PacifiCan — Jobs and Growth Fund — Not-for-profit
Highlights
This program is a fantastic opportunity for your business to grow and thrive. By applying, you can access up to $10 million in funding, which can be used for essential costs like equipment, wages, and marketing. The funding is interest-free and repayable over five years, with no penalties for early repayment. This makes it a more flexible and affordable option compared to traditional loans.
Key Benefits:
- Interest-free repayable funding for up to 50% of eligible costs.
- Non-repayable funding for up to 90% of eligible costs for not-for-profit organizations.
- No security or collateral required for the funding.
Being approved for this program will help you future-proof your business, build resiliency, and transition to a green economy. It’s designed to foster an inclusive recovery and enhance your competitiveness. The application process is straightforward, and support is available to ensure a good fit with the program.
Financing Details
Type of Financing:
- Non-repayable contribution for up to 90% of the project's cost available for businesses working on projects to transition to a green economy, foster an inclusive recovery, become more competitive, and create jobs for Canadians.
Repayment Terms:
- No repayment required for the non-repayable contribution.
- For repayable funding, after project completion, a 1-year grace period is provided, followed by equal monthly payments over 5 years.
- Repayable contributions are interest-free with no security/collateral required.
- Early repayment is allowed with no penalty.
Eligible Expenses:
- Incremental costs essential to the project may be eligible for reimbursement, including capital costs, labor, marketing, intellectual property costs, technology development, and professional services.
Ineligible Expenses:
- Costs deemed unreasonable, non-incremental, or not directly related to project activities are not eligible for reimbursement, such as basic R&D, land, salary bonuses, entertainment expenses, and refinancing of existing debts.
Fees:
- No fees associated with the non-repayable contribution.
- For repayable funding, no specific fees mentioned in the program details provided.
Qualifications
- Must be a business or not-for-profit organization.
- Business must be operating in British Columbia.
- Must not be a sole proprietor.
- Indigenous-led organizations and/or businesses are strongly encouraged to apply.
- Must be planning to create jobs and support long-term growth in the community.
Must be working on projects that transition to a green economy, foster an inclusive recovery, enhance competitiveness, or create jobs.
- Disqualifications:
- Sole proprietors are not eligible.
Description
This program offers a great chance for your business to grow and thrive. You can receive up to $10 million in funding. This money can be used for various purposes, such as buying equipment, paying wages, marketing, and developing new technologies.
For businesses, the funding is interest-free and repayable over five years, with a one-year grace period after project completion. For not-for-profit organizations, the funding is non-repayable and can cover up to 90% of eligible costs.
This program supports projects that help transition to a green economy, foster inclusive recovery, enhance competitiveness, and create jobs. It’s a valuable opportunity to future-proof your business, build resilience, and contribute to long-term economic growth.
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 can help clarify any questions and improve your application.
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 description and objectives
- Quotes for equipment or services
- Intellectual property management strategy (if applicable)
Complete the Application Form: Fill out the application form with detailed information about your business, project, and how it meets the program's criteria.
Submit the Application: Submit your completed application form along with all required documentation to PacifiCan. Ensure all information is accurate and complete to avoid delays in processing.
Review and Follow-Up: After submission, your application will be reviewed. Be prepared to provide additional information or clarification if requested by PacifiCan.
Approval and Funding: If your application is approved, discuss the final terms of funding, including any repayment terms if applicable. Once agreed upon, the funds will be disbursed to support your project.
