Ot­tawa to widen scope of busi­ness in­no­va­tion fund

The Guardian (Charlottetown) - - BUSINESS -

OT­TAWA — The fed­eral gov­ern­ment is broad­en­ing the scope of its $1.26-bil­lion fund to sup­port in­no­va­tion-re­lated busi­ness in­vest­ments to in­clude com­pa­nies from all in­dus­trial sec­tors. Eco­nomic De­vel­op­ment Min­is­ter Navdeep Bains was in Hamil­ton Wed­nes­day to an­nounce that Ot­tawa’s so-called strate­gic in­no­va­tion fund will no longer be re­stricted to just a hand­ful of sec­tors in Canada.

The fund was an­nounced in the fed­eral bud­get and de­signed to al­lo­cate the money over five years to sup­port re­search and de­vel­op­ment, the scale-up of high-po­ten­tial com­pa­nies and ef­forts to at­tract in­vest­ment to Canada. The bud­get de­scribed it as a consolidation of sev­eral “busi­ness in­no­va­tion” pro­grams, in­clud­ing ex­ist­ing funds to sup­port the au­to­mo­tive, aerospace, space and de­fence sec­tors.

The spring bud­get had also said com­pa­nies from sec­tors such as clean tech­nol­ogy and agri-food would be eli­gi­ble. The pro­gram will now of­fer a mix­ture of re­payable con­tri­bu­tions and non-re­payable con­tri­bu­tions to firms in all sec­tors.

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