Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for B.R. Printing Plates Company Limited, also known as Maritime Labels and Packaging.
Founded in 1970, the company has been providing product labels and other services to small and medium-sized business clients – many who have grown as exporters and rely on strong product labelling such as Nova Scotia wine producers, craft brewers and other businesses.
B.R. Printing Plates Company Limited is taking new steps to innovate and increase its services to additional clients and markets outside Nova Scotia. The Bedford-based company is proceeding with a $2,161,338 total capital investment to update its label making and processing equipment. This will be done through the acquisition of updated equipment in offline finishing, shrink sleeves, flexographic plate making, core cutting and a digital printing press.
New equipment will allow the company to increase efficiency with faster production processes, reduce waste, and increase production capacity to enter new markets.
The company is eligible to earn a maximum innovation rebate of $540,335 upon completion of its project, based on eligible capital spending of $2,161,338.
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.
- 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 IRP 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 .