Innovation Initiatives Ontario North (IION) – Triple-P Program (2022)

Description:

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: productivity, prototype, and process improvements.

This support could be applicable, but not limited to, projects that have the following outcomes:

  1. increased efficiency;

  2. added production capacity;

  3. reduced waste;

  4. strengthened competitiveness;

  5. entered a new geographic or product markets;

  6. new product development.

Comments on Funding:

The Triple-P Program will support up to 50% 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.

Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame.

Eligibility:

Companies must:

  • be for-profit entity, registered as a sole proprietor, partnership or corporation;
  • be located in the districts of Nipissing, Timiskaming, Parry Sound or Muskoka;
  • be looking to develop their ability to advance the growth of their business as defined by the program objectives;
  • not be 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.

Documentation Needed:

Applicants must submit two contractor quotes with all applications and identify the contractor they have selected on the application form. In cases where two quotes are not feasible they must provide a rationale. Applicants are encouraged to utilize Northern Ontario expertise/suppliers where possible.

Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame.

Other Things to Note:

The Triple-P program has a continual intake process, with monthly reviews. The last day of every month is the submission deadline.

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