APPLICATION PACKAGE

Project Funding

1. Eligible Costs include:

• contracted goods and services;
  
• materials and supplies (not capital costs);
  
• incremental labour (wages plus benefits etc.) and related costs such as travel, training and skill development;
  
• rent or lease of facilities and equipment; and
  
• Administrative costs.

2. Ineligible Costs include:

• normal costs of establishing and operating a commercial operation;
  
• capital costs (building and equipment)
  
• Generally, costs incurred before the project was approved and funding for ongoing activities are not be eligible for funding, unless approved by CIDC.

3. Funding Limits

Eligible project costs will be supported up to a maximum of $200,000 (from the BCID Fund) over the project's duration. No projects should be planned for more than three or four year's duration.

4. Funding Arrangements

• For small projects (up to $5000) the Fund may advance up to 85% of the funds and the balance to be paid when a final report, satisfactory to CIDC has been received.
  
• For phased projects, or projects extending over one year, the fund may advance 10 to 25% of the funds on approval, with further payments made at agreed intervals to reimburse eligible expenditures. A holdback of approximately 15% until a final report, satisfactory to CIDC has been received.
  
• Fund may provide some seed money when the project is approved, with further payments made on receipt of invoices for which the seed money was used. The final payment would be made on receipt of a final audited statement together with the final report.