NSBI Approves Innovation Rebate
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for Cabot Manufacturing. The company is a drywall manufacturer based, in the Point Tupper region of Richmond County, Cape Breton.
The company will be proceeding with a $6,535,000 capital investment to expand the plant’s capacity to include a 54-inch wallboard product and to upgrade and automate certain existent equipment. Cabot’s expansion and modernization will help to meet the increased demand for its products throughout Canada and also to support additional export initiatives to the United States.
The company is eligible to earn a maximum innovation rebate of $1,633,750 upon completion of its project, based on eligible capital spending of $6,535,000.
- the Innovation Rebate Program provides financial incentives on innovative projects to enable companies to increase their innovation capacity
- 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 million
- the maximum rebate for an eligible project cannot exceed $3,750,000 over 24-months
- the innovation 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