PacifiCan — Regional Economic Growth through Innovation — Business Scale-Up and Productivity
BC, Canada
Financing to accelerate growth in British Columbia
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 14, 2023
- grant_single|closingDateSeptember 22, 2023
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Mining, quarrying, and oil and gas extraction
- Manufacturing
- Information and cultural industries
- Health care and social assistance
grant_single|grantors
- Government of Canada
- Pacific Economic Development Canada
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Get a financial contribution to help you scale up and expand, adopt and commercialize innovative technologies and processes, or diversify your markets.
grant_single_labels|projects
This program is tailored specifically for businesses operating within British Columbia. It aims to bolster innovation and economic growth within this Canadian province to meet strategic economic objectives.
- British Columbia
grant_single|admissibleProjectsExample
$1,600,000
Commercialize a new AI-driven financial advisory platform
$1,500,000
Develop and commercialize an innovative renewable energy system
$775,000
Scale up organic farm operations with new equipment and marketing strategies
$1,000,000
Implement a state-of-the-art AI-driven manufacturing line for enhanced productivity
$1,350,000
Develop advanced cybersecurity solutions for small businesses
$1,200,000
Expand operations by opening a new warehouse and distribution center
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the company's profile, activities, and funding structure.
- Must be an incorporated high-growth business that is scaling up and producing innovative goods, services, or technologies.
- Must be incorporated to do business in Canada.
- Must have been operating for at least 2 years in Canada.
- Must have staffed operating facilities in British Columbia.
- Must submit evidence of confirmed funding from all other sources at the time of expression of interest submission, with non-government funding representing at least 50% of the proposed project costs.
- Must be looking to support or accelerate growth through activities such as productivity improvement, business scale-up, or technology commercialization.
- Must ensure the project duration does not exceed 3 years.
grant_eligibility_criteria|who_can_apply
The BSP program is open to incorporated high-growth businesses that have been operating in British Columbia for a minimum of 2 years. Preference may be given to small and medium-sized enterprises (SMEs) with less than 500 full-time employees (FTEs).
grant_eligibility_criteria|who_cannot_apply
This grant targets specific high-growth businesses and does not explicitly exclude any particular industries or company statuses. However, there are certain conditions that companies must meet to be eligible, implicitly restricting some entities from applying.
grant_eligibility_criteria|eligible_expenses
The Business Scale-up and Productivity (BSP) program in British Columbia supports high-growth businesses in scaling up and enhancing productivity through innovative projects. Eligible activities include improving productivity, facilitating business scale-up, and advancing technology commercialization.
- Productivity improvement: Acquiring, adapting, and adopting new technologies and processes; process re-engineering; and improving manufacturing capacity.
- Business scale-up: Market development or expansion, adopting best management practices, processes and systems, and business opportunity development.
- Technology commercialization: Late-stage product development to grow and diversify markets, and technology demonstration at Technology Readiness Levels 7-9.
grant_eligibility_criteria|zone
Up to 50% of eligible project costs may be requested from PacifiCan, focusing on incremental costs essential to the project.
- Capital costs such as equipment and machinery.
- Labour expenses including wages and benefits.
- Marketing expenses.
- Costs related to intellectual property.
- Technology development and commercial demonstrations.
- Professional, advisory, and technical services.
grant_single_labels|criteria
The evaluation and selection of projects for the Business Scale-up and Productivity program are informed by their alignment with the program objectives and economic potential.
- Alignment with BSP objectives and priority areas.
- Significant economic benefits/outcomes that are supported by reasonable assumptions and rationale.
- Market potential and clearly defined market opportunity.
- Management capability and detailed description of the applicant organization and project management team.
- Financial capacity demonstrated through credible financial statements and reasonable financial projections.
- Technology readiness for projects involving technology commercialization.
- Clear alignment with at least one priority area such as clean technology, advanced manufacturing, or digital industries.
- Independent market assessment and evidence of unmet market demand.
- Direct competitors identified and assessed.
- Comprehensive and well-written business plan.
grant_single_labels|register
- Step 1: Review Eligibility and Program Guidelines
- Check that your business meets the eligibility criteria.
- Thoroughly read the BSP Expression of Interest (EOI) Help Guide.
- Step 2: Prepare Required Documents
- Gather financial statements for the past two years and interim financial statements for at least the last six-month period.
- Develop a business plan and project description highlighting how your company meets the high-growth definition.
- Obtain confirmation of other funding sources including official letters of intent, funding agreements, and current bank statements.
- If applicable, prepare an export plan for projects involving export orientation.
- Step 3: Submit Expression of Interest
- Complete the Expression of Interest form available on PacifiCan's application portal.
- Upload all mandatory documents as specified in the EOI Help Guide.
- Submit your EOI before the deadline.
- Step 4: Confirmation and Monitoring
- Confirm submission completion and check for an automated notification from PacifiCan.
- Periodically check the application portal for updates on your EOI status.
- Step 5: Full Application (if invited)
- If shortlisted, prepare and submit a comprehensive application package including detailed business plans, financial forecasts, and project cost breakdowns.
- Engage with PacifiCan to address any questions or requests for additional information during the assessment phase.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Selected initiatives may undergo a technical assessment by the National Research Council’s Industrial Research Assistance Program (NRC-IRAP) for projects using novel technology.
- Sustainable Development Technologies Canada and the Clean Growth Hub may be consulted for projects focusing on clean technology and clean resources.
- PacifiCan offers interest-free and repayable funding for eligible projects, with no penalties for early repayment.
- Funding decisions are communicated within 90 business days of receiving a complete funding application.
- The program aligns with the national Regional Economic Growth through Innovation program.
- The grant program emphasizes the creation of high-quality personnel (HQP) jobs and non-HQP jobs in Canada.
- Applicants are encouraged to support inclusiveness, in line with the Government of Canada’s Inclusive Innovation Agenda.
grant_single_labels|contact
info@pacifican.gc.ca
1-888-338-9378
Apply to this program
Boosting Business Growth in British Columbia
The Business Scale-up and Productivity (BSP) program aims to support high-growth businesses in British Columbia by providing financial assistance for scaling up and improving productivity. This initiative, driven by Pacific Economic Development Canada (PacifiCan), focuses on fostering competitive, innovative companies that create quality jobs and strengthen the province's economic position.
Detailed Insights into the BSP Program and Its Objectives
The BSP program is crafted to catalyze the growth of high-potential businesses within British Columbia. Managed by PacifiCan, the initiative primarily targets incorporated companies that have consistently showcased rapid growth, specifically those venturing into innovative product development and market expansion. Through interest-free, repayable funding, the program encourages businesses that have been operational for at least two years to scale up their operations efficiently and competitively.
Under this scheme, PacifiCan aims to address and harness the strengths of various strategic sectors such as advanced manufacturing, clean technology, digital industries, health and biosciences, and more. By doing so, the program not only nurtures competitive industry clusters but also empowers communities, including rural, Indigenous, and underrepresented ones, to partake in this economic upswing. The grants are strategic, tailored primarily towards activities that spur productivity improvements, business scale-ups, and technology commercialization. For instance, initiatives that focus on acquiring new technologies, enhancing manufacturing capabilities, and expanding market reach are emphasized.
One standout feature of the BSP program is its focus on both emerging and established sectors. This ensures a balanced approach where innovation is not only fostered in upcoming industries but also bolstered in traditional sectors undergoing transformation. Companies like Saltworks Technologies Inc. and Fatigue Science have successfully utilized BSP funding to propel their technological advancements and market positioning.
The funding covers up to 50% of eligible project costs, with the minimum contribution set at $200,000 and the maximum at $5 million per project. This funding mechanism is structured to ensure that projects are of significant scale and impact, necessitating that at least half of the project costs come from non-governmental sources. It’s worth noting that the program excludes costs that lack direct project connection or are deemed unreasonable, thus ensuring optimal allocation and use of resources.
Furthermore, the BSP program meticulously evaluates potential projects based on a detailed assessment of market potential, management capability, and financial sustainability. Companies intending to benefit from this grant must illustrate clear alignment with PacifiCan's priority areas, demonstrate significant economic benefits, and propose a viable plan to utilize the resources effectively. The program also prioritizes initiatives with export orientation, which positions Canadian products favorably in international markets.
Following the submission of an Expression of Interest, only proposals that robustly align with BSP's strategic goals are invited to complete a full application process. The program’s rigorous evaluation ensures that only projects with compelling merit and promise receive a portion of the limited available funding.
The BSP initiative represents a crucial opportunity for high-growth businesses to accelerate their strategic growth trajectories. By participating in this program, businesses can enhance their competitive edge, adopt new innovations, and significantly contribute to the creation of high-quality jobs within British Columbia.
