Regional Quantum Initiative in B.C. - Funding overview
Open
We are accepting applications on an ongoing basis.
1. Funding overview
The Regional Quantum Initiative is open to both incorporated businesses and not-for-profit organizations.
Incorporated businesses
Funding:
- Interest-free repayable contributions of $500,000 to $5 million
- Up to 50% of eligible project costs incurred
Repayment terms:
- Begins two years after project completion
- Repaid in monthly installments over eight years
- No collateral required or penalty for early repayment
Funding source:
- Total funding from all levels of government is limited to 50% of eligible capital costs and 75% of other eligible costs
- At least 50% of project funding must come from non-government sources identified at the time of application
Not-for-profit organizations
Funding:
- $500,000 to $5 million
- Non-repayable contributions for non-commercial projects
- Interest-free repayable contributions for commercial projects
- Up to 50% of project funding; in exceptional cases, up to 90% eligible project costs incurred could be considered
Repayment terms:
- Repayment not required for non-commercial projects
- For commercial projects, repayment terms are the same as for incorporated businesses
Funding source:
- For commercial projects, total funding from all levels of government is limited to 50% of eligible capital costs and 75% of other eligible costs
Eligible costs
Funding can cover essential, incremental project costs including:
- wages and benefits
- equipment and machinery
- marketing
- technology development and commercial demonstration costs (Technology Readiness Level 7-9)
- intellectual property costs
- professional, advisory and technical services
- management fees or working capital
- subcontracting costs
- management tools
- anticipated cost of maintaining the useful life of an asset for a reasonable period
- specialized services, such as testing, research and development, technical or innovation services, sector development strategies and business networking
Ineligible costs
Funding does not cover unreasonable, non-incremental or unrelated costs including:
- basic and applied research and development (Technology Readiness Level 1-6)
- land and buildings
- salary bonuses and dividends
- hospitality and entertainment experiences
- refinancing of existing debts
- losses on investments
- amortization or depreciation of assets
- federal and provincial income taxes, GST (recoverable portion) and taxes or surtaxes on excess profit
- provisions for contingencies or commissions paid to consultants to secure funding
- purchase of assets for more than fair market value
- lobbying and advocacy activities
- membership fees and donations
