Project Description

Fairtax is an industry leader in obtaining government funding in Canada. Our dedicated team of Funding Specialists understands the intricacies of government grant and incentive programs, optimally positioning your organization to secure government funding. We cut through the confusion, uncovering the specific financial resources that allow you to focus on growing through innovation, training employees, and taking your operations to the next level.

Island Coastal Economic Trust – Economic Infrastructure Program

The Island Coastal Economic Trust has allocated over $50 million in private funds to support strategic economic development initiatives. These funds will enable communities, not-for-profit organizations, Indigenous communities, as well as other eligible applicants to develop projects and build necessary infrastructure. Eligible projects will be supported with non-repayable funding up to a maximum of $400,000, provided the contribution is matched by the applicant. The purpose of this opportunity is to create and sustain economic growth and jobs in targeted sectors.

OBJECTIVES
  • To support economic diversification and growth in the ICET region
  • To assist communities, the region and economic sectors improve their competitive position through the development of strategic economic development infrastructure
  • To provide the environment required for increased private sector investment in the ICET region
Eligible projects can be defined as the following:
  • Consistent with local or regional strategic priorities;
  • Economic growth and diversification impacts;
  • Tangible incremental economic benefits;
  • Cooperation between communities, local governments, First Nations and other organizations;
  • Long term economic and environmental sustainability;
  • High standards of financial management accountability and transparency;
  • Need for funding (ICET funding should be the tipping point for project realization).

ELIGIBLE COSTS

Incremental costs required to directly implement a project will be considered eligible expenses. These costs must be reasonable, included in the budget and occur after the ICET approved project start date.
These may include:
  • Project materials and supplies;
  • Incremental third party labour costs required to implement the project;
  • Professional or consultant fees and reasonable expenses;
  • Necessary project related development costs;
  • Necessary project related permits, fees or other charges;
  • Project specific, pre-approved travel costs;
  • Reasonable incremental project management fees;
  • Facility rental fees (for training only, hospitality not included);
  • Project specific printing costs;
  • Advertising costs for project procurement purposes.
ELIGIBLE APPLICANTS
  • Local and regional governments
  • First Nations
  • Non-profit societies
  • Community contribution companies
  • Joint public-private ventures or partnerships
Other non-profit organizations involved in economic development such as:
  • Airport or harbour authorities;
  • Industry associations;
  • Sectoral organizations or educational institutions.
  • This list is not exhaustive and other legal forms of applicants may be considered. Multi-stakeholder partnerships are encouraged.There are three potential levels of matching funding:1:1 (50%), or equal matching, which is intended for smaller, remote and formerly resource-dependent communities;

    1:2 (33.3%), meaning that ICET funds no more than one-third of the project cost, which is intended for rural and smaller urban communities that are experiencing relative growth and economic prosperity;

    1:3 (25%), meaning that ICET funds no more than one-quarter of the project cost, which is intended for larger, urban communities, communities experiencing advantageous economic and growth opportunities and for community contribution companies and public-private partnerships.

CONTACT US

Not sure if your organization qualifies for Government funding? Contact us today at (905) 822-4474 or fill out the form below to schedule a free assessment.

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