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COMMUNITY ECONOMIC DEVELOLPMENT (CED)
SPECIAL PROJECT FUNDING
The Norfolk District Business Development Corporation (NDBDC) works closely with community partners to provide partial funding (usually no more than $5,000) for joint projects that encourage economic opportunity in Norfolk County. Each year the Board of Directors has funding available in its operating budget to support projects in the community, which promote economic development activities in conjunction with funding from as many other partners as possible. Only not-for-profit initiatives will be considered for funding from NDBDC.
FUNDING CRITERIA:
Eligible proposals must:
- demonstrate that funding will be used to enhance economic development;
- demonstrate the project is not dependent on government funds or on continuing dependence of NDBDC funds;
- demonstrate that the funding received from NDBDC will not exceed 50% of the total cost of the project;
- demonstrate the benefits to your organization and to Norfolk County e.g. job creation, expansion, economic spin-offs/impact etc.; and
- support the strategic goals/objectives of NDBDC (outlined below)
FUNDING PROCESS:
In order to apply for Special Project funding, please complete the attached application form and submit the proposal to Cliff Shank, CED Officer at the NDBDC. Completed applications can be mailed, personally delivered to our office location, faxed or emailed.
The NDBDC will review the applications. You will be contacted if you are to appear at the Community Economic Development (CED) Committee (a sub-committee of the corporation) Meeting to make a presentation. The CED Committee will make a recommendation or a decision about the funding requested.
QUALIFICATIONS:
If the proposal for funding is approved, the NDBDC will prepare a letter of agreement to outline the terms under which the funding will be forwarded. Payments may be linked to the achievement of specified goals or a 10% holdback of funding may be required until the project is complete. The letter of agreement will be reviewed and signed by both the applicant organization and the NDBDC.
Involvement of the NDBDC is important to maintain communication between the full NDBDC Board of Directors and the organization. A member of the CED Committee or staff may be assigned to sit on a committee/board as project liaison person for the duration of the project. This NDBDC member will provide progress reports to the NDBDC at its regular meetings, in addition to the written reports that may be requested in the letter of agreement.
The letter of agreement may also contain a request by the NDBDC to share in the publicity of the project, both initially (in the form of news releases and/or conferences, etc.) and on-going (signage indicating the involvement of the NDBDC as a contributor to the project).
Upon completion of the project, the applicant organization will provide copies of all invoices with a covering letter stating actual total project cost, ledger breakdown of funding sources, project outcomes e.g. improved attendance, increase repeat traffic, revenues, spin-offs/economic impact etc.
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