PacifiCan — Jobs and Growth Fund — For profit
Highlights
This program is designed specifically for businesses like yours, aiming to grow and create jobs in British Columbia. By applying, you can access up to $10 million in interest-free repayable funding for up to 50% of eligible costs. This funding can be used for essential expenses such as capital costs, labour, marketing, and technology development. Unlike traditional loans, this program offers a one-year grace period after project completion, followed by equal monthly payments over five years, with no interest or collateral required.
Key benefits include:
- Interest-free repayable funding for businesses
- Non-repayable funding for not-for-profit organizations
- No penalty for early repayment
- Support for transitioning to a green economy
- Opportunities for fostering an inclusive recovery
Being approved for this program will help you future-proof your business, enhance competitiveness, and create quality jobs. The application process is straightforward, and funding is available on a continuous basis until fully allocated. Contact a PacifiCan officer to ensure your project aligns with the program and to get assistance with your application.
Financing Details
Type of Financing:
- Interest-Free Repayable Contribution: Eligible businesses can receive interest-free repayable funding for up to 50% of eligible costs.
- Maximum Funding: The maximum funding available for a project is $10 million.
- Eligible Costs: Incremental costs essential to the project may be eligible for reimbursement, including capital costs, labor, marketing, intellectual property, technology development, and professional services.
Repayment Terms:
- Grace Period and Payment Schedule: After project completion, there is a 1-year grace period followed by equal monthly payments over 5 years.
- Interest and Security: Repayable contributions are interest-free, and no security or collateral will be taken.
- Early Repayment: There is no penalty for early repayment.
Eligible Expenses:
- Ineligible Costs: Costs like basic and applied R&D, land, salary bonuses, entertainment expenses, and refinancing of existing debts are not eligible for reimbursement.
- Stacking Limit: Stacking of government funding is limited to up to 75% of eligible costs for businesses.
Fees:
- Application Fees: There is an application fee of $100.
- Administration Fee: A 1.25% Administration Fee is included in the interest rate.
- Other Fees: Document preparation fee of $175, and a one-time Federal Government registration fee of 2% of the loan amount.
Qualifications
- Must be a business or a not-for-profit organization.
- Business must be located in British Columbia.
- Must not be a sole proprietor.
- Must be working on a project that supports the transition to a green economy, fosters an inclusive recovery, advances competitiveness, or strengthens capacity in critical sectors.
Must have other sources of funding confirmed at the time of application.
- Disqualifications:
- Sole proprietors are not eligible.
- Costs related to basic and applied R&D (Technology Readiness Level 1-6).
- Costs related to land, salary bonuses, dividend payments, entertainment expenses, refinancing of existing debts, amortization or depreciation of assets, lobbying activities, donations, dues, and membership fees.
Description
This program offers your business a chance to secure interest-free funding for up to 50% of eligible project costs. You can receive up to $10 million to support projects that help transition to a green economy, foster inclusive recovery, enhance competitiveness, and create jobs.
Eligible costs include:
- Capital expenses like equipment and machinery
- Labour costs, including wages and benefits
- Marketing expenses
- Costs related to intellectual property
- Technology development and commercial demonstrations
- Professional, advisory, and technical services
Repayment terms are favorable. After your project is complete, you get a 1-year grace period. Then, you repay the loan in equal monthly payments over 5 years. The best part? The funding is interest-free, and there’s no penalty for early repayment.
This program is a great opportunity to future-proof your business, build resilience, and contribute to a stronger economy.
Program Steps
Contact a PacifiCan Officer: Reach out to a PacifiCan officer to discuss your project and ensure it aligns with the program's objectives. This step will help clarify any questions you may have.
Prepare Documentation: Gather the necessary documents for your application. These include:
- Business plan
- Financial statements
- Details of other confirmed funding (e.g., bank statements, official letters of confirmed funding)
- Project budget
- Quotes for equipment or services
- Proof of business registration
Complete the Application Form: Fill out the application form provided by PacifiCan. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the required documentation to PacifiCan. Make sure to follow any specific submission instructions provided.
Await Evaluation: Your application will be evaluated based on program alignment, economic benefits, management capability, financial capacity, market demand, and technology readiness. Be prepared to provide additional information if requested.
Receive Funding Decision: If your application is successful, you will receive a funding decision from PacifiCan. This will include details on the amount of funding approved and any terms and conditions.
Agree to Terms: Review and agree to the terms and conditions of the funding. This may include signing a funding agreement.
Project Implementation: Once the funding agreement is signed, you can begin implementing your project. Ensure you follow the project plan and budget as outlined in your application.
Reporting and Repayment: Keep detailed records of your project expenses and progress. Submit regular reports to PacifiCan as required. If you received repayable funding, adhere to the repayment terms specified in your agreement.