7 MORE REASONS FOR THE C-SUITE TO CHOOSE NEW BRUNSWICK – FEATURED AT ONBCANADA.CAby Heather MacLean, Opportunities New Brunswick admin July 8, 2015
by Heather MacLean, Opportunities New Brunswick
Regardless of your role in the C-suite, the organization’s bottom line is always top of mind. To ensure that bottom line is where you need it to be, having access to a skilled and motivated workforce, lower cost inputs, and new market opportunities, while also getting to market faster and reducing risks are essential.
In New Brunswick, the opportunities are waiting and better yet, there is a team ready to support your expansion. In addition to this support, here are seven more reasons for the C-suite to choose New Brunswick.
ATLANTIC INNOVATION FUND
If your business develops new technologies in New Brunswick, you could get financing to cover up to 75% of eligible costs, if you are seeking between $500,000 and $3,000,000.
Contributions are conditionally repayable based on the commercial success of your project.
Conditions and timing of the calls for funding proposals may vary throughout the year. Please see the website for details.
SMALL AND MEDIUM INDUSTRIAL PROGRAM
Another way to reduce costs is through New Brunswick’s small and medium industrial plan. If you spend $300,000 on energy for your industrial company, and at least half of it is used for processing operations, you could get financing to help you become more energy efficient. You could get support to cover up to 50% of the costs of two separate studies:
- Up to $15,000 to find ways to save energy
- Up to $30,000 to build a business case to carry out energy efficient projects
You could also get another $50,000 ($20 per gigajoule saved) to complete the energy saving projects. Other conditions apply.
BUSINESS DEVELOPMENT PROGRAM
By growing your business in New Brunswick, you could access interest-free loans to finance viable projects that benefit the region.
- Up to 50% of costs related to start-up, growth, construction or acquisition of a building, machinery, equipment, infrastructure, and intangible assets.
- Up to 75% of the cost of marketing, training, productivity/quality improvement, innovation, consultation, bidding, and business proposal development.
Ineligible sectors include:
- real estate
- personal/social services
COMMUNITY BUSINESS DEVELOPMENT CORPORATIONS
Planning to locate your business in a rural part of New Brunswick? If so, you could get up to $150,000 for your business.
The following kinds of loans are available:
- Up to $150,000 for young entrepreneurs to start, buy or modernize a business
- Up to $150,000 to buy, develop or implement new technology
- Up to $150,000 to buy, start or improve a business
*Please note, in certain circumstances, CBDCs can provide financial assistance that exceeds $150,000 per eligible borrower.
AQUACULTURE LOANS AND LOAN GUARANTEES
Businesses in the fisheries and aquaculture industry wishing to expand their operations in New Brunswick could be eligible for a loan to buy equipment or buildings, or for construction, and/or a loan guarantee for inventory and feed for your aquaculture business. To be eligible you must:
- Have a viable business plan that demonstrates demand for your product
- Have good aquaculture knowledge and business skills as well as good credit history
- Have some assets to secure the loan
- Invest or have invested an acceptable amount of equity in the business
Other conditions apply.
EMPLOYER WAGE INCENTIVE – WORKFORCE EXPANSION
As you grow your business, different wage incentives are helpful in your business lifecycle. Your business could receive temporary wage reimbursements when you create permanent jobs or annually recurring seasonal jobs for unemployed individuals. Priority will be given to employees from the following groups:
- Recent post-secondary graduates
- Social assistance recipients
- Persons with disabilities
- Older workers
- Visible minorities
Other conditions apply.
WAGE INCENTIVE — ONE-JOB PLEDGE
New graduates offer a great fresh perspective in the workplace. Sometimes you need a little help in getting new graduate hires up to speed in your business. With the One-Job Pledge, you could get a reimbursement of 70% of wages, up to $10 per hour for a maximum of 40 hours per week, to hire a recent post-secondary graduate. You must:
- Be a private sector company, non-profit organization, or First Nation
- Have a job opening that will lead to a permanent full-time position
- Be approved for the program before hiring
- Hire someone within 30 days of approval
- Pay a minimum of $14 per hour for at least 30 hours per week
Other conditions apply.
Want to learn more? Click here to connect with one of Opportunity New Brunswick’s Business Development Executives.
Written by Heather MacLean
Awarding-winning marketing and communications practitioner. In a previous life I headed up the Community Team with Radian6 (a.k.a salesforce.com). My content can be found on InNetwork, bitly.com, Business to Community, Yahoo Small Business, and many many more places.