PrairiesCan. REGI - Business Scale-up and Productivity (BSP) in the Prairie Provinces

$5,000,000.00

Maximum Eligible Amount

Repayable Contribution

Fund Type

Prairies Economic Development Canada (PrairiesCan) delivers the Regional Economic Growth through Innovation (REGI) initiative in the Prairie Provinces. REGI is a national program delivered by regional development agencies across the country. It comprises 2 program streams designed to fuel economic growth through innovation and create more well-paying jobs for Canadians. The Business Scale-up and Productivity program is 1 of those program streams.

PrairiesCan makes strategic investments in growing companies through its Business Scale-up and Productivity (BSP) program, in both established sectors creating value now and emerging sectors growing quickly.

The purpose of this Applicant Guide is to provide information to assist you with the completion of your application for funding under the Business Scale-up and Productivity program.

BSP supports high-growth* businesses that are scaling up and producing innovative goods, services or technologies. It offers interest-free, repayable funding to incorporated businesses.

*A high-growth business can be defined as any for-profit company that has notable and/or consistent revenue increases year-over-year. Typically, this means an increase of at least 20% year-over-year.

Financial assistance

Minimum funding request of $200,000 and maximum of $5,000,000 per project.
Applicants may apply for funding of up to 50% of total eligible costs for each project.
The remaining 50% of eligible cost must be supported from a non-government source, and must be confirmed at time of the Expression of Interest and again prior to project approval.
Companies may only receive funding for 1 BSP project per calendar year.
Total support to any 1 organization cannot exceed $10 million over the life of the program (2018-2023).

Funding disbursement

PrairiesCan will provide funding to successful projects based on claims submitted by the recipient. PrairiesCan will reimburse you for the approved portion (such as 50%) of eligible project costs that have been incurred and paid. Since successful applicants must submit a claim for reimbursement, there will be a delay between the time costs are incurred, and when claimed costs are partly reimbursed. Successful applicants will therefore need to plan their project cash flow accordingly. PrairiesCan will provide detailed instructions on this process to those applicants approved for funding.

Claims for incurred costs can be submitted quarterly, and are processed within 15 business days of PrairiesCan receiving a complete claim package.

Repayment

A BSP contribution agreement will require recipients 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.

Through this program, PrairiesCan seeks to:

Help high-growth businesses to scale up and expand.
Support demonstration and the commercialization of new technologies.
Encourage the early adoption or adaptation of leading-edge technologies and processes to improve productivity.
Increase businesses’ capacity to grow through market diversification and entry into global markets.