CEDC Tourism Product Development Fund

Tourism Capital Enhancement

to enhance a tourism experience or prepare for future event hosting

ELIGIBILITY

  • Must be a Canadian legal entity (not-for-profit or for-profit)
  • Must contribute at least 10% personal/organization equity into the project
  • Funding is a maximum of $500,000 (over a two-year instalment of $250,000 per year) or 33% of eligible budget for not-for-profit/public entities and 20% for for-profit entities
  • The project  must positively contribute to the growth and sustainability of the Thunder Bay tourism economy by filling a gap in the current visitor experiences and/or enhancing a current visitor experience offering
  • Must apply 90 days prior to the project occurring if requesting $50,000 or less
  • Must apply 120 days prior to the project occurring if requesting over $50,000

FUNDING CRITERIA

Evaluation considerations that will impact the Tourism Investment Committee decision on your application include:

  • Alignment with Tourism Thunder Bay values (tourism development pillar, viewed here)Office space
  • Alignment with CEDC Values (natural resources, workforce and immigration development, strengthen community and business support pillars viewed here)
  • Project economic impact as calculated by CEDC staff using TREIM
  • Maintenance or creation of jobs
  • Organizational financial stability
  • Project financial sustainabilityCinema 5 Skate Park
  • Need for funding
  • Leveraged sources of funding
  • Marketing plan effectiveness
  • Influence of the project on overnight stays
  • Media coverage achieved
  • Organizational capacityOffice construction
  •  Project financial viability
  • Partnerships potential or realized
  • Market analysis and uniqueness of the project
  • Ability to attract and retain visitors

The CEDC Tourism Product Development Fund is a discretionary program with a limited funding allocation. In some cases, a project may meet all program criteria but may not be approved for funding as other projects may more effectively meet the criteria. In all cases, projects are encouraged to show a profit and become self-sustainable.

PROGRAM PROCESS

 Step 1 – Short Form Application

APPLY NOW and submit a short form application to CEDC Tourism Thunder Bay staff who will conduct a preliminary assessment on the project to determine if it will meet all eligibility requirements for a tourism project.

Click on the link below to briefly tell us about your project and how it will attract visitors to Thunder Bay.

Tourism Capital Enhancement – Short Form Application – CEDC Tourism PD Fund
 Step 2 – Long Form Application

If the requirements are met in the short form application, CEDC staff will email the applicant the long form application. This application will be used to apply to the Tourism Investment Committee (TIC) for funding. During this process, applicants are encouraged to work with the CEDC team to ensure application completeness.  CEDC staff can assist with reaching out to accommodation properties and setting up a booking code.

Completed long form application will be emailed to CEDC staff.

 Eligible and Ineligible Expenses
 Eligible Expenses
  • Planning consultants
  • Engineering and architectural costs
  • Building permit and associated fees
  • Legal costs directly related to the project
  • Construction and renovation costs
  • Project management costs
  • Salaries and wages related directly to the planning or capital project
  • Marketing and advertising (to out-of-town markets)
  • Other expenses deemed eligible that attract visitors or enhance the visitor experience

Ineligible Expenses

  • Entertainment
  • Alcohol
  • Prizes and awards
  • Political contributions
 Step 3 – Tourism Investment Committee Meetings

When the long form application is considered complete by CEDC staff it will be added to the agenda for the Tourism Investment Committee (TIC) for review and evaluation. The applicant may be required to provide a brief 5-minute presentation of the application to the committee and answer any questions the committee may have.

The TIC will review all funding applications and can approve funding requests up to $50,000. The TIC is generally scheduled to meet on a monthly basis on the second Wednesday of the month. If the amount requested is over the $50,000 then the TIC will refer the application with its recommendations to the Board of Directors of the Thunder Bay CEDC for final approval.
 Step 4 – Funding Decision
Funding decisions will be communicated to the applicant within two weeks of the committee meeting concluding.

Applications approved for funding by the Tourism Investment Committee (TIC) or the CEDC Board of Directors (BOD) will require the applicant to enter into a legal funding agreement with the Thunder Bay CEDC. The agreement will provide provisions on how funding will be paid out, the reporting requirements, and potential payback of funds once the project is complete.

In all cases, there will be a 50% holdback of funds contingent on a final report and evaluation metrics being met. The final report must be submitted within 90 days of the project concluding and will be paid out based on the evaluation of the metrics submitted in the final report. If the evaluation metrics are met, the final 50% holdback will be released. If the evaluation metrics are not met, the applicant will not receive the final holdback. 
 Step 5 – Marketing the Project
 Approved applicants will have the opportunity to collaborate with Tourism Thunder Bay for additional opportunities to promote the project include website/social media promotion, posting on the tourism event calendar, sharing the Visit Experience Guide and more.

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