It has been confirmed by Nova Scotia Business Inc. that funding has been approved for The Curse Of Oak Island and Let’s Get Physical TV Shows. This will be done through the Nova Scotia Film and Television Production Incentive Fund.
After months of waiting and nail-biting, we have finally received the announcement that there will be the fifth season of The Curse Of Oak Island. According to the latest report, incentives of $1,926,689 has been promised to the show on an eligible Nova Scotia expenditure of $6,531,148.
Figures that we could see for the previous season’s expenses are far higher than this incentive, but still, it will certainly help out with production. These funds can be spent on labor, services, and goods that are acquired from Nova Scotia-based business.
Tell Tale International Inc., the company that is responsible for the production of series The Curse Of Oak Island, will be able to use these funds after the filming is over. Let’s Get Physical is the second TV Show that received funding and Let’s Get N.S. Productions Inc. was awarded $1,267,591 based on an eligible Nova Scotia expenditure of $5,070,366.
After the application has been approved, NSBI delivers a commitment letter which can be later on used for bank financing. After the money is awarded to the applicant that amount is transferred to reserve until the production is finished. After the crew completes its job, the company can submit a final claim to NSBI based on which they are able to send out the money.
Here are the quick facts about incentives that NSBI offers:
– the fund applies to eligible costs such as labour, goods or services purchased from a Nova Scotia-based supplier.
– when an application is approved, NSBI issues a commitment letter which can be used for bank financing. When the applicant enters the official incentive agreement, the agreement can also be used for the financing process.
– once a production is approved for a funding commitment, the funds are placed in reserve.
– when the production is complete the applicant submits a final claim to NSBI for processing and disbursement.
– all applications and claims are processed and approved by NSBI.