ECONOMIC DEVELOPMENT READINESS PROGRAM

APPLICANT GUIDELINES ECONOMIC DEVELOPMENT READINESS PROGRAM Applicant Guidelines

CONTENTS PROGRAM OVERVIEW: FIND YOUR FIT 2 APPLICATION PROCESS 4 ECONOMIC DEVELOPMENT STRATEGY 5 QUICK START IMPLEMENTATION 7 INVESTMENT ATTRACTION TOOLS 9 TECHNOLOGY ATTRACTION STRATEGY AND/OR BROADBAND STRATEGY 11 SECTORAL DEVELOPMENT STRATEGIES 13 REGIONAL COLLABORATION OR REGIONAL MARKETING STRATEGIES 15 APPLICATION SUPPORT AND PROGRAM ENQUIRIES 17 SUBMISSION 17 EDRP Applicant Guidelines Updated April 2017 1

ECONOMIC DEVELOPMENT READINESS PROGRAM The economic development readiness program provides communities, First Nations, sectoral organizations, non-profits and regional collaboratives located in the ICET region with funding to support economic development and investment readiness. Funding can be used to access expertise or resources which are not available within the organization and to fund initiatives which are incremental to the organization s day to day business and activities. PROGRAM OVERVIEW: FIND YOUR FIT The economic development readiness program is designed to provide support for communities, First Nations and organizations as they move along the economic development continuum. The program has six focus areas. Find your fit from the options below. See complete EDRP program guidelines for further details. ECONOMIC DEVELOPMENT STRATEGY Funding: For: Target: Up to $30,000 (one time). Development of a formal, comprehensive, economic development strategy. This could include asset mapping, data analysis, community consultation process, strategy and action plan. Communities with no economic development strategy and limited financial and organizational capacity. QUICK START IMPLEMENTATION Funding: For: Up to $15,000 (up to twice a year). Implementation funding for easy to realize objectives arising from a recent economic development strategy. or Development of business planning or project planning required to access funding or implement key strategic objectives arising from a recent economic development strategy. Target: Communities with a recent economic development strategy and limited financial and organizational capacity to implement strategic priorities. EDRP Applicant Guidelines Updated April 2017 2

INVESTMENT ATTRACTION TOOLS Funding: For: Target: Up to $30,000 (up to twice a year). Long lasting tools required to attract investment. Examples include community profile development, community or sectoral investment attraction website, development of community investment response teams or other investment attraction tools appropriate to the community. Communities with economic development strategies and financial and organizational capacity to effectively manage and sustain the tools and respond to opportunities. TECHNOLOGY ATTRACTION STRATEGY/ COMMUNITY BROADBAND STRATEGY Funding: For: Up to $10,000 each for a community technology strategy or broadband strategy and/or a regional collaborative technology strategy. Development of a community strategy to attract the tech sector. and/or Development of a community broadband strategy to increase community broadband capacity. and/or Development of a regional technology cluster attraction strategy or regional broadband strategy. Target: Communities with economic development strategies and financial and organizational capacity to effectively implement the strategies and respond to opportunities. SECTORAL DEVELOPMENT STRATEGIES Funding: For: Target: Up to $30,000 (up to twice a year). Development of targeted sectoral strategy to attract investment and/or increase sector productivity and/or grow business opportunities. Sectoral organizations, regional economic development organizations or other non-profit organization with the capacity to analyze and implement recommendations. EDRP Applicant Guidelines Updated April 2017 3

REGIONAL COLLABORATION OR REGIONAL MARKETING STRATEGIES Funding: For: Target: Up to $30,000 (up to twice a year). Regional collaboration or marketing initiatives which enable communities or organizations to jointly reach new or broader markets and/or use resources more efficiently. Non-profit organizations, industry organizations or regional collaborative structures (community, FN, non-profits) with the capacity to develop/implement regional initiatives. APPLICATION PROCESS There are no submission deadlines under the EDRP program. Project applications will be accepted on an ongoing basis. Step 1: Validation of concept Please contact ICET before starting the application process. All potential applicants must contact ICET to validate their project idea. Step 2: Application Prepare application form available on ICET website. Applications may be submitted at any time. Please ensure supporting documentation is provided where required. Step 3: Decision and implementation The ICET Board of Directors will provide a decision within 60 days of receiving a complete application. Project implementation must begin within 6 months of approval and be completed within 1 year of approval. EDRP Applicant Guidelines Updated April 2017 4

ECONOMIC DEVELOPMENT STRATEGY OBJECTIVE: TARGET: To help communities build a foundation for economic growth and investment through the development of a formal comprehensive, economic development strategy. Funding can be used for eligible activities and processes that are incremental to the organization s current capacity and activities, and that will provide lasting benefits to the community and/or region. Communities with no economic development strategy and limited financial and organizational capacity. ELIGIBLE APPLICANTS: Local or regional governments, First Nations, local and regional economic development organizations (non-profit only) or other qualified registered nonprofit organizations in partnership with local government or First Nations. THE STRATEGY SHOULD: All applications must be formally supported by local government or First Nation. Include broad based consultation/ participation of relevant community and regional stakeholders Provide clear short-term, medium-term and long-term direction Include specific action-based recommendations for implementation Include performance measures to evaluate the successful implementation of the strategy FUNDING: Up to 50% of total project costs Up to $30,000 (one time) EXAMPLES OF ELIGIBLE USES: Development of new community economic development strategy and action plan which may include: o o o o o Asset mapping Demographic research and analysis Data analysis Community consultation processes SWOT/C analysis ELIGIBLE EXPENSES: Consulting fees and relevant consultant expenses Project specific pre-approved travel costs Project specific materials and supplies Facility rental fees (required for outreach/consultation) Project specific printing costs or other pre-approved communication costs EDRP Applicant Guidelines Updated April 2017 5

INELIGIBLE EXPENSES: Existing staff salaries, travel or other expenses Board travel or other Board expenses Administration, accounting or overhead General office supplies or expenses, including postage Hospitality costs (except for reasonable consultant expenses) Equipment, unless specifically approved in project application In kind labour or materials Publication printing for distribution purposes (brochures, pamphlets, reports) GST, legal, insurance costs SUPPORTING DOCUMENTATION: Organization s annual report and/or strategic plan Organization s latest financial statement (audited if available) Formal letter(s) of support from local government and/or economic development office Completed Funding and Budget Worksheet EDRP Applicant Guidelines Updated April 2017 6

QUICK START IMPLEMENTATION OBJECTIVE: TARGET: To provide implementation funding for short term, easy to realize objectives arising from a recent economic development strategy; or to support development of business planning or project planning required to access funding or implement key strategic objectives arising from a recently developed strategy. Communities with a recent economic development strategy and limited financial or organizational capacity to implement strategic priorities. ELIGIBLE APPLICANTS: Local or regional governments, First Nations, or registered non-profit organizations in partnership with local government and/or First Nations. THE PROJECT SHOULD: All applications must be formally supported by local government or First Nation. Address economic development priorities identified in a recently completed economic development strategy Be something new to the organization, which supports the development of lasting economic development capacity Result in tangible short-term progress in moving strategic priorities forward FUNDING: Up to 50% of total project costs Up to $15,000 Up to two requests for funding per calendar year provided the first request has been fully completed and the annual program funding cap has not been reached EXAMPLES OF ELIGIBLE USES: Planning of a new community amenity identified in the strategy or planning required to access funding or implement project Business case for a major economic development initiative prioritized in the strategy Short-term development of simple tourism or community amenities to realize projects prioritized in a strategy ELIGIBLE EXPENSES: Consulting fees and relevant consultant expenses Project specific pre-approved travel costs Project specific materials, supplies and construction costs (for new community amenity) Project specific printing costs or other pre-approved communication costs EDRP Applicant Guidelines Updated April 2017 7

INELIGIBLE EXPENSES: Existing staff salaries, travel or other expenses Board travel or other Board expenses Administration, accounting or overhead General office supplies or expenses Hospitality costs (except for reasonable consultant expenses) Project communication, publicity or announcement costs In kind labour or materials Publication printing for distribution purposes (brochures, pamphlets, reports) GST, legal, insurance costs SUPPORTING DOCUMENTATION: Organization s latest economic development strategy (highlighting sections relevant to Quick Start ) Organization s latest annual report Organization s latest financial statement (audited if available) Completed Funding and Budget Worksheet EDRP Applicant Guidelines Updated April 2017 8

INVESTMENT ATTRACTION TOOLS OBJECTIVE: TARGET: To help communities improve their competitive position to attract investment to the region. Long lasting tools will enable communities to attract sectoral and community investment. Communities with economic development strategies and financial and organizational capacity to effectively manage the tools and respond to opportunities. ELIGIBLE APPLICANTS: Local or regional governments, First Nations, local and regional economic development organizations (non-profit only) or other qualified registered nonprofit organizations in partnership with local government or First Nations. THE TOOLS SHOULD: All applications should clearly demonstrate local and regional support. Be incremental to the organization s current capacity and activities, and provide lasting benefits to the community and/or region Be based on broad based consultation/participation of relevant community and regional stakeholders FUNDING: Up to 50% of total project costs Up to $30,000 Up to two requests for funding per calendar year provided the first request has been fully completed and the annual program funding cap has not been reached EXAMPLES OF ELIGIBLE USES: Development of a community profile Development of a community investment attraction website Development of a community investment response team Targeted value added improvement to existing community profile ( i.e.: community differentiation, benchmarking with other jurisdictions) Development of incremental web content related to investment attraction or business retention and expansion Development of a sectoral investment attraction website ELIGIBLE EXPENSES: Consulting fees and relevant consultant expenses Project specific pre-approved travel costs Project specific materials and supplies Website design and development Marketing material design and development EDRP Applicant Guidelines Updated April 2017 9

Project specific printing costs or other pre-approved communication costs INELIGIBLE EXPENSES: Existing staff salaries, travel or other expenses Board travel or other Board expenses Administration, accounting or overhead General office supplies or expenses Hospitality costs (except for reasonable consultant expenses) Project communication, publicity or announcement costs Equipment, software unless specifically approved in project application In kind labour or materials Publication printing for distribution purposes (brochures, pamphlets, reports) GST, legal, insurance costs SUPPORTING DOCUMENTATION: Organization s latest economic development strategy (highlighting sections relevant to investment attraction) Organization s latest annual report Organization s latest financial statement (audited if available) Formal letter(s) of support from local government and/or economic development office Completed Funding and Budget Worksheet EDRP Applicant Guidelines Updated April 2017 10

TECHNOLOGY ATTRACTION STRATEGY AND/OR BROADBAND STRATEGY OBJECTIVE: To help communities wanting to attract tech sector businesses, find their fit within the broader regional tech eco-system. Strategy development will enable communities to examine their community assets, infrastructure, existing tech eco-system or complementary sectors, broadband capacity, readiness and other factors relevant to tech sector attraction and the development of a targeted action plan. To help communities with an existing technology attraction strategy which identifies broadband capacity challenges or opportunities, to develop a community broadband strategy to provide a longer-term roadmap to support new business attraction, support the growth in place of existing businesses or create new innovative opportunities by improving broadband capacity or leveraging existing capacity. TARGET: Communities with economic development strategies and financial and organizational capacity to effectively implement strategy and respond to opportunities. ELIGIBLE APPLICANTS: Local or regional governments, First Nations or qualified registered non-profit organizations in partnership with local government or First Nations. THE STRATEGY SHOULD: All applications must be formally supported by local government or First Nation and be consistent with the local/regional Economic Development strategy and BC Tech Strategy. Include broad based consultation/ participation of relevant community and regional stakeholders Provide clear short-term, medium-term and long- term direction Include specific action-based recommendations for community implementation Include specific action-based recommendations for potential regional or collaboration approaches FUNDING: Up to 50% of total project costs Up to $10,000 each for a community technology strategy, broadband strategy, and/or a regional collaborative technology strategy Joint regional strategies may access up to $10,000 per participating community EXAMPLES OF ELIGIBLE USES: Development of a community tech attraction strategy Development of a community broadband strategy Development of a regional tech cluster attraction strategy Development of a regional broadband strategy EDRP Applicant Guidelines Updated April 2017 11

ELIGIBLE EXPENSES: Consulting fees and relevant consultant expenses Project specific pre-approved travel costs Project specific materials and supplies Facility rental fees (required for outreach/consultation) Project specific printing costs or other pre-approved communication costs INELIGIBLE EXPENSES: Existing staff salaries, travel or other expenses Board travel or other Board expenses Administration, accounting or overhead General office supplies or expenses Hospitality costs (except for reasonable consultant expenses) Equipment, software In kind labour or materials Publication printing for distribution purposes (brochures, pamphlets, reports) Networking events or mixers GST, legal, insurance costs SUPPORTING DOCUMENTATION: Organization s latest economic development strategy (highlighting sections relevant to tech attraction) Organization s latest annual report Organization s latest financial statement (audited if available) Formal letter(s) of support from local government and/or economic development office Completed Funding and Budget Worksheet EDRP Applicant Guidelines Updated April 2017 12

SECTORAL DEVELOPMENT STRATEGIES OBJECTIVE: TARGET: To enable development of targeted sectoral strategies to attract investment and/or increase sector productivity and/or grow business opportunities. Sectoral organizations, regional economic development organizations or other non-profit organizations with the capacity to analyze and implement recommendations. ELIGIBLE APPLICANTS: Local or regional governments, First Nations, Airport Authorities, Harbour Authorities involved in economic development activities, local non-profit sectoral or industry organization involved in economic development activities, or other qualified registered non-profit organizations in partnership with local government or First Nations. THE STRATEGY SHOULD: All applications must clearly demonstrate local and regional support. Be incremental to the organization s current capacity and activities Have broad regional objectives Provide lasting benefits to the community and/or region Include broad based consultation/participation of relevant community and regional stakeholders Increase the capacity of communities to realize economic development opportunities Increase investment opportunities Be made available to the public and/or relevant sectoral organizations Include performance measures to evaluate the successful implementation of the strategy FUNDING: Up to 50% of total project costs Up to $30,000 Up to two requests for funding per calendar year provided the first request has been fully completed and the annual program funding cap has not been reached EXAMPLES OF ELIGIBLE USES: Development of a sectoral strategy to address productivity, growth, gaps in market opportunity. The strategy may include: o Research and economic analysis o Consultation with stakeholders, industry, government o Review of best practices and innovation opportunities Conduct research or sectoral analysis of regional significance required to advance regional economic priorities EDRP Applicant Guidelines Updated April 2017 13

ELIGIBLE EXPENSES: Consulting fees and relevant consultant expenses Project specific pre-approved travel costs Project specific materials and supplies Facility rental fees (required for outreach/consultation) Project specific printing costs or other pre-approved communication costs INELIGIBLE EXPENSES: Existing staff salaries, travel or other expenses Board travel or other Board expenses Administration, accounting or overhead General office supplies or expenses Hospitality costs (except for reasonable consultant expenses) Project communication, publicity or announcement costs Equipment, software In kind labour or materials Publication printing for distribution purposes (brochures, pamphlets, reports) GST, legal, insurance costs SUPPORTING DOCUMENTATION: Organization s latest economic development strategy/strategic plan Organization s latest annual report Organization s latest financial statement (audited if available) Formal letter(s) of support from local government and/or economic development office Completed Funding and Budget Worksheet EDRP Applicant Guidelines Updated April 2017 14

REGIONAL COLLABORATION OR REGIONAL MARKETING STRATEGIES OBJECTIVE: TARGET: To enable communities or organizations to jointly reach new or broader markets and/or use resources more efficiently. Non-profit organizations, industry organizations or regional collaborative structures (community, First Nations, non-profits) with the capacity to develop/implement regional initiatives. ELIGIBLE APPLICANTS: Local or regional government, First Nations, Airport Authority and/or Harbour Authority involved in economic development activities, regional non-profit sectoral or industry organization involved in economic development activities, or other qualified registered non-profit organizations in partnership with local government or First Nations. THE STRATEGY OR COLLABORATION SHOULD: All applications must demonstrate strong regional support. Be incremental to the organization s current capacity and activities and provide lasting benefits to the region Include broad based consultation/ participation of relevant community and regional stakeholders Coordinate collaboration or marketing initiatives amongst several communities and/or regions to support opportunities more effectively Build capacity across the region for economic development FUNDING: Up to 50% of total project costs Up to $30,000 Up to two requests for funding per calendar year provided the first request has been fully completed and the annual program funding cap has not been reached EXAMPLES OF ELIGIBLE USES: Development of a regional marketing strategy and required support tools Development of a regional collaboration initiative designed to advance regional initiatives and priorities ELIGIBLE EXPENSES: Consulting fees and relevant consultant expenses Project specific pre-approved travel costs Project specific materials and supplies Facility rental fees (required for outreach/consultation) Project specific printing costs or other pre-approved communication costs Website design and development Marketing content development EDRP Applicant Guidelines Updated April 2017 15

INELIGIBLE EXPENSES: Existing staff salaries, travel or other expenses Board travel or other Board expenses Administration, accounting or overhead General office supplies or expenses Website hosting and regular website maintenance Hospitality costs (except for reasonable consultant expenses) and all give-aways Project communication, publicity or announcement costs Equipment, software unless specifically approved in project application In kind labour or materials Publication printing for distribution purposes (brochures, pamphlets, reports) Individual community marketing or branding strategies GST, legal, insurance costs SUPPORTING DOCUMENTATION: Organization s latest economic development strategy/strategic plan Organization s latest annual report Organization s latest financial statement (audited if available) Formal letter(s) of support from all key partners Completed Funding and Budget Worksheet EDRP Applicant Guidelines Updated April 2017 16

APPLICATION SUPPORT AND PROGRAM ENQUIRIES Please contact ICET staff and the ICET website for additional information related to ICET s guiding principles, application process and timelines, in-kind guidelines, application intake dates and FAQs. Island Coastal Economic Trust 250-871-7797 info@islandcoastaltrust.ca www.islandcoastaltrust.ca SUBMISSION The application form and all supporting documents should be submitted electronically, by email to: info@islandcoastaltrust.ca Please do not submit hard copies of the application by mail or fax. EDRP Applicant Guidelines Updated April 2017 17