Invest Sault Ste. Marie and the City of Sault Ste. Marie can also help businesses access a variety of unique community funding programs such as the Economic Development Fund (EDF), Economic Growth Grant Program.
Economic Development Fund
The City of Sault Ste. Marie has at its discretion, an annual fund of $500 thousand available to spur various economic development activity within the city. For more details click here.
Economic Growth Grant Program
The City of Sault Ste. Marie has available an Economic Growth Grant Program. The purpose of the EGCIP is to help diversify the local economy and stimulate job growth by attracting new businesses and expanding existing ones that are engaged in primarily export-oriented activities. To achieve this, the EGCIP provides two grant programs for approved applicants:
- Grant Program 1: An annual grant of up to three years to fully or partially offset property tax increases resulting from the improvement of lands and/or buildings.
- Grant Program 2: A grant of up to $100,000 per project, or as approved by City Council.
The grant programs will be administered by the EGCIP Committee, which comprises representation from the City’s Community Development, Finance, and Planning Departments. All grant applications will be reviewed by this committee, with the final decision made by City Council. Click here for more information.
Downtown Financial Incentive Program
As part of the Downtown CIP, the City has established a number of financial incentive programs to catalyze private sector investments downtown. The program currently has the following grant programs:
- Tax Increment-Equivalent Grant - The value is equal to 100% of the municipal tax increase in the first year of project completion. Thereafter, it is provided on a declining rate basis until the fourth year. A project investment of $500,000 is required.
- Façade Improvement Grant - matching grants of up to $20,000.
- Building Activation Grant for Vacant Spaces - matching grants of up to $20,000.
- Upper Floor Residential Conversion Grant - matching grants of up to $15,000.
- Patio Conversion Grant - matching grants of up to $5,000.
Please visit the Downtown Financial Incentive Program page for more details and grant application forms.
Community Improvement Plans
It provides a means of planning and financing development activities that effectively use, reuse and restore lands, buildings and infrastructure. Section 28 of the Planning Act and Section 365.1 of the Municipal Act allows municipalities to issue grants or loans, or provide property tax assistance to registered owners, assessed owners or tenants of lands within a Community Improvement Plan (CIP) Project Area.
For more information on incentive and funding programs, contact us at email@example.com.
Community Development Fund
The City's new Community Development Fund enhances the existing funding programs by:
- Clarifying administration and accountabilities for the funding programs;
- Providing consistent funding application processes and timing;
- Utilizing new criteria that better reflects the Corporate Strategic Plan, FutureSSM Community Development plan and economic & tourism development strategies; and
- Consolidating certain programs with a goal of greater community impact.
The focus and criteria of the Community Development Fund supports the four pillars of the FutureSSM community development plan:
- Economic Growth and Diversity
- Cultural Vitality
- Social Equity
- Environmental Sustainability
Click here for more details on the funding opportunities and application process.