NSBI Approves Innovation Rebate

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for Oxford Frozen Foods.

Oxford Frozen Foods is the world’s largest supplier of quality frozen wild blueberries and Canada’s premier processor of frozen carrot products.

The Oxford-based operation is proceeding with a $2.82 million total capital investment to implement state of the art product sorting equipment, using digital and visual systems, to provide enhanced sorting capabilities and increase production capacity.

The company has been approved for a maximum rebate of $702,205 upon completion of its project, based on eligible Nova Scotia capital spending of $2.80 million.

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
— the program provides 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 rebate will be applied is $15,000,000
— 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