BC Manufacturing Jobs Fund — Project Readiness
Highlights
This program is designed for you. It offers significant funding to help your manufacturing business modernize, innovate, and grow. With up to $10,000,000 available for capital investments, you can upgrade equipment, adopt new technologies, or expand your facilities. This funding is particularly beneficial if your business is in a community affected by economic downturns.
Key Benefits:
- Substantial Funding: Up to $10,000,000 for capital projects.
- Support for Innovation: Funding to adopt new technologies and processes.
- Job Creation: Helps create and maintain long-term, well-paying jobs.
- Economic Resilience: Contributes to sustainable growth and diversification.
Why Apply?
- Government-Backed: This program is backed by the government, ensuring reliability and support.
- Flexible Financing: Up to 20% of total project costs covered, with installments based on milestones.
- Easy Application: A straightforward two-step application process, with support available to guide you.
Applying for this program can significantly boost your business's productivity and competitiveness, making it a valuable opportunity for growth and innovation.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Capital expenditures such as equipment, machinery, technology, and construction materials.
- Wage or contract costs for net new and project-specific labor.
- Material transportation costs.
- Installation and implementation costs.
Ineligible Expenses:
- Early research, concept development, and scoping activities.
- Any expenses not directly related to the project.
Fees:
- No fees associated with the program.
Qualifications
- Must be registered to do business in B.C.
- Must operate in the manufacturing sector, creating products using industrial or mass production processes.
- Must have established operations at the proposed project location or elsewhere.
- Must have an established employee base.
- Must be in a viable financial position, demonstrated by:
- Not being in foreclosure or for sale.
- Having a business plan and financial records showing current or projected growth, profits, and/or ability to pay off short-term debts.
Eligible applicants include:
- Businesses
- For-profit organizations
- Entities with for-profit manufacturing operations, including First Nations and Indigenous- and First Nation-owned enterprises.
Disqualifications:
- Businesses not registered to do business in B.C.
- Businesses not operating in the manufacturing sector.
- Businesses without established operations.
- Businesses without an established employee base.
- Businesses in foreclosure or for sale.
- Businesses without a viable financial position or lacking a business plan and financial records showing growth, profits, or ability to pay off short-term debts.
Description
The BC Manufacturing Jobs Fund is designed to help your business modernize, innovate, and grow. You can receive up to $10 million for capital projects. This funding can be used for new or renovated infrastructure, technology, equipment, and processes.
Eligible costs include:
- Equipment and machinery
- Construction materials
- Labor costs for new projects
- Transportation and installation costs
Two funding streams are available:
- Project Readiness: Up to $50,000 to complete final-stage business and project planning.
- Capital Investment: Between $100,000 and $10 million for larger investments in infrastructure and technology.
Funding is paid out in installments based on milestones achieved, ensuring you have the support you need throughout your project. This program is a great opportunity to boost productivity, strengthen supply chains, and drive competitiveness in both domestic and international markets.
Program Steps
Register for a Business BCeID: If you do not already have a Business BCeID, you will need to register for one. This process may take a few business days.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business financial statements
- Business plan
- Project plans
- Quotes for equipment or renovation costs
- Details of other potential and secured funding sources
Submit Project Proposal: Log in with your Business BCeID and complete the online Project Proposal form for the funding stream you are applying for:
- Stream 1: Planning Proposal Form
- Stream 2: Capital Investment Proposal Form
Save Your Progress: Ensure you save your online form every 10-15 minutes. You can also prepare your responses offline before copying them into the form.
Review and Submit Proposal: Review your proposal thoroughly before submitting it. You can save your progress and return to it at any time.
Wait for Initial Review: Program staff will review your proposal and contact you within four weeks about the next steps.
Complete Detailed Application: If selected to move on to Step 2, you will receive a link to a detailed application form. Submit additional information and documentation such as business financials and project plans.
Assessment and Funding Decision: Your application will be assessed for alignment with program goals, economic impact, and project viability. Projects that pass the assessment process will be reviewed for funding decisions.
Project Initiation: If approved, initiate your project within one year. Funding will be paid out in installments based on milestones achieved.