9:09 pm - Thursday, November 15 2018
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Innovation Rebates Approved

Nova Scotia Business Inc. (NSBI) has approved two new business development incentives in the form of an innovation rebate.

Agropur Cooperative is a North American dairy industry leader, with a complete line of dairy products.

The Truro-based operation will use the rebate to create an innovative production line, novel to the national ice cream market in Canada.

The company is eligible to earn a maximum innovation rebate of $1,843,776 through NSBI once the project is completed within three years.

Scotian Gold is a grower-owned tree fruit cooperative that stores and packs over 50 per cent of the province’s apple production.

The company is based in Coldbrook, King’s Co. and plans to expand its storages with new technology, equipment and software in order to increase fruit quality and extend the marketing season.

The company is eligible to earn a maximum innovation rebate of $477,333 through NSBI once the project is completed within three years.

To be considered for an innovation rebate, a company’s total project costs must be between $2 million and $15 million. An approved rebate is 25 per cent against eligible project costs.

Quick facts:
— the Innovation Rebate Program was developed in consultation with Nova Scotia companies
— the Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes
— companies may be eligible for a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines
— the total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the Innovation Rebate Program will be applied is $15 million
— the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period
— the innovation rebate works as a rebate against a company’s direct costs and is only paid out once the project is complete.

Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .

Source: Release

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