Amount:
$10,000.00
Type of Program:
Grant
Description:
The Economic Development Fund provides Chamber members direct financial assistance toward specific initiatives that support the growth or strengthening of small businesses in Thunder Bay.
The Economic Development Fund Project Support Stream is designed primarily for projects that accomplish these goals:
- 1Enhance economic benefits and opportunities;
- 2Provide infrastructure to support future economic activity within the city;
- 3Attract new investment;
- 4Create long-term employment opportunities.
Comments on Funding:
Funding is up to a maximum of 50% of the project costs to a maximum of $10,000 for any single project. Leveraging is mandatory.
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
Applicants must:
Applications Steps:
Applicants must complete an application which outlines the objectives of the project, the expected benefits to Thunder Bay and area business community, timing of the project and budget;
The Executive Committee will review project applications and bring forward proposals that clearly demonstrate the ability to achieve the goals of the fund to the Board of Directors for discussion and approval. Projects that demonstrate the ability to meet multiple goals will have greater ability to access funding than proposals that meet the minimum criteria.
Documentation Needed:
Applicants must:
- 1submit an application which outlines the objectives of the project, the expected benefits to Thunder Bay and area business community, timing of the project and budget;
- 2demonstrate the ability to target the goals of the fund;
- 3list all funding sources for the project in the application;
- 4provide a report within 6 months of receipt of funds, outlining the progress of the project;
- 5provide a final report within one year of receipt of funds;
- 6submit receipts for use of funds upon request.
Other Things to Note:
- 1The initial deposit in the Development Fund was the amount donated by the membership in 1997 ($14,075) to Development Thunder Bay. Funds collected from the membership for economic development, as outlined on the membership fee schedule, during 1998 and into the future, will be allocated to this economic development fund.
- 2Funds will be allocated on a project by project basis. Funds should be available each quarter to support initiatives. The fund should not be depleted to less than $5,000 at any time.
- 3In addition to these specific goals, applicants will be asked to provide a business plan that demonstrates how the project will support the growth or strengthening of the City’s economy through economic development.
Program Contact:
