Government Invests in Growth for Nova Scotia Businesses
The government is making the Innovation Rebate Program a permanent program and investing $12 million each year to help Nova Scotia businesses thrive.
Susan Corkum-Greek, Minister of Economic Development, made the announcement to a business audience today, March 3. Two other pilot rebate programs – the Forestry Innovation Rebate Program and the Small and Medium Enterprise Innovation Rebate Program – will be combined with the Innovation Rebate Program to form a single program, effective April 1. The three programs had been set to end March 31.
Since their inception, rebates through these programs have led to companies of all sizes committing to 38 projects in 14 counties across the province.
“We are focused on investing in solutions that work and these innovation rebates have a proven track record of success,” said Minister Corkum-Greek. “This program will help more Nova Scotia businesses adopt new technologies and innovative solutions and advance our government’s priority of helping businesses reduce their carbon footprint and become more sustainable and competitive.”
The Innovation Rebate Program encourages investments in innovative processes and green technologies. Participating companies can increase their competitiveness through product development, improvements in production and greening waste streams.
Crown corporation Nova Scotia Business Inc. (NSBI) will continue administering the program. Companies receive a 25 per cent rebate of eligible project costs for approved projects. The project costs must be between $350,000 and $15 million.
The program will play an important role in helping the Minister of Economic Development fulfill her mandate of attracting and growing innovative, sustainable and green businesses across the province and supporting small businesses in reducing emissions.
Quotes:
“The global defence industry is both highly competitive and constantly evolving. To be successful in this environment, a company must also constantly evolve. This requires a commitment to innovation and a willingness to embrace new technology.”
– Matthew MacKenzie, Owner and President, MacKenzie Atlantic Tool & Die | Machining Ltd., Musquodoboit Harbour; Innovation Rebate Program client, 2019-20
“All of our controlled-atmosphere storages are computer automated, with some advanced systems that enable us to extend our marketing window on our apples. This means we can market our fruit nearly year round, which is a benefit to our customers. Adding robotics on our packing lines will also eliminate our staff’s repetitive activities and allow them to work elsewhere in the plant.”
– David Parrish, CEO, Scotian Gold Cooperative Ltd., Coldbrook; Innovation Rebate Program client, 2018-19, 2020-21
“With tools such as the Innovation Rebate Program, NSBI is continuing to help make it possible for businesses to invest in themselves, adapt to climate change and mitigate some shocks caused by COVID-19. In particular, rural businesses need solutions as they attract and retain workers and increase investments in technology, so their businesses not only survive, but thrive.”
– Laurel Broten, President and CEO, Nova Scotia Business Inc.
Quick Facts:
- the Innovation Rebate Program pilot launched in 2017-18; the Forestry Innovation Rebate Program pilot launched in 2019-20; and the Small and Medium Enterprise Innovation Rebate Program launched in 2020-21
- most of the 38 projects approved under the programs are in rural communities
- the total cost of the projects is projected to be $170 million and once complete, they will be eligible for $38 million in innovation rebates
- completed projects to date total $106 million in capital improvements and have earned $24 million in rebates
Additional Resources:
Information about the Innovation Rebate Program will be updated at: https://novascotiabusiness.com/export/programs-services/innovation-rebate-program