The Triple-P program is designed to spur economic development by offsetting the cost of purchasing equipment or software related to the innovative commercial product, process, or service of the for-profit company in three categories:
This support could be applicable, but not limited to, projects that have the following outcomes:
- Increased efficiency
- Added production capacity
- Reduced waste
- Strengthened competitiveness
- Entered a new geographic or product markets
- New product development
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
- The innovative applicant must be a for-profit entity, registered as a sole proprietor, partnership or corporation
- The applicant must be located in the districts of Nipissing, Timiskaming, Parry Sound or Muskoka
- The program is not intended to support, nor is it applicable to, 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.
Applications are subject to a monthly competitive review process (the last day of every month is the submission deadline).Applications must be received prior to incurring costs associated with the project and are subject to a monthly competitive review process. Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame. Successful applications will be required to register as an IION client before receiving any funds and are required to fill out occasional surveys as a reporting requirement for up to five years.
How do I get started?
To ensure clarity on the program and it’s qualifying conditions, applicants are strongly encouraged to contact IION prior to applying. The Triple-P program has a continual intake process, with monthly reviews. The last day of every month is the submission deadline. Contact Matthew at: 705-845-0616, or email at [email protected]