PROVINCIAL GROWTH FUND
This Fund provides government support in the form of cost sharing with a maximum government contribution of 70%. This means that the 30% will be the project cost’s own contribution. The objective of this initiative is to fund innovative project proposals that enhance the exciting operations, or expand the current local production of a pair or a group of businesses by improving their productivity or competitiveness; improving supply chain activities / co-ordination; gaining access to new markets; increasing market share within an existing market and improving the competitiveness of a cluster of businesses within a common geographic region.
Furthermore, innovative projects may include productivity improvement, human resources development (both technical and non-technical) marketing material development that will benefit the businesses as a group, participation in events such as exhibitions, pavilions, festivals, etc. which have real potential of increasing turnover, market share, accessing new markets, research and development and lastly equipment. These improve productivity or product quality which, in turn, enable the business to increase their turnover, access a market or expand within an existing market.
This is an initiative of the Provincial Department of Economic Development and Tourism, and Casidra is appointed as an implementing agency to roll out the funds. Thus far, this has been a great success, as a lot of funding has been paid out to a wide variety of successful applicants.