Triple-P Program

Notice: Program Deadline Approaching

Program Objectives

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:

Productivity
Prototype
Process improvements

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

Eligibility 

  • 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 working day of every month is the submission deadline for applications. It is recommend that companies submit applications in advance of this date to allow IION time to provide comments or suggested revisions. Applications must be received prior to incurring costs associated with the project. Approved projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame (or by the programs deadline).

Update – Companies can utilize Triple-P funding multiple times for separate, independent projects. Companies must complete their current Triple-P application along with corresponding claim before submitting a new application.

 

How do I get started?

To ensure clarity on the program and its qualifying conditions, applicants are strongly encouraged to contact IION prior to applying. Contact Matthew at: 705-845-0616, or email at 

Download the Triple-P-Application

 

SUPPORTED BY:

 

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