Financing Solutions for Startups: Part 1 – The Personal Route
Financing Solutions for Startups: Part 2 – Get a Loan
Financing Solutions for Startups: Part 3 – Federal Financing for Technology Businesses
Financing Solutions for Startups: Part 4 – Saskatchewan Agri-Business Tech Research & Development
Financing Solutions for Startups: Part 5 – For Indigenous Businesses
Financing Solutions for Startups: Part 6 – Grants
Financing Solutions for Startups: Part 7 – Angel Investors
This article lists some of the many provincial government business financing options for Agricultural technology research and development.
Saskatchewan is an amazing place to start a technology business and has even larger advantages for agriculture-based technologies. More investment and greater advancements in technology are being made in this province, creating more opportunities than ever before. Saskatoon isn’t known as, “The City of Science and Technology,” for nothing! To help your tech business become the next BIG success story there are many grants and loans to help you do research, build prototypes and start your business while growing the economy of Saskatchewan. This funding packed list can help you start-up your search for grants, loans and investors.
Provincial Financing Solutions
The province of Saskatchewan is investing heavily in creating technology opportunities in the agriculture field so that we remain at the forefront of one of our biggest industries.
Created for technology companies who are involved in adding value to agriculture products (i.e., food, feed, bio-products), the Saskatchewan Agri-Value Initiative (SAVI) offers funding for marketing, product/prototype development and training.
The SAVI program helps develop and expand small to medium-sized enterprises and producer/processor organizations who add value to agricultural products. It provides funding to these organizations for help in capturing market opportunities. Funding is available in three key areas: marketing, product/prototype development and training. Funding amounts very depending on the project.
Investment in the long-term sustainability of the agriculture sector in Saskatchewan has always been a priority in this province resulting in the Agriculture Development Fund (ADF).
This fund supports developing solutions to emerging problems that constrain production and value-added processing.
Some of these include discovering new crops and/or cultivars meeting market demands and consumer preferences. Technologies that Increase livestock competitiveness and optimize livestock feeding systems. Research and production that improves food quality through new and innovative food, bio-products and processing technologies. Plus, many other agricultural and ecosystem technologies.
$15 million in ADF funding is available annually for public and private researchers.
The ADOPT program or Agriculture Demonstration of Practices and Technologies Funding (ADOPT) provides funding to help producer groups demonstrate and evaluate new agricultural practices and technologies at the local level. The results of successful trials can then be adopted by farming operations in the region. The goal of the program is to accelerate the transfer of knowledge to Saskatchewan producers and ranchers.
The intent of the program is to support local demonstration projects thereby providing Saskatchewan producers and ranchers the opportunity to evaluate new practices and technologies under local conditions.
Funding is awarded on a competitive basis. Each producer group will be eligible for funding of up to $10,000 per site per project to a maximum of $75,000 per year. For livestock projects each producer group will be eligible for funding up to $20,000 per site per project to a maximum of $100,000 per year with recognizing the higher cost having live animals in the project.
One final source of provincial financing for existing research and technology corporations is the Saskatchewan Commercial Innovation Incentive (SCII or Patent Box), which is a new-growth tax incentive that offers eligible corporations a reduction of the provincial Corporate Income Tax Rate to 6%, down from 11.5%, for 10 consecutive years for eligible corporations that commercialize their qualifying intellectual property in Saskatchewan. Companies can extend the benefit period to 15 years if at least 50 per cent of the related research and development in the advance of commercialization occurred and was conducted in Saskatchewan.
This new growth tax incentive is open to any company, operating in any sector, from anywhere in the world, regardless of where or when the R&D for the qualifying intellectual property occurred.
Saskatchewan is one of the fastest growing technology driven provinces in Canada. This culture of building, supporting and growing local is the essence of the prairie mentality. These great resources are here for Saskatchewan, they are here for you! Apply and help grow your own tech-based business today.
Join us for part 5 of our series as we look at loan opportunities for Indigenous business start-ups and where you can get started for success.