PacifiCan — Regional Economic Growth through Innovation — Business Scale-Up and Productivity

The Business Scale-up and Productivity (BSP) Grant by Pacific Economic Development Canada (PacifiCan) supports high-growth businesses in British Columbia aiming to scale up and innovate. Offering interest-free, repayable funding, this program focuses on enhancing productivity, business scale-up, and technology commercialization.

The Business Scale-up and Productivity (BSP) Grant, offered by Pacific Economic Development Canada (PacifiCan), is a strategic initiative aimed at fostering innovation, economic growth, and community economic development in British Columbia. As a part of the national Regional Economic Growth through Innovation program, the BSP Grant provides vital financial support to high-growth businesses seeking to expand their operations, improve productivity, and commercialize cutting-edge technologies. In this comprehensive guide, we delve into the intricate details of the BSP Grant, including its objectives, eligibility criteria, funding specifics, and the application process.

PacifiCan has outlined several key goals with the BSP Grant, which align with their broader mission of enhancing British Columbia's economic landscape. The primary objectives include: 1. **Job Creation**: Supporting the creation of quality jobs for British Columbians in various regions, emphasizing the inclusion of underrepresented communities, including Indigenous peoples. 2. **Industrial Competitiveness**: Promoting the establishment of competitive industry clusters and sectors that have the potential for significant economic impact both domestically and internationally. 3. **Business Success**: Aiding businesses in becoming globally successful by facilitating their growth and market expansion strategies. 4. **Inclusive Growth**: Encouraging growth that includes rural, Indigenous, and underrepresented communities, fostering a more equitable economic environment.

To apply for the BSP Grant, businesses must meet specific eligibility criteria to ensure they align with the goals of the program. Here are the detailed requirements: 1. **Business Structure**: Applicants must be high-growth businesses incorporated in Canada, with a particular emphasis on small and medium-sized enterprises (SMEs) with fewer than 500 full-time employees. 2. **Operational History**: Businesses must have been operating in British Columbia for a minimum of two years, demonstrating stability and potential for growth. 3. **Project Focus**: Proposed projects should aim to support or accelerate growth through activities such as productivity improvement, business scale-up, and technology commercialization. 4. **Confirmed Funding**: At the time of expression of interest submission, businesses must submit evidence of confirmed funding from all other sources, including non-government sources, which should make up at least 50% of the proposed project costs. 5. **Project Duration**: Projects should have a maximum duration of three years, allowing sufficient time for implementation and achievement of expected outcomes.

Understanding what costs are covered under the BSP Grant is crucial for applicants. Here’s a breakdown: - **Eligible Costs**: The program can cover up to 50% of eligible project costs, which include capital costs (equipment, machinery), labor (wages, benefits), marketing expenses, intellectual property-related costs, technology development, and professional, advisory, and technical services. - **Ineligible Costs**: Certain costs are not covered by the BSP Grant, such as basic and applied R&D, land and building acquisitions, salary bonuses, entertainment expenses, debt refinancing, and lobbying activities.

PacifiCan expects applicants to provide a viable plan for producing strong economic outcomes through their projects. The key performance indicators for successful applications include: 1. **Job Creation**: Reporting on the number of high-quality personnel (HQP) and non-HQP jobs created in Canada. 2. **Revenue and Sales Growth**: Applicants must quantify and later report on expected revenue growth, export sales growth, and business sales growth resulting from commercialization efforts. 3. **Inclusiveness Efforts**: Emphasis is placed on improving the economic participation of Indigenous people, women, and youth.

Submitting an Expression of Interest (EOI) is the first step in the application process, followed by a detailed assessment of selected projects. Here are the pivotal stages: 1. **EOI Submission**: The BSP Grant accepts EOIs from July 14, 2023, to September 22, 2023. Businesses are advised to provide a comprehensive overview of their project, ensuring it aligns with program objectives. 2. **Invitation to Apply**: EOIs with the strongest merit and alignment will be invited to complete a full application, undergoing a detailed assessment that evaluates market potential, management capability, financial capacity, and expected economic benefits. 3. **Funding Decisions and Disbursement**: PacifiCan communicates funding decisions within approximately 90 business days of receiving a complete application. Approved projects will receive funding disbursements based on submitted claims for eligible incurred costs, up to four times per year. 4. **Repayment Terms**: After project completion, there is a grace period of one year, followed by interest-free monthly payments over five years.

The BSP Grant prioritizes projects in several strategic focus areas, including: 1. **Export Orientation**: Expanding Canadian products and services into new international markets. 2. **Advanced Manufacturing**: Development and adoption of innovative technologies for enhanced production processes. 3. **Clean Resources and Technology**: Transitioning to a low-carbon economy through innovation in energy, mining, and forestry sectors. 4. **Digital Industries**: Emphasizing information and communication technology, digital media, and innovative content delivery. 5. **Health/Bio-sciences**: Advancements in pharmaceuticals, medical devices, digital health solutions, and disruptive technologies like AI and big data. Engaging with the BSP Grant presents a robust opportunity for high-growth businesses in British Columbia to amplify their innovation efforts and contribute to a prosperous, inclusive, and sustainable economic future.