Government has launched a new pilot program to help more Nova Scotia companies invest in capital projects that improve their competitiveness.
Nova Scotia Business Inc. (NSBI) will deliver the Innovation Rebate Program to increase innovation capacity and the adoption of new technologies and business processes.
“A critical part of growing our economy will be businesses investing more in their operations,” said Premier Stephen McNeil. “This new program will support innovation and expansion, help create jobs and provide more opportunity and benefits for Nova Scotians.”
The program, developed in consultation with Nova Scotia companies, will provide a 25 per cent rebate of eligible project costs. The project costs must be between $2 million and $15 million.
Eligible projects can include the implementation of new or significantly improved production or waste stream processing, investment in production capacity to enable entry into new markets or the production of new products and establishment of new production facilities in Nova Scotia.
“We are always looking for new and innovative methods to do business,” said Denis Lanoe, vice-president, operations, and general manager of Copol, a leading North American manufacturer of cast polypropylene film products in North Sydney. “It is encouraging to see an initiative that will increase our competitiveness in global markets.”
NSBI will be accepting applications for the program until March 31, 2020.
“NSBI works with businesses across Nova Scotia who are always looking for new approaches to achieve growth,” said Laurel Broten, president and CEO of NSBI. “The rebate program will be a useful tool in ensuring great projects happen here. Nova Scotia companies know investing in their business can drive greater rates of innovation and competitiveness, but decisions on significant upfront capital spending are never made lightly.”
More information about the program is available online at novascotiabusiness.com.