Business Scale-up and Productivity in British Columbia - After you apply
Not currently accepting applications.
4. After you apply
Our decisions are informed by program priorities and budgets, which may change at any time. You can check the status of your submission in the application portal or by contacting us.
Assessments
We assess applications based on their strengths, including in the following areas:
- Eligibility in the BSP program
- Alignment with program objectives and priorities
- Clear and lasting economic benefits for British Columbians and Canadians
- Clear market demand
- Strong governance, financial management and performance
- Financial capacity
- Share of private investment relative to government assistance
- Use of Canadian Material and Content
- Technology readiness level (for technology commercialization projects)
As part of our detailed assessment, PacifiCan will:
- require disclosure of pre-existing disbursements to third parties or senior executives
- conduct a credit check
For projects developing or commercializing new technology, a technical assessment may be done by the National Research Council's Industrial Research Assistance Program (NRC-IRAP).
For clean technology and resource projects, the Industrial Research Assistance Program may be consulted.
PacifiCan has a comprehensive due diligence and decision-making process. PacifiCan anticipates funding decisions within approximately 90 business days from receiving a complete funding application.
Funding disbursement
PacifiCan will provide funding to successful projects by reimbursing claims submitted by the recipient. PacifiCan will provide detailed instructions on this process to those applicants approved for funding.
Reporting requirements
Recipients will be required to submit, along with funding claims, regular progress reports and financial statements to PacifiCan throughout the project, from implementation through to the end of the repayment period.
Environmental assessment compliance
Projects involving physical works may be subject to the Impact Assessment Act (2019). Recipients are responsible for obtaining all certificates, consents, permits and approvals required for compliance with applicable legislation and for complying with the requirements of such legislation. If an environmental assessment is required, it will be necessary to plan several months before the project's proposed start date to allow sufficient time for the completion of the assessment.
Repayment
Recipients are required to repay the entire principal within 6 years of project completion. Following a 1-year grace period after project completion, recipients will be required to make 60 equal monthly payments.
Although funding is provided interest-free, interest equal to the average bank rate plus 3% will be charged for any late principal payments.
There is no penalty for early repayment.
