The Business Scale-up and Productivity (BSP) program provides Canadian government funding to offset the costs of strategic growth and expansion projects. Atlantic Canada businesses can apply for grants and repayable contributions (no-interest loans) to accelerate the adoption of technologies and processes, as well as the development and commercialization of new products/processes. BSP is part of the larger Regional Economic Growth through Innovation (REGI) platform offered by Canada’s six federal regional development agencies (RDAs).
Successful applicants may receive up to $20 million in conditionally repayable funding to encourage investments in innovative growth and productivity projects.
BSP accepts applications from eligible businesses throughout the year during a continuous intake. Companies with large-scale expansion projects that will have profound, long-term benefits to productivity are invited to apply. Since the program launched in late 2018, businesses from across Atlantic Canada have been accessing its funding to support their competitiveness and export potential.
About the Atlantic Business Scale-up and Productivity (BSP) Program
Across Canada, the Business Scale-up and Productivity (BSP) program supports technology-based projects that help companies improve their global competitiveness. Atlantic Canadian businesses (located in New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island) have a specific stream of this program to which they can apply to receive funding for their projects, which can typically be up to three years in length. During a BSP-funded project, companies typically focus on leveraging new equipment or processes to improve productivity and enhance innovation.
The Atlantic BSP program provides applicants up to $20 million in conditionally repayable funding. If funding is provided as an interest-free loan, repayment can begin after project completion.
Launched in December 2018, this program offers businesses an excellent opportunity to develop and commercialize products, or purchase and install equipment. It’s flexible and can support a wide range of technology-related, productivity-boosting projects. To qualify, organizations must have the financial and managerial capacity to complete their proposed projects.
Business Scale-up and Productivity Program: Applicant Eligibility
To access funding through the Atlantic Business Scale-up and Productivity program, companies must:
- Operate in Atlantic Canada (New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island);
- Have financial capacity to complete the project, provide a minimum 25-50% contribution, and repay the government contribution in full;
- Maintain a viable project plan and have organizational capacity to complete it; and
- Have market or industry demand to support new technology/business expansion.
Projects Eligible: Atlantic Business Scale-up and Productivity Program
Likewise, projects well-suited for business expansion funding through the Atlantic BSP program include:
- Technology Demonstration, Adoption, and Adaptation: Assessing/acquiring/adapting/adopting new technologies or processes, process re-engineering, increasing/improving manufacturing capacity, advanced manufacturing capacity development, and productivity improvement.
- Commercialization, Market Development, and Expansion: Late-stage product development geared towards market diversification and growth, market diagnostics/development/expansion, and integration in global value chains.
- Business Management: Building high-performance teams, adopting best management practices/processes/systems, improving governance and investment readiness, business opportunity development, and increasing manufacturing capacity.
How to Apply for BSP/REGI Funding in Atlantic Canada
To kick off the application process and get started with the Business Scale-up and Productivity program, businesses should consider their eligibility as noted above. If eligible, applications can be accessed from the Atlantic Canada Opportunities Agency (ACOA) website and submitted at any time. Applicants are encouraged to wait for notification of funding approval before starting the project; this can help improve the eligibility of some expenses and ultimately improve funding potential.
To learn more about the program and discuss if your upcoming project is positioned to succeed, please contact Mentor Works. We can also help optimize the application and reporting process.