Overview of the Community Opportunity Readiness Program (CORP)atlanticlinkstolearning.com/2018/Presentations/... · – Project Amelines; – Project scope; – Project deliverables;

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]

Documents

Overview of the Community Opportunity Readiness Program (CORP)atlanticlinkstolearning.com/2018/Presentations/... · – Project Amelines; – Project scope; – Project deliverables;