NSBI Approves Innovation Rebate
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for Kohltech International Limited.
Kohltech International Limited designs and manufactures high quality and energy efficient windows and entrance systems.
The Debert-based company is proceeding with a $5,365,164 total capital investment to increase the capacity of their insulated glass fabrication line. This will be done through the implementation of a secondary glass cutting machine along with the infrastructure to support its addition. This new machine will use new technology to detect imperfections and improve safety and efficiency. They will also be introducing CNC equipment in their coatings and entrance door facilities to increase capacity and competitiveness.
The company is eligible to earn a maximum innovation rebate of $843,388 upon completion of its project, based on eligible Nova Scotia capital spending of $3,373,552.
To be considered for an innovation rebate, a company’s total project costs must be between $2 million and $15 million. An approved rebate is 25 per cent against eligible project costs.
- the Innovation Rebate Program was developed in consultation with Nova Scotia companies
- the program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes
- the program provides a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines
- the total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the rebate will be applied is $15 million
- the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period
- the rebate works as a rebate against a company’s direct costs and is only paid out once the project is complete
Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .