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Financial Analysis

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Stream: Producer

Code:

EMBA-PD-C

For projects focused on reviewing and analyzing financial statements and trends in order to identify options to increase profitability, assess feasibility of growth, and allow for better economic decision making.

Who should apply?

Any established, expanding or start-up farm business that wishes to analyze farm financials and become equipped with necessary information and benchmarking data to scale up or address emerging business opportunities.

To apply you must have completed

There are no additional qualifications necessary to apply for this Project Category.

Eligible activities and expenditures

  • Third-party advisory costs to complete a farm financial analysis
    • For new producers, a financial analysis may be more projection-based, including an assessment of the business opportunity

Ineligible activities and expenditures

  • Activities and expenditures as detailed here
  • Any activities or costs relating to outcomes of the assessment including but not limited to certification fees, legal fees, licenses, registration fees, investment or banking charges and fees
  • In-kind contributions

Available cost-share

50 per cent*, up to a maximum of $2,500*

Required documentation

  • Quote or proposal from a third-party organization or consultant, detailing services to be provided, outcomes and costs

Merit assessment criteria

  • Project provides increased capacity to plan for and manage business growth, and to make strategic decisions as they relate to farm business goals
  • Project helps address regional (e.g., northern), sector or community level needs

Other useful information

While not a requirement, a Growing Your Farm Profits workshop is available to help you identify areas on your operation that would benefit from economic development. Sign up for a GYFP Workshop online at ontariosoilcrop.org.

*Exceptions may apply

What's Next?

1
Is this project for you? Find out if you meet the program requirements
Program Requirements

 

2
For more information on upcoming application intakes, visit ontariosoilcrop.org

Any established farm business that is a legal entity and produces agricultural commodities in Ontario under a valid Farm Business Registration Number (FBRN), or an allowable exemption, is eligible to apply for cost-share funding under the Partnership—provided that the farm business meets all of the requirements set out in the Program Guide. You must also have a valid and up-to-date Premises Identification (PID) Number for the farm property where the project is to take place. In addition, you are required to be in compliance with all Requirements of the Law and remain in compliance for the duration of the project.

A farm business may have up to two (2) applications approved in an intake or under consideration at one time. A separate application must be submitted for each project.

There is no limit to the number of cost-share projects that a farm business can complete over the five-year span of the Partnership. There is also no limit to the number of approved cost-share projects that a farm business can have underway at one time.

Applications are evaluated based only on the information submitted and will not be considered if they do not meet eligibility criteria or if they are incomplete.

Complete applications that meet eligibility criteria are assessed using Merit Assessment Criteria, which is specific to each Project Category. Applications that are selected using a merit-based review process are approved on a continuous basis while funds remain available.

Conditional approval for funding may be granted for complete applications with high merit that require confirmation of additional information before project approval.

Applications are submitted electronically.* You can apply and submit all required documentation at ontarioprograms.net.

You can also complete the Application Form for the Project Category you are applying under, and submit with all required documentation by email to CAP@ontariosoilcrop.org. Copies of Application Forms are available at ontarioprogramguides.net.

*If you cannot apply online or by email, you may send hard copy applications and all required documentation to OSCIA by post or courier to 1-367 Woodlawn Road W, Guelph, ON, N1H 7K9.

Applications will be reviewed, and cost-share funding decisions will be made after the Application Intake has closed. You will be notified by mail and/or email approximately 45 business days from the date a given Application Intake closes. (If there is an exception to this, it may be noted in the Project Category Description.) There are three possible outcomes:

  • Application is approved – you will receive confirmation of claim procedures and submission deadlines, and a questionnaire that must be completed at the end of the project.
  • Application is conditionally approved – you will be notified about what additional information is required to finalize approval of your project.
  • Application is declined – you will receive a brief explanation for the decision.

The start date for your project is the date on the Approval or Conditional Approval Letter issued by OSCIA for each successful project. Projects cannot be started before that date. Eligible costs can only be incurred, invoiced and paid for by the applicant after the date on which the Letter is issued.

The completion date for your project will be specified in the Approval Letter issued by OSCIA for the successful project. Eligible costs must be incurred, invoiced and paid for by the applicant on or before this completion date.

New producers are new entrants to the agricultural production industry who:

  • File personal income taxes in Ontario
  • Have proof of ownership or control of productive agricultural assets to generate farm income
  • Have a valid and up-to-date Premises Identification Number for the farm property where the proposed project is to take place
  • Have not had more than $7,000 in gross farm income two and three years prior to enrolling in the Partnership
  • Have business projections that demonstrate potential annual gross business income of $7,000 or more within three years of applying

If you are a new producer, contact OSCIA at 1-800-265-9751 or CAP@ontariosoilcrop.org for a list of applicable Project Categories, and to request a copy of the New Producer Application Form.

 

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Edit date: January 6, 2021

Need Help?

For assistance with the Online Program Guide, please contact the Agricultural Information Contact Centre – Mon. to Fri., 8 am – 5 pm, 1-877-424-1300 or ag.info.omafra@ontario.ca