In the constantly changing field of agriculture, it is crucial to prioritize innovation and sustainability in order to promote growth and maintain competitiveness within the sector. Introducing the Agrilnnovate Program, an innovative initiative that falls under the Sustainable Canadian Agricultural Partnership (Sustainable CAP). The program provides agricultural businesses with a distinctive chance to obtain repayable contributions and promote the commercialization, demonstration, and adoption of innovative technologies and processes.
The Agrilnnovate Program is bringing about a revolution in the agricultural sector by providing incentives for innovation. This is leading to enhanced competitiveness within the sector and promoting sustainability benefits.
Supporting the Advancement of Agriculture
The main goal of the Agrilnnovate Program is to expedite the commercialization, demonstration, and adoption of advanced agricultural technologies and processes. The program aims to bring about positive change in the agricultural and agri-food sector by focusing on both competitiveness and sustainability. The program incentivizes businesses to pursue and adopt commercially viable innovations that can advance the industry by offering repayable contributions.
Financial Support and Cost-Sharing:
Agrilnnovate Program projects can receive up to $5,000,000 from Agriculture and Agri-Food Canada (AAFC). The applicant pays 50% and AAFC 50%. If under-represented groups control or run the firm, the cost-share ratio (AAFC 60%, Applicant 40%) may be increased by 10%. Indigenous Peoples, youth under 35, women, visible minorities, and disabled people are included. The applicant’s cost share must be cash, not in-kind.
Repayable Contributions for For-Profit Businesses:
For-profit enterprises may apply for loans under the Agrilnnovate Program. Due to the program’s dedication to encouraging risk-taking and bolstering creative endeavours, unconditional repayment is the norm. For projects with high commercialization or demonstration potential, the program may provide a conditional repayability model to reduce the risk for small businesses, start-ups, and young innovators.
In the agricultural and agri-food industry, the Agrilnnovate Program promotes new ideas, long-term viability, and competitiveness. The initiative promotes enterprises to adopt innovative technology and processes by offering reimbursable contributions, fostering cost-sharing, and helping under-represented groups. Canada’s agriculture industry, and by extension the country as a whole, is on the cusp of revolutionary improvements thanks to the Agrilnnovate Program.
For more information on the same, do pay a visit at https://agriculture.canada.ca/en/programs/agriinnovate.
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