NSBI Approves Innovation Rebate
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for 3284906 Nova Scotia Ltd., operating as Nova Scotia Spirit Co. based in Pictou County, has been an owner-operated spirits manufacturing company since 2015.
The company will be proceeding with a $3,395,000 capital investment to make building improvements to increase automated production and become more competitive in the export market. By implementing more automated machinery, the company will produce 12,000 cans per hour as compared to the current system of 4,000 cans per hour. Nova Scotia Spirit Co.’s modernization of equipment will help to meet increased demand for several projects throughout Canada and also support additional initiatives key to the company’s future exporting success.
The company is eligible to earn a maximum innovation rebate of $848,750 upon completion of its project, based on eligible capital spending of $3,395,000.
Quick Facts:
- the Innovation Rebate Program was developed in consultation with Nova Scotia companies
- the Innovation Rebate 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 up to 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 projects costs to which the rebate will be applied is $15,000,000
- the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period
- the innovation rebate works as a rebate against a company’s direct costs and is only paid out once the project is complete
Additional Resources:
For additional resources on NSBI transactions:
http://www.novascotiabusiness.com/fundingdisclosures