PrairiesCan — Regional Economic Growth through Innovation — Business Scale-Up and Productivity
Highlights
This program is designed for high-growth businesses like yours, aiming to scale up and improve productivity. Interest-free, repayable funding of up to $5 million is available, which can be used for a variety of purposes such as acquiring new technologies, expanding markets, and commercializing innovative products. This funding is more advantageous than traditional loans because it does not require collateral and offers a one-year grace period before repayment begins.
What You Get:
- Interest-free funding up to $5 million
- Flexible repayment terms with no penalties for early repayment
- Support for productivity improvements, business scale-up, and technology commercialization
Benefits:
- Boost your growth by accessing significant financial resources
- Expand your market reach and improve operational efficiency
- Connect with key players and other funding sources to further accelerate your business growth
Applying is straightforward, and with your business already meeting the criteria, you stand a strong chance of approval. This program can propel your business to new heights, making it a valuable opportunity to consider.
Financing Details
Type of Financing: Interest-Free, Repayable Funding
Repayment Terms:
- After project completion, there is a 1-year grace period.
- Equal monthly payments over 5 years.
- Interest-free; no security or collateral required.
- No penalty for early repayment.
Eligible Expenses:
- Capital costs (equipment, machinery).
- Labour (wages, benefits).
- Marketing expenses.
- Costs related to intellectual property.
- Technology development and commercial demonstrations.
- Professional, advisory, and technical services.
Ineligible Expenses:
- Basic and applied R&D (Technology Readiness Level 1-6).
- Land acquisition and goodwill.
- Salary bonuses and dividend payments.
- Entertainment expenses.
- Refinancing of existing debts.
- Amortization or depreciation of assets.
- Lobbying activities.
- Donations, dues, and membership fees.
Fees:
- No fees associated with the program.
Qualifications
- Must be a high-growth business that is scaling up and producing innovative goods, services, or technologies.
- Must be incorporated in Canada.
- Must have been in business for at least 2 years in Canada.
- Must have staffed operating facilities in the Prairie provinces.
- Must have confirmed, at the time of expression of interest submission, funding from all other sources, including government and non-government.
- Non-government funding must represent at least 50% of the proposed project costs.
Preference may be given to small and medium-sized enterprises (SMEs) with less than 500 full-time employees (FTEs).
Disqualifications:
- Businesses that do not meet the definition of a high-growth business.
- Businesses that have not been operating for a minimum of 2 years.
- Businesses without staffed operating facilities in the Prairie provinces.
- Businesses that cannot confirm funding from all other sources, including government and non-government.
- Businesses where non-government funding does not represent at least 50% of the proposed project costs.
Description
This program offers your business interest-free, repayable funding. You can receive between $200,000 and $5 million for your projects. This funding can cover up to 50% of eligible project costs, with the remaining 50% coming from other non-government sources.
You can use the money for various purposes, such as:
- Buying equipment and machinery
- Paying wages and benefits
- Marketing your products or services
- Developing new technologies
The funding is designed to help your business improve productivity, scale up, and commercialize technology. After your project is complete, you get a one-year grace period before starting repayment. You will then make equal monthly payments over five years, with no interest and no penalties for early repayment.
This program is a great opportunity to accelerate your business growth and reach new markets. It provides the financial support you need to invest in your business and achieve your goals.
Program Steps
Submit an Expression of Interest (EOI): Start by submitting an EOI through the online application form. This form will ask for basic information about your business and the proposed project.
Prepare Required Documentation: Gather and prepare the following documents to submit with your EOI:
- Financial statements for the past 2 years.
- Interim financial statements for at least the last 6-month period.
- Business plan or pitch deck detailing your organization and the proposed project.
- Confirmation of other funding sources, such as:
- Current bank statements showing existing cash balances or unused lines of credit.
- Official letters of confirmed or conditional funding.
- Funding agreements or signed term sheets.
Review the BSP EOI Help Guide: Before submitting your EOI, consult the BSP EOI help guide. This guide will provide detailed instructions and tips for completing the form accurately.
Submit the EOI: Complete and submit the EOI form online, along with the prepared documentation. Ensure all information is accurate and complete to avoid delays.
Wait for EOI Review: PrairiesCan will review your EOI within 30 days. If your project aligns with the program’s objectives and priorities, you will be invited to submit a full application.
Submit Full Application: If invited, provide more detailed information about your project through the online portal. This will include:
- A comprehensive business plan (if not already submitted).
- Forecasted income statements and cash flow for the project duration.
- A detailed breakdown of project costs.
- Disclosure of any pre-existing disbursements to third parties or senior executives.
Application Review: PrairiesCan will evaluate your full application based on market potential, management capability, financial capacity, economic benefits, and alignment with regional priorities. A technical assessment may also be conducted if your project involves novel technology.
Approval and Funding Agreement: If your application is approved, you will receive an offer of funding. Discuss and agree on the final terms, including the repayment schedule and any conditions.
Project Implementation: Once the funding agreement is signed, you can begin implementing your project. Ensure to keep detailed records of all expenses and activities related to the project.
Submit Claims for Reimbursement: PrairiesCan will reimburse eligible project costs based on submitted claims. Ensure all claims are supported by appropriate documentation.
Project Completion and Repayment: After project completion, there will be a 1-year grace period followed by equal monthly repayments over 5 years. There is no penalty for early repayment.