Overview of the Community Opportunity Readiness Program...
Transcript of Overview of the Community Opportunity Readiness Program...
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OverviewoftheCommunityOpportunityReadinessProgram(CORP)
Links to Learning November 14, 2018
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WhatisCORP? • TheCommunityOpportunityReadinessProgram(CORP)providesproject-basedfundingforFirstNaAonsandInuitcommuniAesforarangeofacAviAestosupportcommuniAes’pursuitofeconomicopportuniAes.
• CORPfundingsupportscommunityeconomicdevelopmentrelatedtoopportunityplanning,businessplanning,community-ownedbusinessstart-uporexpansions,andcommunityeconomicinfrastructure.
• ProposalsareassessedbasedontheirabilitytoaIractprivatesectorfunding,expectedcommunitybenefits,andprojectsthatwillleveragethemostfromotherfundingsourcesandwillhavethegreatestimpactforcommuniAes.
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ELIGIBLEACTIVITIESEconomicOpportuniFes(upto80%):• Feasibilitystudiesandbusinessplans(notspecifictoasinglebusiness)• EconomicImpactAssessments• Pre-negoAaAonplanning• DevelopmentandimplementaAonofnegoAaAonpartnerships• IdenAficaAonofopportuniAes• DevelopmentofpromoAonalstrategies(includingcommunityconsensus)• AcAviAesandproductstopromoteFirstNaAonparAcipaAonineconomy• Removalofeconomicbarriers
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ELIGIBLEACTIVITIESconFnued...
CommunityEconomicInfrastructure(upto66%)
Notrelatedtoasinglebusinessincluding:• Watersupplyandtreatmentsystems• SewerandwastecollecAonordisposalsystems• Electricalandenergysystems• FuelstorageanddistribuAonsystems• Communityroadsandsidewalks• Curbs,culverts,ditchesandsigns• FerrytransportaAon,marinas,buses,boatsandfloats• Airstripsandwharves/docks
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ELIGIBLEACTIVITIESconFnued...EquityGap(upto30%acquisiFons/expansions;upto40%startups)• Costsrelatedtotheestablishment,acquisiAonorexpansionofacommunity-owned
business
BusinessPlanning&AdvisoryServices(upto80%)• Feasibilitystudiesandbusinessplansforaspecificbusiness;• Businessadvisoryservicesincluding,butnotlimitedto:
o LegalandaccounAngo Licenses,permits,regulaAonsandregistraAonso Export/Importo Patents,copyrightsandtrademarkso Mentoringandnetworkingo TraininginiAaAves
• Commercialdevelopment• MarkeAngdevelopment
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TYPEANDNATUREOFELIGIBLEEXPENDITURESExamplesoftypeandnatureofeligibleexpendituresmayinclude:
• Projectspecificsalaries,wages,andbenefits• Travel(nottoexceedTreasuryBoardRates)• Overhead(i.e.rent,uAliAes,accounAng,auditservices,etc.)• Minormachineryandequipment(typicallythesehaveanacquisiAoncostbetween$500and$4,999)
• CommunicaAons(developmentofcontent/disseminaAon/translaAon)
• Professionalfees/professionalservices(Atleast3quotesarerequiredforprojectsover$25,000,attheapplicaAonstage).
• Landsurveysandappraisals• Feasibilitystudies,markeAng,adverAsingandpromoAon
• Costsrelatedtoeconomicinfrastructure
• CapitalcostsrelaAngtotheestablishment,acquisiAon,orexpansionofFirstNaAonandInuitbusiness.
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ApplicaFonRequirements1) Fullname,address,phonenumber,anddescripAonoftheapplicant;2) InformaAonontheapplicant’sfinancialsituaAon;
3) AdescripAonofthemanagementandorganizaAonalcapacityoftheapplicant;
4) AdetaileddescripAonoftheproposedprojectanddescripAonofacAviAestobeundertaken,including:
– ProjectdescripAon;– ProjectobjecAves;– ProjectAmelines;
– Projectscope;– Projectdeliverables;5)RelevantdocumentaAonrelatedtoanypartnershipagreementsorcommitments;
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ApplicaFonRequirementsconFnued...6)Acostforecastoftheproject,including:– Detailsoffinancingfromallsources;
– Usesoffunds;– IdenAficaAonandjusAficaAonofcosts;– IdenAficaAonofothersourcesoffunding,includingapplicantequity,commercialfinancingandothersourcesofgovernmentfunding.
7)ProjectorganizaAonalstructure;
8) AnAcipatedeconomicbenefitsoftheproject,includingexpectedoutcomes;pproposedperformancemeasurestobeusedattheendoftheprojecttoassesscommunityeconomicbenefits;and,
9) WhereappropriatecompliancewithlawsandregulaAons;environmentaleffectsandproposedmiAgaAonmeasures;landtenurerequirements;andoperaAng,maintenanceandrepairplan.
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Screening and Ranking Criteria ! Applicantandprojectareeligible! Projectis‘shovelready’! Appropriatelandandotherrelatedinstrumentsareinplace
! ProjectisaneconomicopportunityandidenAfiedinacommunityplan
! ProjectgeneratescommunityeconomicbenefitsthatexceedaraAoof5:1
! Projectrisk! Sourcesoffundsconfirmed(applicantmustcontributeaminimum10%cashcontribuAon,debtorpartnerequitysecured)
! Applicantisabletoleveragefundingfromothersources,includingcommercialloansforaminimumof30%
! FinancialprojecAonsofthecommunityand/orbusiness
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Screening and Ranking Criteria continued . . . ! Economicbenefits
! Leveragingoffunding! EmploymentgeneraAonandimpactofnewproject
! Capacityandreadiness! Pastfundingstatus
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ConsideraFons• SubmitiniFalproposalbyDec.7,2018.AllscreeningandscreeningandrankingcriteriainformaAonmustbeprovidedbyJanuary31,2019forprojectstobeconsideredinfirstintake.AnapplicaAonisnotdeemedtobecompleteunAlallnecessaryinformaAontoundertaketheprojectassessmenthasbeenprovided.
• Projectapprovalwillbesubjecttoavailablebudgets.Ifyourprojectisnotfundedduetobudgetconstraints,wewillretainyourapplicaAonsothatifaddiAonalfundsbecomeavailable,itcanbeconsideredagainwithotherprojectswithinthefiscalyear.
• Projectcostsalreadyincurredpriortoprojectapprovalmaynotbeeligibleforreimbursement
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ECDEVADVISORCONTACTINFORMATION
NewfoundlandandLabrador
• JenniferTaylorPh:(709)[email protected]
NewBrunswick&PrinceEdwardIsland
• KristaMacDonaldPh:(902)661‑[email protected]
NewBrunswick
• KarenAugusAnePh:(902)661‑[email protected]
NovaScoFa
• LorieBenjaminPh:(902)[email protected]