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WHAT WE WILL COVER TODAY
• GCFDC Overview of Programs and Services
• Featuring: Community Retrofit Loan Program
– Eligible applicants, activities, costs, end date
• Eastern Ontario Development Program:
– Eligible applicants, activities, funding, costs
– Tips for a submitting a competitive application
– Mandatory supporting documentation
– Application intake process
– Application approvals/declines and contracting
– Funding flow
– Business Development Program at work
Overview of Grenville Community Futures
Development Corporation (GCFDC)
• Funded by Federal Economic Development Agency for Southern Ontario (FedDev)
• More than 60 CFDCs in rural Ontario
• Community-based, non-profit corporations
• Accountable to a volunteer Board of Directors
• Mandated to assist with growth in the local economy
• Serving Augusta, Edwardsburgh/Cardinal, North Grenville and Prescott
PROGRAMS & SERVICES
• Business Financing
• Business Consulting
• Strategic Community Planning and Priority
Setting
• Community Economic Development Projects
• Eastern Ontario Development Program
Business Financing
• Customized financing, including full participation or top ups
• Start-ups, relocations, stabilizations, expansions
• Loans and loan guarantees up to $250K
• Flexible repayment terms
Since 1990: loaned $23 MILLION to over 500
businesses impacting close to 3000 jobs
Business Financing -
Community Retrofit Loan
Purpose
• Encourage the development of vacant or underutilized, industrial, commercial or retail properties leading to development and job creation /retention potential.
• Up to $10,000 in repayable, non-interest bearing loan, amortized up to 5 years.
Eligible Applicants
• Businesses and commercial property owners in Augusta,
Edwardsburgh/Cardinal, North Grenville and/or
Prescott.
Business Financing -
Community Retrofit Loan
Eligible Activities
• Financial assistance can be provided for industrial retrofits, façade improvements, interior and exterior retrofits.
• Improvements including storefront, repair or restoration
of heritage elements, signage, lighting, awnings and
other related activities.
• Industrial retrofits that enhance the commercial property
and increase business competitiveness will also be
considered.
Business Financing -
Community Retrofit Loan
Eligible Activities
• Home based business exterior retrofits will be
considered eligible where a separate business entrance
exists.
• Maximum financial assistance for all loans through
GCFDC (EODP and other) shall not exceed $250,000.
• The Community Retrofit Loan Program complements
the CIP program and applicants are always encouraged
to leverage both programs, where possible.
Business Financing -
Community Retrofit Loan
Eligible Costs
• Costs that are reasonable and which relate directly to the
eligible project activities are eligible.
• A minimum of two quotes for each cost must be
obtained from arm’s length suppliers.
Program End Date
• March 31, 2018.
Business Consulting
• No cost consultations and referrals
• Business plan development guidance
• Business plan assessments
Community Economic
Development Assistance
• Strategic Community Planning and Priority Setting
• Community Economic Development Projects
• Eastern Ontario Development Program
EASTERN ONTARIO
DEVELOPMENT PROGRAM
(EODP)
• 5 year, $37.5 million Government of Canada initiative.
• Promotes economic development in rural Eastern
Ontario by contributing to the development of
businesses and communities.
• Intended to serve as a catalyst - encouraging new project
development, mobilizing broader community
stakeholders, and helping to form partnerships that lead
to establishing competitive, sustainable local economies.
• Non-repayable contributions.
EODP PROGRAM STREAMS
Business Development
• Promotes the growth of new and existing
businesses in rural eastern Ontario communities.
Community Innovation
• Advances community-led economic development
to enhance and diversify local economies.
SAME APPLICATION FORM FOR BOTH
Eligible Applicants
• Nonprofits, municipalities, post secondary institutions,
Aboriginal organizations.
• Commercial enterprises (incl. corporations,
partnerships, cooperatives, trusts).
• Must be located in and/or conducting business in
Augusta, Edwardsburgh-Cardinal, North Grenville,
and/or Prescott.
• Must have a BUSINESS NUMBER (HST/Payroll #).
Eligible ProjectsIncremental Project Activities
• New, innovative initiatives and enhancements to
existing activities.
• Activities that are in addition to existing activities.
• Activities that would not proceed without EODP.
With Impact
• On employment i.e. jobs created, jobs maintained.
• On sales.
Priority Projects Will Impact
• Tourism, agriculture, manufacturing or transportation.
• Employment in manufacturing, utilities, finance,
sciences, trades.
Eligible Projects
Expansion of Economic Assets (capacity building)
• Industry cluster development and expansion.
• Labour market development (skills gap analysis, skills
development, worker transition).
• Strategic planning and research studies.
Business Infrastructure
• Business incubators.
• Supply chain analysis and development.
Eligible Projects
Business Development and Growth
• New business development: training, mentoring, start-
ups.
• Existing business development:
– Productivity enhancements (info technologies, new
technologies, energy and productivity assessments)
– Market diversification
– Innovation/product development (R&D)
– Succession planning
– Training and mentoring.
Funding
• GCFDC can contribute up to 50% of the total eligible
project costs.
• Applicant must contribute at least 50% of eligible
project costs.
• Source of applicant’s contribution may be: cash on
hand, provincial funding (i.e. EODF), federal funding
(i.e. IRAP), business loan (i.e. GCFDC, LOC).
• Maximum contribution Apr. 1, 2014 - Dec. 31, 2018 is
$100,000 per business applicant.
• Contributions are non repayable.
Eligible Costs
• Itemized costs that are directly related to the execution
of the project.
• Incremental Costs i.e. not standard operational costs or
costs of doing business in your sector.
• Costs for which 2 quotes are provided.
• Costs from suppliers that are arm’s length and
unrelated to applicant.
• Examples:
- Equipment Purchases and/or Test Equipment Leasing
- Wage/Benefits Costs for New Job for Product Development
- Software Purchases for Productivity Improvement
- Consulting Fees for Feasibility Study.
Ineligible Costs
• Costs that are incurred prior to approval.
• Costs associated with ongoing operations.
• Administration costs.
• HST (100%).
• Rebatable portion of any project-related cost.
• Costs that have been offset by fees charged.
• Purchase of Land, Buildings or Vehicles.
• Cost of goods/services provided by suppliers who are
related and/or not at arm’s length.
• Wages/Benefits for new employees that displace
existing employees.
10 Tips For Submitting A
Competitive Application
• Contact us to discuss your project – early!
• Read program guide and complete the application online.
www.grenvillecfdc.com
• Align your project description with eligible project activities and priorities.
• Provide measurable impacts of your project - ideally jobs and sales impacts. Be accurate. They will be measured.
• Identify project risks and plans for mitigating. Show you can cash flow and financially sustain this project.
10 Tips For Submitting A
Competitive Application
• Provide a solid work plan with measurable results that you will be able to verify. (End date Dec. 31/18).
• Itemize the project budget. Ask for what you need. Avoid ineligible costs. Be accurate on timing of costs per fiscal year.
• Answer every question succinctly and include all of the requested attachments.
• Sign and submit application 4-6 weeks prior to your planned project start date.
• Wait for your approval before you start your project.
Mandatory Supporting Documentation
• Budget for each fiscal year.
• Proof of legal name.
• Financial statements.
• Interim financial statements.
• RFP, RFQ, job posting, job description.
• 2 quotes from arm’s length suppliers.
• Evidence of 50% contribution to eligible costs.
Application Intake Process
• Applications are accepted on a continuous-intake basis.
• Multi-year applications are accepted.
• Processing takes 4-6 weeks for a complete application.
• It’s a competitive process – not solely eligibility driven.
• Assessment criteria is detailed in the Program Guide.
• Decisions are made by a Committee of our Board.
• Funds are available to GCFDC by fiscal year.
• Approvals are made until budget is fully committed for
each fiscal year.
Application Approvals/Declines
and Contracting• 3 Decisions: Approval, Decline, Priority Ranked.
• Notification: Initially by email or phone.
• Contract: Contribution Agreement (CA) is issued outlining terms and conditions of approval.
• Project activity can start as of the approval date.
• Approved application is an integral part of the contract.
• All costs must be incurred, paid, and the goods/services received within the Funding Period AND according to Disbursement Schedule.
• Business name, location, project description, funding approved, and approval date are posted to GCFDC website.
Funding Flow
• Recipients pay for project costs in full.
• Progress payments are released based upon itemized claims for eligible costs, submitted monthly by recipients.
• Copies of invoices, evidence of proof of payment, and evidence of project of deliverables accompany claims.
• Report is provided on progress vs. expected results.
• Compliance with Contribution Agreement is assessed.
• Completed claims are reimbursed within 30 days.
Business Development Program
At Work
Some examples of funded projects include:
• OMSK: Purchase of lab equipment for product development.
• Metal Grafix: Purchase of printing equipment to diversify product mix.
• DVS: Purchase of custom mold for product development.
• Prescott Finishing: Purchase of equipment to support diversification into new markets.
BUSINESSES: CONTACT
Rod Wallace
Business Loans Officer
www.grenvillecfdc.com
613.925.4275 ext. 22
877.925.4275
197 Water St., Ste. 405, Prescott
8:00 am – 4:00 pm (Mon.-Fri.)
NONPROFITS: CONTACT
Heather Lawless
Executive Director
www.grenvillecfdc.com
613.925.4275 ext. 21
877.925.4275
197 Water St., Ste. 405, Prescott
8:00 am – 4:00 pm (Mon.-Fri.)
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