Annex A – Aquaculture Development Source business case and work plan

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PICFI Aquaculture Development Source (ADS)
Business Case and Work Plan — ADS Proposals
<Community/Nation name>

<Contact person>
<Contact phone number>
<Contact email address>
<Date>

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Project business case

This template is for applications for ADS funding.

There is an accompanying Excel spreadsheet template that includes all the tables and charts that you will need to include in your Business Case.

All information in this section applies solely to your proposed ADS project.

Project description and rationale

Project description

Describe your project in detail. Include subsections that describe the area where the project will take place, rationale for why the proposed project and location were chosen, if alternatives were considered (i.e., oyster farm vs scallop farm) and any benefits that the project will bring to the community/Nation.

If acquiring a vessel, provide vessel information (e.g., supplier and specifications for new vessels, vessel name, owner and registration number for existing vessels). For existing vessels, vessel survey and an appraisal conducted by an independent third party will be required as a condition of funding.

Production plan

If the project is for farming activities or equipment related to farming, provide a detailed production plan. Please refer to the Excel sheet Table 1. Production Plan.

Capacity and partnerships

Capacity for this project

Describe the skills and expertise required to make this project a success (this includes implementation and on-going operations). If training will be required, describe the topic, how training will be procured and delivered and who will receive the training.

Copy and paste here Table 2. Capacity and Training.

Project management team

Describe who will be responsible for overseeing and undertaking the implementation of this project. Provide names, title/position in the operation, and their role during implementation. Whenever needed it is recommended that the team includes members from Chief & Council, the Economic Development Office and/or Finance Department, Fisheries Manager/coordinator if applicable, and the BDT’s Aquaculture Advisor.

Third parties — partnerships and contracts

If any partnerships, contracts, or other arrangements with third parties are required to successfully implement your proposed project by March 31st, please describe those relationships. Describe whether the relationships are formal or informal, what will each party contribute to the project and any profit-sharing arrangements.

If the project will be supported by consultants, describe how this relationship will build capacity within the CFE, the expected duration of the relationship and any long term plans for sustaining the project.

Append supporting documentation (e.g., contracts, consulting proposals, MOUs).

Cost and funding

Cost of project and funding

Copy and paste here Table 3. Costs and Budget from your support Excel sheet. Provide quotes from suppliers (minimum 1, ideally 3) for all items to be purchased as attachments to your application. If any installation/labour costs will be provided internally, provide a breakdown of the costs (e.g., x hours for x people at $x.x rate).

Contingency costs must not exceed 5% of total cost and may be requested only when the implementation is at risk due to timing.

For vessel acquisitions, provide: Vessel name, owner and registration #. If funding is approved, copies of a vessel survey and an appraisal conducted by an independent third party will be required as a condition of funding.

Describe whether the proposed project has received any other funding and, if so, the amount(s), source(s) and item(s) covered. If other sources of funding were sought for the project but not secured, please describe these sources. Identify the expected lifespan of any equipment or materials to be purchased and its associated depreciation expense. Copy and paste here Table 3a. Straight Line Depreciation of Assets.

Describe the long term plans for the project, any future investments that are planned and potential funding sources to support these investments.

Governance

Objectives and strategic direction

Briefly describe how your project is governed (e.g., Chief & Council, Fishing enterprise, Economic development office or branch, corporation), how it fits with your community’s objectives and strategic plans for the next 3-5 years (or whatever period is most relevant) and how those responsible for the project remain accountable to community members and to leadership.

Describe how profits from the project will benefit community members (e.g., proportions of retained versus distributed earnings, re-investment in training or food fishing).

Provide copies of any supporting documentation (e.g. economic blueprints, strategic plans, comprehensive community plans).

Recent changes

Please describe any material changes in your existing aquaculture project or the governing body for the project in the past year.

Examples include changes to:

Project estimates and assessment

Project estimates

Provide a table showing projections of estimated annual revenues, expenses and net income associated with your proposed project. All figures should be specific to this project and assumptions (e.g., farmgate price, sales volume) clearly documented and explained.

Copy and paste here Table 4. Project Estimates.

If the benefits of the project are measured in relative terms (e.g., compared to existing operations) rather than absolute terms (e.g., increase in total production), add a table that compares itemized annual revenues and expenses before and after the proposed project.

Project assessment (internal rate of return calculation)

Provide a table showing the financial project assessment (i.e., Internal Rate of Return). The project estimates are used with the project cost data to estimate the Internal Rate of Return (IRR) of the proposed project.

Copy and paste here Table 5. Project Assessment (IRR).

Note: At least ten years of projected annual revenues and annual expenses are required to estimate the IRR.

Project jobs and employment

Provide a table summarizing jobs and employment during the previous fiscal year and indicating any jobs that will be created by your proposed project with an asterisk (*). Describe any challenges associated with training and employment of community members.

Copy and paste here Table 6. Project Jobs & Employment.

Work plan

Complete the following table showing each individual task required to execute and complete the proposed project. 

Copy and paste here Table 7. Work Plan.

Risks and mitigation

What risks do you foresee for your proposed project and how will you address them?

For each risk you identify:

Previous projects update

Provide a brief update on any past projects funded by ADS in terms of revenue generation, employment creation, and current status of the project if applicable.

Note: You must submit a copy of your financial statements for the past three (most recent) years for any related existing project with your ADS Application form and Business Case.

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