Genome Funding Opportunities
Highlights
This program is designed for businesses like yours that are looking to innovate and grow. By participating, you can access up to $1,000,000 in financing to support your projects. This funding can be used for a variety of purposes, including operating expenses, new equipment, software, and restorations. Additionally, you can receive an extra $150,000 specifically for software or day-to-day operating costs.
What sets this program apart is its co-funding approach, which combines the strengths of both government and industry funding models. This means you benefit from a collaborative research environment, ensuring your projects meet key milestones and deliver tangible results. The financing is backed by the government, offering you flexible repayment options with up to 15 years to pay it back.
Qualifying for this program is straightforward, making it easier for your business to get the support it needs. By being approved, you will not only secure essential funding but also gain access to a network of industry and academic partners, driving innovation and growth for your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed rate of 5% per annum.
Eligible Expenses:
- Research and development costs.
- Purchase of equipment and materials.
- Salaries for research staff.
- Costs associated with clinical trials.
- Intellectual property protection expenses.
Use of Funds:
- Funds cannot be used for:
- General operational expenses.
- Marketing and sales activities.
- Repayment of existing debts.
Fees:
- Application Fee: $200.
- Annual Administration Fee: 1% of the loan amount.
Qualifications
- Must be located in British Columbia.
- Must be involved in sectors such as health, forestry, fisheries and aquaculture, agrifood, energy, mining, or environment.
- Must be engaged in collaborative research with government, academia, or industry.
Must have a clear pathway to commercialization for an innovative life science technology.
Disqualifications:
- Businesses not located in British Columbia.
- Businesses not involved in the specified sectors.
- Businesses without collaborative research agreements.
- Businesses without a clear commercialization pathway for their technology.
Description
This program offers your business a great chance to grow and innovate. You can receive funding to support research projects that address key challenges in sectors like health, forestry, fisheries, aquaculture, agrifood, energy, mining, and the environment.
You can use this money to:
- Develop new technologies
- Improve existing processes
- Collaborate with academic institutions
The funding is structured as a co-funding approach, meaning it combines resources from the government, academia, and industry. This collaborative model ensures that your research aligns with broader economic and social goals.
The key benefits:
- Access to significant funding for innovative projects
- Support for collaboration with top researchers
- Potential to drive economic and social benefits for your business and the community
This program is designed to help your business turn research into real-world applications, providing a solid foundation for future growth and success.
Program Steps
Gather Required Documentation: Collect the necessary documents to support your application. You will need:
- Business plan
- Financial statements (balance sheets, income statements)
- Project proposal or research plan
- Letters of support or collaboration agreements
- Proof of business registration
Complete the Application Form: Fill out the application form provided by Genome BC. Ensure all sections are completed accurately.
Prepare a Detailed Budget: Outline a comprehensive budget for your project. Include all anticipated costs and funding sources.
Submit the Application: Submit your completed application form, along with all required documentation, to Genome BC by the specified deadline.
Review and Follow-Up: After submission, monitor your email for any follow-up requests from Genome BC. Be prepared to provide additional information or clarification if needed.
Await Decision: Wait for the review process to be completed. Genome BC will notify you of their decision regarding your application.
Sign Agreement: If approved, review and sign the funding agreement provided by Genome BC. Ensure you understand all terms and conditions.
Project Implementation: Begin your project as outlined in your proposal. Keep detailed records of your progress and expenditures.
Reporting: Submit regular progress reports to Genome BC as required. Include updates on milestones, financial statements, and any challenges encountered.
Final Report: Upon project completion, submit a final report summarizing your findings, outcomes, and the impact of the project.