In British Columbia (B.C.), Pacific Economic Development Canada (PacifiCan) promotes innovation, business growth, and community economic development with funding opportunities. PacifiCan’s primary goals are to increase the number of quality jobs for British Columbians, develop competitive industry clusters, establish globally successful businesses, and boost growth that includes rural, Indigenous, and underrepresented communities.
One of PacifiCan’s programs is the Business Scale-up and Productivity (BSP) Program for British Columbia businesses. This program offers no-interest loans up to 50% of eligible project costs to a maximum of $5 million.
This article explores the BSP program as it applies to B.C. businesses. The BSP program is also available for Ontario businesses. To learn more about BSP in Ontario, please visit our FedDev Ontario Business Scale-up and Productivity (BSP) Program page.
Funding Snapshot: Business Scale-up and Productivity Program (BSP) for British Columbia
The Business Scale-up and Productivity Program helps businesses with high growth potential to adopt and adapt innovative technologies that support productivity, grow operations, and increase export opportunities to global markets.
The BSP program for British Columbia businesses is now open to Expression of Interest (EOI) applications until September 22, 2023. Our team highly recommends aligning an upcoming project so that your business can access this funding.
Please see tbelow for project priorities, eligibility criteria, and timelines.
- Preference may be given to small and medium-sized enterprises (SMEs) with less than 500 full-time employees (FTEs); and
- Preference will be given to proposals with a demonstrated focus on:
- Export orientation;
- Advanced manufacturing;
- Clean resources;
- Clean technology;
- Digital industries;
- Health/ biosciences;
- Natural resources value-added processing;
- Ocean technology; and
- Value-added agriculture/ agri-tech.
- Repayable contribution (no-interest loan); and
Up to 50% of eligible project expenses to a maximum of $5 million with a minimum funding request must be of $200,000.
- Be a high-growth business that have had notable and/or consistent revenue increases year-over-year, typically at least 20%;
- Must be a for-profit company incorporated to conduct business in Canada;
- Be in operation for a minimum of 2 years in Canada;
- Have staffed operating facilities in British Columbia; and
- Have confirmed, at the time of EOI submission, funding from all other sources, including government and non-government (non-government funding must represent at least 50% of the proposed project costs).
- Productivity improvements: Acquiring, adapting, and/or adopting new technologies and processes; process re-engineering; improving manufacturing capacity;
- Business scale-up: Market development or expansion, adopting best management practices, processes and systems, and business opportunity development; and
- Technology commercialization: Late-stage product development to grow and diversify markets, and technology demonstration (TRL 7-9).
This is a two-stage application process. The Express of Interest (EOI) deadline is September 22, 2023. Following the EOI, a formal application will be submitted if EOI is accepted.
- Expressions of Interest (EOI) should have a project start date of April 1, 2024. However, in special circumstances, Pacifican might consider a start date as early as the date the EOI is received;
- Funding is provided through periodic reimbursements to cover incurred and paid project costs; and
- Projects can last up to three years; repayment begins one year after the project is complete.
Government Funding for British Columbia Businesses
The British Columbia (B.C.) economy holds immense value within the Canadian borders. Its diverse economic landscape, ranging from natural resources like forestry and mining to technology and tourism, provides a balanced and resilient contribution to Canada’s economic stability.
As such, government funding for B.C. businesses plays a crucial role in fostering economic growth, innovation, and job creation for not only the province, but across the country. Financial opportunities such as the BSP program act as a catalyst for offering businesses the extra support to expand operations, invest in sustainability, invest in research and development, adopt new tech, and so much more.
To find more grants, loans, and tax incentives available for B.C. businesses, please visit our Western Canada Funding Directory for up-to-date government funding programs available which your business’ upcoming projects may align with.