Business Scale-up and Productivity in British Columbia - After you apply

4. After you apply

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.

Related links

• Innovation Canada: information on other available business support
• Regional Economic Growth through Innovation in British Columbia