PacifiCan — Aerospace Regional Recovery Initiative
Highlights
This program is designed specifically for businesses like yours in the aerospace industry. It offers a unique opportunity to green your operations, improve productivity, and strengthen commercialization. With a total budget of $250 million over three years, this initiative provides substantial support to help your business thrive and compete globally.
Key Benefits:
- Financial Support: Contributions to SMEs are generally repayable or conditionally repayable, making it easier to manage cash flow.
- Environmental Sustainability: Funding to adopt and commercialize clean tech products and services, supporting a lower carbon footprint.
- Productivity Enhancement: Support for advanced manufacturing, Industry 4.0, and workforce development.
- Commercialization: Assistance in integrating new technologies and start-ups into the supply chain.
Why Apply?
- Comprehensive Support: The program covers a wide range of activities, from transitioning to greener operations to improving productivity and commercialization.
- Flexible Financing: Contributions are tailored to your needs, with some costs eligible retroactively.
- Ease of Qualification: The application process is straightforward, and funding is available until fully committed.
By participating in this program, your business can gain a competitive edge, enhance sustainability, and integrate more effectively into regional and global supply chains.
Financing Details
Type of Financing:
Contributions to SMEs are generally repayable or conditionally repayable. Contributions to not-for-profits are generally non-repayable.
Repayment Terms and Interest Rates:
For SMEs, the repayment terms and interest rates will be specified in the contribution agreement. These terms can vary based on the project and the specific conditions set by the regional development agencies.
Eligible Expenses:
Funds can be used for:
- Transitioning towards greener products and operations.
- Improving productivity through advanced manufacturing, Industry 4.0, and workforce development.
- Commercialization and integration into supply chains, including new technologies and start-ups.
Ineligible Expenses:
Funds cannot be used for:
- General operating expenses not directly related to the project.
- Activities that do not align with the program’s objectives of sustainability, productivity, and commercialization.
Fees:
There are no specific fees mentioned for applying to this program. However, any costs associated with the application process should be considered by the applicant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must be operating in the aerospace industry.
- Not-for-profit organizations providing services to SMEs are eligible.
- Indigenous businesses and organizations are invited to apply.
Must be located in British Columbia.
Disqualifications:
- Businesses outside the aerospace industry.
Description
This program offers your business a chance to receive up to $250 million over 3 years. This funding can help you in three main areas: making your operations greener, improving productivity, and strengthening your place in the supply chain.
You can use the money for:
- Transitioning to environmentally sustainable practices, like adopting clean tech products or electrifying your operations.
- Enhancing productivity through advanced manufacturing, AI, cybersecurity, or workforce development.
- Commercializing new technologies and integrating them into supply chains.
Financial support details:
- For small and medium-sized enterprises (SMEs), contributions are generally repayable or conditionally repayable.
- For not-for-profits, contributions are generally non-repayable.
Why this matters:
- Greener operations can reduce costs and improve your brand image.
- Boosting productivity can make your business more competitive.
- Strengthening supply chain integration can open new markets and opportunities.
This program is a great opportunity to grow and future-proof your business.
Program Steps
Gather Required Documentation:
- Financial statements
- Business plan
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
- Proof of business registration
- Any previous funding received
Complete the Application Form:
- Access the application form through the regional development agency's website.
- Fill out all required fields accurately.
Prepare a Project Proposal:
- Outline the project objectives.
- Describe how the project aligns with the program's goals (e.g., greening operations, improving productivity, commercialization).
- Include a detailed budget and timeline.
Submit the Application:
- Review all information for accuracy.
- Submit the completed application form, project proposal, and required documentation through the regional development agency's online portal or by mail.
Contact the Regional Development Agency:
- Reach out to the agency for any questions or clarifications.
- Use the provided contact number (1-888-338-9378) for assistance.
Await Application Review:
- The agency will review your application.
- Be prepared to provide additional information if requested.
Receive Approval and Funding:
- Upon approval, discuss the terms of funding.
- Finalize the agreement and receive the funds to start your project.
