Regional Quantum Initiative in B.C. - Funding overview

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.

Funding:
- Interest-free repayable contributions of $500,000 to $5 million
- Up to 50% of eligible project costs incurred
Repayment terms:
- Begins 2 years after project completion
- Repaid in monthly installments over 8 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

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

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

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