government of Canada and Nova Scotia are not eligible for assistance from the CBGF.

In order to qualify for CBGF assistance, projects must demonstrate the following:

• Leverage - the project should involve other sources of funding. In exceptional cases, 100% of the project will be financed.
  
• Incremental to existing programs - whenever possible other federal and provincial government funding should be used first. The CBGF is intended as a last resort.
  
• Viability - the project must be sustainable and must be able to generate sufficient revenues to repay the assistance.

Eligible Area

Cape Breton

Eligible Activities

The CBGF has designated the following sectors as priorities for investment:

• Knowledge-based sector
• Oil and gas development
• Tourism development
• Environmental remediation
• Arts and culture development
• Infrastructure development
• Strategic investment attraction

In addition, eligible projects should also produce at least one of the following measurable results:

• Long-term, sustainable growth – projects should generate new, incremental export sales or tourism receipts on a sustainable and long-term basis or should attract new, export-oriented businesses to Cape Breton Island;
  
  
• Job Creation – projects should create long-term, sustainable jobs or demonstrate a clear and definitive link to future commercial activity that will result in sustainable job creation;
  
  
• Diversification of the industrial base of Cape Breton – projects should generate new start-ups in designated sectors or generate new, incremental direct investment;
  
  
• Increase technological capacity – projects should generate new, incremental expenditures in research and development, particularly in the area of commercialization of research;
  
  
• Industrial Benefits – projects should generate new and incremental sales by Cape Breton Island businesses to oil and gas and environmental remediation industries.
  
  

Summary

The CBGF may provide direct or indirect financial assistance to eligible applicants for the purpose of undertaking eligible projects as determined by the CBGF. Assistance may be in the form of contributions, loans (secured, unsecured, interest free or interest bearing), or equity as deemed appropriate by the CBGF on a project by project basis.

Assistance will be provided in accordance with the Government of Canada's Treasury Board Guidelines for stacking, and will take into account all forms of accruing and non-discretionary assistance such as federal and provincial tax credits.

Assistance levels will be determined on a case by case basis.  While assistance for commercial activities is normally repayable, assistance for non-commercial projects is generally non-repayable.

For more information, please contact the Cape Breton Growth Fund Corporation, or visit their web site: http://www.cbgf.ca/e/Home/default.asp.

• Richmond County Resources
• Inverness County Resources
• Cape Breton County Resources
• Victoria County Resources
• Financing Info-Guide

Nova Scotia Contact(s):
Cape Breton Growth Fund Corporation
70 Crescent Street, P.O.Box 1264
Sydney, Nova Scotia  B1P 6T7
Telephone: 902-564-5600
Fax: 902-564-3825
E-mail: ecbcinfo@ecbc.ca
Web site: http://www.cbgf.ca/e/Home/default.asp