BTIF- Business Technology Improvement Fund (2022)

ByMaurice February 1, 2022September 3, 2022

Description:

The BTIF- Business Technology Improvement Fund assists Algoma district SMEs in digital technology adoption, enhancement and implementation. The key objective of this program is to further accelerate growth of the SME’s business, while making them more modernized and competitive in today’s global digital marketplace.

Comments on Funding:

Funding is up to 50% of approved total eligible project costs up to $25,000 per SME.
The applicant is required to provide a 50% project cost contribution to SSMIC amounting to 50% of approved total eligible project costs, including any HST applicable. Contribution must be received before any payment is advanced to approved project contractors.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

Be SMEs
Be operating as for-profit (registered sole proprietor, partnership, or corporation) within the Sault Ste. Marie Innovation Centre service area (Algoma)
Have been in operation for at least one year
Be an established full-time or seasonal business.

Eligible SMEs targeted under the program could include, but are not limited to those which fall under the following industry sector categories:

Advanced Manufacturing;
Agri-Food;
Health/Bio-Sciences;
Clean Technology;
Digital;
Tourism;
Resources.

A business who has previously received funding from BTIF may potentially be eligible for funding under the following conditions:

Funding availability under the BTIF program.
Three years has passed since the completion date of the original BTIF funded project.
If applying within three years of the completion of the original BTIF funded project, a business may potentially receive funding if the original project received funding below the $25,000.00 funding cap. The new project is potentially eligible for funding of up to a maximum of $25,000 combined with the funding provided from the previous project.

Applications Steps:

Applicants must:

submit a completed Client Intake Form (for new and inactive clients (not active more than 1 year) only) and supporting documents;

meet with SSMIC staff to have a clear vision of the project when pursuing quotes from vendors;

provide a minimum of two quotes from proposed vendors being targeted prior to any project related work being started.

Approved BTIF projects must be completed within four (4) months (or approved project time) from the approval date. Work undertaken prior to the date the application is received is not eligible for the program. An invoice for the project work must be submitted to SSMIC prior to this date for payment approval.

Documentation Needed:

Applicants must:

Submit a completed Client Intake Form
Submit a copy of their Articles of Incorporation or Business Name Registration, whichever is applicable
Provide a minimum of two quotes to SSMIC staff from proposed vendors being targeted prior to any project related work being started. Applicants are strongly encouraged to pursue quotes from Algoma based vendors.

The Applicant agrees to:

complete an exit survey to assist in measuring the initial project impact to their business and improve on the delivery of the program.
provide a brief feedback/testimonial (250-400 words) on the benefits and results of the program upon completion of the Project for mandatory reporting to FedNor. The Applicant agrees to complete a follow up survey (normally 6-12 months after project completion) to assist in further measuring the project impact to their business.

Other Things to Note:

The program is now open for submission and SSMIC process applications on a first come, first served basis.