This program is designed for businesses like yours that aim to grow and support their community. By applying, you can access interest-free repayable funding for up to 50% of eligible costs, with a maximum of $10 million per project. This funding is ideal for purchasing equipment, covering labor costs, marketing, and more. Unlike traditional loans, there are no interest charges, and you get a one-year grace period before repayments start, with no penalties for early repayment.

Key Benefits:

• Interest-free funding up to $10 million
• No collateral required
• Flexible repayment terms with a one-year grace period
• Support for green and inclusive projects

Being approved for this program will help you future-proof your business, build resilience, and create quality jobs. It’s an excellent opportunity to enhance your competitiveness and contribute to a stronger, inclusive economy in British Columbia. The application process is straightforward, and PacifiCan officers are available to assist you every step of the way.

Type of Financing:

• Repayable Funding: Eligible businesses can receive interest-free repayable funding for up to 50% of eligible costs, while eligible not-for-profit organizations can receive non-repayable funding for up to 90% of eligible costs.

Repayment Terms:

• After project completion, there is a 1-year grace period, followed by equal monthly payments over 5 years.
• Repayable contributions are interest-free, and no security/collateral will be taken.
• There is no penalty for early repayment.

Eligible Expenses:

• Incremental costs essential to the project may be eligible for reimbursement, including capital costs (equipment, machinery), labor (wages, benefits), marketing, intellectual property costs, technology development, and professional services.

Ineligible Expenses:

• Costs such as basic and applied R&D, land, salary bonuses, entertainment expenses, refinancing of existing debts, and lobbying activities are not eligible for reimbursement.

Fees:

• Document preparation fee of $175.
• Application fee of $100.
• One-time Federal Government registration fee of 2% of the loan amount, which can be financed as part of the loan.
• A 1.25% Administration Fee, included in the interest rate.

This program offers your business a chance to receive up to $10 million in funding. This money can be used to support projects that help your business transition to a green economy, foster an inclusive recovery, enhance competitiveness, and create jobs.

Eligible costs include:

• Equipment and machinery
• Wages and benefits
• Marketing expenses
• Intellectual property costs
• Technology development
• Professional services

For businesses, the funding is interest-free and repayable over five years, with a one-year grace period after project completion. There is no penalty for early repayment, and no security or collateral is required.

This program is a great opportunity to future-proof your business, build resilience, and support long-term growth. It helps you access the resources needed to thrive in a competitive market while contributing to a stronger, inclusive economy.

1. 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.

2. Prepare Documentation: Gather the necessary documents for your application. You will need:

• Business plan
• Financial statements
• Proof of other confirmed funding (e.g., bank statements, official letters of funding)
• Details of the project, including costs and expected outcomes

3. Complete the Application Form: Fill out the application form provided by PacifiCan. Ensure all sections are completed accurately and thoroughly.

4. Submit the Application: Submit your completed application form along with the required documentation to PacifiCan. Make sure to follow any specific submission guidelines provided.

5. Await Assessment: Your application will be evaluated based on program alignment, economic benefits, management capability, financial capacity, market demand, and technology readiness. Be prepared for possible follow-up questions or requests for additional information.

6. Review Approval Terms: If your application is approved, review the funding terms, including repayment conditions if applicable. Ensure you understand all aspects of the funding agreement.

7. Receive Funding and Implement Project: Once you accept the funding terms, the funds will be disbursed. Begin implementing your project as outlined in your application.

8. Report Progress: Provide regular updates and reports to PacifiCan on the progress of your project, as required by the funding agreement. This may include financial reports, project milestones, and outcomes achieved.