Get a grant of $5,000, $7,500 or $10,000 to cover up to 50% of the costs of purchasing equipment or technology related to your innovative commercial product, process, or service in 1 of 3 categories: productivity, prototype, or process improvements.
The Triple-P program is designed to spur economic development by offsetting the cost of purchasing equipment or technology related to the innovative commercial product, process, or service of the company in three categories:
This support could be applicable, but not limited to, projects that have the following outcomes:
- Increased efficiency
- Added production capacity
- Reduced waste
- Strengthened competitiveness
- Entered a new geographic or product markets
- New product development
The innovative applicant must be a for-profit entity, registered as a sole proprietor, partnership or corporation located in the districts of Nipissing, Timiskaming, Parry Sound or Muskoka looking to develop their ability to advance the growth of their business as defined by the program objectives. The program is not intended to support, nor is it applicable to, businesses operating as distributors, resellers, or wholesalers. Emphasis will be placed on applicants who demonstrate the potential to create jobs, increase revenue and grow the economy. On-going operational project costs are not eligible. Applications must be received prior to incurring costs associated with the project and are subject to a monthly competitive review process. Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame. Successful applications will be required to register as an IION client before receiving any funds and are required to fill out occasional surveys as a reporting requirement for up to five years.
The Triple-P Program will support up to 50 per cent of eligible costs, before tax, at one of three funding levels:
Level 1: $5,000 grant for a minimum project spend, before tax of $10,000
Level 2: $7,500 grant for a minimum project spend, before tax of $15,000
Level 3: $10,000 grant for a minimum project spend, before tax of $20,000