Incentives for the Green sector are centered around tax credits for research and development, bringing new innovations to market and incentives for income generating patent development. Some key programs supporting the industry are listed below
BC Tech Fund is a $100 million venture capital fund established to invest in emerging technology companies in British Columbia including Clean Tech.
Build in Canada Innovation Program (BCIP) helps companies bridge the pre-commercialization gap for their innovative goods and services. Companies in the last stages of research and development are integrated into the Government of Canada’s procurement system and provided with testing, feedback and an opportunity to enter the marketplace with a successful application of their new goods or services. Two Richmond green tech companies; SunCentral Inc. and MDA Systems Inc. were awarded contracts under this program in 2012.
Innovation Canada Clean Growth Hub commits $2.3 billion to support clean technology in Canada and the growth of Canadian firms and exports. Access information, advice, and funding through this hub.
Foresight Cleantech Accelerator Centre provides labs and office facilities to start-ups, as well as mentorships and assistance by experts to help startups grow from concept to commercialization.
Venture Capital Programs encourage investments in British Columbia businesses by providing British Columbia investors with a 30 per cent refundable tax credit.
BC Renaissance Capital Fund attracts successful venture capital managers and their capital to British Columbia to develop promising, innovative technology companies in the province in four key technology sectors: information technology, new media, clean technology and life sciences.
Tax Credit for Scientific Research and Experimental Development (SR&ED) offers tax credits of 35% up to the first $3 million of expenses, and 20% on any excess amount related to experimental development, applied research, basic scientific research and certain types of technical support work.
National Research Council (NRC) Industrial Research Assistance Program (IRAP) provides green technology SMEs with technical assistance, financing and business advice that mean the difference between success and failure in a competitive global industry. NRC-IRAP also links SMEs to original equipment manufacturers, which can help pull innovative companies up the technology ladder.
Sustainable Development Technology Canada provides financial support, applies a rigorous due diligence process modeled on those used in the venture-capital world, and supports entrepreneurs with business advisory services. In doing so, SDTC de-risks clean technologies and helps prepare them for downstream financing.
Western Innovation (WINN) Initiative offers interest-free repayable contributions to SMEs proposing to commercialize a new technology, product, process or service in Western Canada. The program helps companies overcome the commercialization challenge by providing up to 50% of eligible project costs to a maximum of $3.5 million per project, repayable over 6 years.
Mitacs connects companies with highly-skilled graduate students and post-doctoral fellows through research projects which address a key business or technology challenge faced by the company. For each 4-month internship unit, Mitacs contributes $7,500 which is matched by the company.
Going Global – Innovation for Researchers provides funding to support the international innovation efforts of SMEs, non-government research centres and universities. Up to 75% of eligible costs, up to a maximum $75,000, are available for companies and/or researchers to pursue international R&D collaborative opportunities in other countries/economies.
National Research Council ecoENERGY Efficiency for Industry offers cost-shared assistance to industrial companies to implement the CAN/CSA-ISO 50001 Energy Management Systems Standard, and for two types of energy studies: Process Integration and Computational Fluid Dynamics. Natural Resources Canada (NRCan) will provide financial assistance of up to 50 percent of eligible costs to a maximum of $40,000.
Use our Funding Portal to search a database of all grants, loans and financing available to companies in Richmond’s Green sector.