Deadline: 18-Sep-23
Are you in need of funding that can help your business start, scale, and grow in Edmonton? The City of Edmonton has allocated $5M to the administration of Phase 1 of the Edmonton Edge Fund.
Phase 1 is designed to address a current gap in capital available to organizations undertaking innovative projects in the local economy.
Program Streams
Phase 1 of the Edmonton Edge Fund will offer grant funding through 2 streams:
- The Start Stream funds projects that support businesses in their efforts to advance the development of their innovations and begin commercializing them
- The Scale & Grow Stream funds large-scale projects that support the scale-up and growth efforts of businesses while, in turn, producing significant economic outcomes
Program Structure
The Program will offer grant funding through two streams: the Start Stream and the Scale & Grow Stream. The Start Stream funds projects that will help businesses to advance the development of their innovations and begin commercializing them. The Scale & Grow Stream, funds large scale projects that, as the name suggests, support the scale and growth efforts of businesses, while also producing significant economic outcomes.
Funding Information
- Start Stream Funds
- Grant Amount: $75k to $100k
- Scale & Grow Stream Funds
- Grant Amount: $250k to <$1M
- Maximum Project Term: Two years
Expected Outcomes
Phase 1 of the Edmonton Edge Fund is designed to support the innovation and growth in th local economy through the advancement of four key Expected Outcomes. To be eligible for funding, projects must achieve one or more of the following Expected Outcomes:
- Job Creation:
- Creates jobs in Edmonton that support the completion of the project and/or the long term operations of the organization.
- Economic Benefits:
- Generates economic outcomes that support the local economy, including but not limited to increases in capital expenditure, investment attraction, intellectual property development, and property tax revenue.
- Down/Upstream Benefits:
- Project generates outcomes that benefit other businesses within the local economy, including the local supply chain.
- Social/Environmental Benefits:
- Project generates outcomes that benefit Edmontonians and/or the environment.
Eligibility Criteria
All applicants must meet the following eligibility criteria:
- Applying businesses must be registered as an active legal entity.
- Applying nonprofit organizations must have an Economic Mandate, and must be registered as an active legal entity.
- The Applying Organization must currently be operating in Edmonton, or it must have plans to relocate to or expand in Edmonton. For projects involving a relocation or expansion to Edmonton, a limited amount of the total funding awarded will be provided until the relocation or expansion is complete. This amount will vary on a project-to-project basis, based on the specific needs of each project.
- Applying organizations must have a valid City of Edmonton Business Licence, or must have plans to obtain a valid City of Edmonton Business Licence during the course of their project.
- Applicants must be a registered owner and/or director of the Applying Organization, or they must obtain permission from an owner and/or director to apply on behalf of the organization.
- A joint application may be submitted between two, or more, eligible applicants. In the case of a joint application, one of the eligible applicants must be identified as the lead applicant.
- For the Start Stream, specifically:
- Applying organizations must have been registered as an active legal entity for at least three months prior to the submission of an Expression of Interest.
Project Eligibility Criteria
To be eligible for funding, all projects must meet the following project eligibility criteria:
- Funding must be applied to a specific project (i.e., not to the general operating costs of a business).
- The project must be physically located in Edmonton.
- The project must be a new initiative and not a continuation of an existing initiative.
- The maximum project term is two years.
- For the Scale & Grow Stream, specifically:
- The Applying Organization must be able to finance at least 50% of eligible project costs. Confirmation of matching funds must be provided at two separate points in the application process: as part of the Full Application and prior to the signing of the funding agreement.
For more information, visit City of Edmonton.