PacifiCan — Aerospace Regional Recovery Initiative — Indigenous Stream
Highlights
This program is a fantastic opportunity for your aerospace business. It offers financial support to help you adopt greener practices, improve productivity, and strengthen your position in global supply chains. With a total budget of $250 million over three years, this initiative is designed to help your business emerge stronger from the pandemic.
What You Get
- Financial contributions: Generally repayable or conditionally repayable for SMEs, and non-repayable for not-for-profits.
- Support for green initiatives: Transition to environmentally sustainable practices.
- Productivity improvements: Advanced manufacturing, AI, cybersecurity, and workforce development.
- Commercialization and supply chain integration: Integrate new technologies and start-ups into your value chain.
Why Apply?
- Comprehensive support: Up to 100% of eligible project costs for Indigenous clients.
- Economic benefits: Enhance your business development and international competitiveness.
- Diversity and inclusion: Address barriers faced by certain groups.
- Digital adoption: Enhance cybersecurity and digital capabilities.
Applying is straightforward, and the benefits are substantial. This program can provide the financial boost and strategic support your business needs to thrive in the competitive aerospace sector.
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:
Repayable contributions will have specific terms and conditions outlined in the agreement. These terms may include interest rates and repayment schedules, which will be clearly defined upon approval.
Eligible Expenses:
Funds can be used for:
- Transitioning towards greener products and operations.
- Improving productivity through advanced manufacturing, Industry 4.0, artificial intelligence, and cybersecurity.
- Commercialization and integration into supply chains, including new start-ups and technologies.
Ineligible Expenses:
Funds cannot be used for:
- General operational expenses not related to the project.
- Activities outside the scope of the program's objectives.
Fees:
There are no application or processing fees associated with this program.
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 eligible.
Must be located in British Columbia.
Disqualifications:
- Businesses not operating in the aerospace industry.
Description
This program offers your business up to $250 million over 3 years. It aims to help the aerospace sector recover and grow after the pandemic. The funds can be used for three main purposes:
- Greening your operations: Adopt environmentally sustainable practices and technologies.
- Improving productivity: Invest in advanced manufacturing, AI, and workforce development.
- Strengthening commercialization: Integrate new technologies and startups into supply chains.
Financial support varies:
- SMEs: Contributions are generally repayable or conditionally repayable.
- Not-for-profits: Contributions are generally non-repayable.
Indigenous businesses can receive up to 100% of eligible project costs covered.
Certain costs may be eligible retroactively up to 12 months before the application date, but no earlier than April 19, 2021. This program is a great chance for your business to innovate, become more sustainable, and stay competitive globally.
Program Steps
Gather Necessary Documentation: Prepare the following documents to support your application:
- Financial statements
- Business plan
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
- Proof of business registration
- Any other relevant documents that demonstrate how the funding will help your business
Complete the Application Form: Fill out the application form provided by your regional development agency. Ensure all sections are completed accurately.
Submit the Application: Submit the completed application form along with the prepared documentation to your regional development agency.
Contact the Regional Development Agency: Reach out to the regional development agency for any guidance or clarification needed during the application process. They can provide additional information and help ensure your application is complete.
Review and Follow-Up: After submission, monitor the status of your application. Be prepared to provide any additional information or documentation if requested by the agency.
Approval and Agreement: If your application is approved, review the terms and conditions of the funding agreement. Discuss any questions or concerns with the agency before signing the agreement.
Receive Funding: Once the agreement is signed, the funds will be disbursed to your business. Use the funds as outlined in your application to support your business objectives.