How to Qualify for and Apply to Investing in Regional Diversification
Does your not-for-profit support economic development in your community or region? The Federal Economic Development Agency for Southern Ontario (FedDev Ontario)’s Investing in Regional Diversification (IRD) government funding program should be of interest to you. FedDev Ontario believes that developing economic diversity will help Southern Ontario communities create sustainable, stable economies, especially for communities currently facing economic distress. The IRD program is a funding opportunity that is focused on creating new and diverse opportunities for Southern Ontario communities. The program provides a grant to eligible organizations for up to 100% of the project costs to a maximum of $20 million.
Southern Ontario Government Grants: Organization Eligibility
Organizations must be located in Southern Ontario and have a track record that demonstrates the capability to facilitate a project that will improve the region’s economic diversity. Projects must include collaboration with private sector and community stakeholders. The expectation is that these projects must have a regional or sub-regional positive impact on the economy, including the creation of jobs. Examples of eligible IRD Ontario government grants projects include:
- Expansion of Economic Assets (capacity building)
- Industry/sector cluster development and expansion
- Human capital retention and attraction
- Implementation of community/regional action plans
- Business Infrastructure
- Business incubators
- Supply chain analysis and development
Investing in Regional Diversification (IRD) Ontario Government Grants: Eligible Costs
Costs that are eligible for reimbursement include: labour, expertise, non-capital and capital items. Capital costs are limited to those directly required for the project. On-going costs associated with running the organization and costs incurred prior to project approval are not eligible.
IRD Government Grants Ontario: Additional Details Related to Eligible Expenses
The IRD program provides funding by reimbursement of paid eligible expenses. Because of this, applicants must be able to demonstrate their ability to finance the project through bridge financing or other sources. Paid expenses can be submitted for reimbursement to FedDev Ontario monthly or on a minimum 6 month basis. A key limitation of the program is that it does not provide funding to the NFP for projects that transfer funds directly to SMEs.
IRD Grants for Not-for-Profit Organizations in Ontario
The IRD government funding program is open and accepting applications on a continuous basis. The application can be submitted at any time and will be reviewed as it is received with a turnaround time for approval being around 60 days. Learn more about funding for large project opportunities available through FedDev by attending our exclusive FedDev Funding for Large Projects Webinar. You can also follow Mentor Works on LinkedIn, Twitter, YouTube, Google+, Facebook, or Tumblr.