The Triple-P program is designed to spur economic development by offsetting the cost of purchasing equipment or technology related to the innovative commercial product, process or service of the 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 developed
The innovative applicant must be a for-profit entity, registered as a sole proprietor, partnership or corporation located in the districts of Nipissing, Timiskaming, Parry Sound or Muskoka looking to develop their ability to advance the growth of their business as defined by the program objectives. 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 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.
Applicants are eligible for up to $10,000 in funding to apply to costs related to the program objectives. Applications are subject to a competitive review process with those being approved having six months from the date of approval to complete the project.
Projects are supported up to 85 percent of eligible costs, before tax. For approved projects in the amount of $10,000, a minimum project spend of $11,800, prior to taxes, is required.
Successful applicants 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.