Formally known as Industrial Cooperation Program (CIDA-INC), the Investment Cooperation Program was launched in 2010 when it transferred to Foreign Affairs and International Trade. This program’s enabled companies to carry out responsible, developmentally beneficial, private sector engagement in developing countries resulting in stable economic growth and a decrease in poverty. The way the program works is by sharing the costs involved in studying the viability of an investment, demonstrating and adapting appropriate technologies, and undertaking activities aimed at enhancing the economic, environmental and social benefits of those investments.
Who is Eligible for this Government Funding Program?
Interested parties that qualify for contribution are for-profit, private sector firms, having been in operation for at least three years and registered in Canada. Recipients must be registered online at the Virtual Trade Commissioner and be eligible as clients of the Trade Commissioner Service. Also, applicants must make at least $2 million in revenue, annually, in the last two years.
Funding Amount for Applicable Small Businesses
Small businesses in Canada will receive funding in 5 different stages:
1. Pre-Investment Decision Phase
- Commercial Viability Study: up to $60,000 in funding
- Adaptation and Demonstration of Technology: up to $60,000 in funding
2. Post Investment Decision Phase
- Environmental Impact Assessment: up to $70,000 in funding
- Study initiatives that improve the environmental or social performance: up to $70,000 in funding
- Human Resources & Training Plan: up to $30,000 in funding
- Local supply chain study aimed at improving the sustainability of the project: up to $10,000 in funding
3. Implementation
- Environmental and/or Social Initiatives: up to $70,000 in funding
- Training: up to $150,000 in funding
- Local supply chain initiatives and/or activities aimed at improving the sustainability of the project: up to $50,000 in funding
- Results Report: up to $5,000 in funding
Apply for Investment Cooperation Program Today
This is a great program for qualified companies to make a difference in the lives of those in developing countries from a business stand point. Eligible parties should contact Mentor Works for more information about this opportunity and support in the application process.