FAQ Small Business Development Program

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1 FAQ Small Business Development Program 1. What is the Small Business Development Program? The Small Business Development Program supports Nova Scotia businesses looking to increase their export capacity. The program provides financial incentives on projects that assist a business to: Participate in a global supply chain; Become first-time exporter; Remove barriers to exporting; or Grow current exports by assisting a business with access to: o customized research expertise; o customized expertise to improve productivity and competitiveness; o expertise to improve capacity. 2. What is the application deadline? Applications can be received up to and including February 28 of the given provincial government fiscal year (April 1 March 31). The project completion date must be no later than February How much of the total cost of the project does the funding cover? The Small Business Development Program covers up to 50% of eligible project costs to a maximum incentive of $15,000. Each company must contribute a minimum of 50% of the total project costs. 4. What is the maximum funding allowance my company is eligible to apply for within the fiscal year? The maximum funding allowance for each company within a fiscal year is $15, If I am receiving funding through other provincial government programs for this project, will this affect the maximum funding allowance? Yes. The maximum funding allowance per project is $15,000 in any single provincial government fiscal year (April 1 to March 31). This includes funding received through other provincial government programs to support the same activities. 6. How many times can I apply for funding for the Small Business Development Program? Applicants can only be approved for one Small Business Development Program project per fiscal year. FAQ SBDP Nova Scotia Business Inc. Page 1 of 5

2 7. What does it mean to participate in a global supply chain? This refers to businesses that are not actively exporting a product, however, sell their product to another Nova Scotia business that in turn uses the product to construct something larger and exports the finished product outside of the province. 8. What does it mean to remove barriers from exporting? Examples of removing export barriers include researching new markets for a Nova Scotia product or starting a certification process to enable a business to export their product to new markets. 9. What does it mean by customized research expertise, customized expertise to improve productivity and competitiveness, and expertise to improve capacity? Customized research can help to define a new market, help identify a market, and how to enter a market. Improving productivity can help a business produce their product to a certain standard and quality at the right price. A private sector consultant can help a business productivity which may increase its capacity and competitiveness. The Small Business Development Program supports the acquisition of professional expertise and the contracting of a private sector consultant to provide the following services: Support business planning, including business development, strategic and marketing plans; Conduct market research, feasibility or business case analysis for proposed or existing business activity; Undertake product research, development, and design; Development plan for e-commerce platform for markets outside of Nova Scotia and/or development of an e-commerce platform; Business valuations for succession planning. 10. How will the private sector consultants (to provide professional expertise) be recruited for my project? Once your project is approved, the Regional Business Development Advisor assigned to your project will work in partnership with you to find and select the most qualified expert to help your business meet its needs as outlined in the application It is your business responsibility and decision to engage in a contract with a private sector consultant, who is in good standing with Nova Scotia Registry of Joint Stocks, and ensure the consultant is fulfilling the work requirements. FAQ SBDP Nova Scotia Business Inc. Page 2 of 5

3 11. If my project activities are not eligible under the Small Business Development Program, what other options are available for Nova Scotia businesses? For more information about additional funding options, please refer to the Resources and Funding section of our website, or contact the Regional Business Development Advisor for your area. 12. Is the Small Business Development Program limited to businesses in specific industry sectors? The Small Business Development Program is not sector-specific, however, high-growth sectors* will be granted preference in the evaluation process. *Refer to the Nova Scotia Business Inc Business Plan 13. Is there a fee to participate in the Small Business Development? No. There is no fee to apply for the program. 14. How long does it take to process an application? Applications will be reviewed twice monthly. Applicants will be contacted within five business days of receipt of the Application and advised whether or not the Application is acceptable or if further clarification is required. 15. What is the assessment process? Applications will be reviewed twice monthly. Applications that are deemed eligible but are not approved in the competitive review are automatically carried forward for consideration in the following review session unless the client would like to withdraw the application or until the program budget is fully exhausted. Project applications are subject to a competitive process. 16. What happens if my application is approved, but plans for eligible activities change? If plans for approved eligible activities change after the Letter of Offer has been signed, please contact your Regional Business Development Advisor immediately. 17. Who do I contact if I have questions about the Application form? Please consult your respective Regional Business Development Advisor as indicated in Section 9c of the Small Business Development Program Guidelines 18. How do I submit my Application form? Application forms must be submitted to your respective Regional Business Development Advisor as indicated in Section 9c of the Small Business Development Program Guidelines. FAQ SBDP Nova Scotia Business Inc. Page 3 of 5

4 19. How will I receive the incentive? The incentive is only payable against eligible project costs as outlined in the Letter of Offer. Applicants are required to pay all invoices prior to receiving the incentive. Reimbursement will occur upon receipt of the following: Copy of the consultant s final report detailing work completed and outcomes; Statement from the business regarding project impacts on future development; Copy of related project invoices; and Proof of payment in the form of the front and back of cleared cheques, or bank statements showing relevant payment. For additional information, please refer to the Small Business Development Program Guidelines, or contact: Capital Region: Halifax Regional Municipality 1800 Argyle Street, Suite 701 Halifax, Nova Scotia B3J 3N8 Contact: Lisa Dobson Phone: Northern Region: Cumberland and Colchester Counties 35 Commercial Street, Suite 208 Truro, Nova Scotia B2H 3H9 Contact: David Copus Phone: Cape Breton Region: Pictou, Antigonish, Guysborough, Inverness, Richmond, Victoria, and Cape Breton Counties 115 MacLean Street, Suite 3C New Glasgow, Nova Scotia B2H 1C6 Contact: Lynn Coffin Phone: Southern Region: Digby, Yarmouth, Shelburne, Queens, and Lunenburg Counties 218 Water Street, Unit 5, Loyalist Plaza Shelburne, Nova Scotia B0T 1W0 Contact: Calvin Butler Phone: FAQ SBDP Nova Scotia Business Inc. Page 4 of 5

5 Western Region: Hants, Kings, and Annapolis Counties 80 Water Street, PO Box 488 Windsor, Nova Scotia B0N 2T0 Contact: Sean Cochrane Phone: FAQ SBDP Nova Scotia Business Inc. Page 5 of 5

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