New grant program makes Alberta most attractive place for start-ups, says government
EDMONTON — Come the new year, Alberta-based start-ups could be eligible to receive up to 20 per cent of their research and development costs, the province announced in Edmonton Wednesday.
The Innovation Employment Grant will provide phased funding for small and medium-sized businesses: at minimum, eight per cent on a firm’s base expenditures, up to 20 per cent on spending that is above the company’s average over the previous two years.
The Alberta Enterprise Corporation, which has been tasked with supporting new firms get settled, will receive $175 million over the next three years. The amount is equal to the total it has received from the Alberta government since 2008.
Finance Minister Travis Toews said the grant program would continue to set Alberta apart from other Canadian provinces as a place to invest.