What if the bank requires commitment from the Government of Alberta before providing financing?
We understand it is important for financial institutions to have the security of a contract from the government, with a commitment of funds. If a project is otherwise eligible, with the exception of the funding in place, we will work with companies to provide a letter of intent, indicating that the project/company would be eligible for funds within a certain timeframe. This can be given to the bank as an indication of commitment from the program. However, the timeline will be limited on the letter of intent. If a company cannot secure their funds through the bank with the letter of intent, the funds need to be available to fund other companies projects. (Example in Appendix 1.
