News release

NSBI Approves Innovation Rebate

Nova Scotia Business Inc. (Dec. 2004 - Nov. 2022)

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for fish harvesting and processing company Scotia Harvest Inc., in Digby.

The company will be proceeding with a $14,250,000 capital investment to build a new 43,580 square foot production facility. The new facility will also have new processing equipment which will be more efficient, providing the ability to effectively produce additional groundfish species and will enable the company to implement greener technologies. The modernization of equipment will also give the company the ability to improve on harvesting and processing times.

It will also help to meet increased demand for current export markets in the United States and support additional initiatives key to the company’s future exporting success in the European Union, China and other countries.

The company is eligible to earn a maximum innovation rebate of $1,863,333 upon completion of its project, based on eligible capital spending of $7,453,333.

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