If your application is approved

On this page

• Entering into an agreement
• Reporting requirements
• Receiving funding
• Repayment terms

Entering into an agreement

If your application is approved, you will be invited to enter into a contribution agreement with PrairiesCan.

The contribution agreement:

• outlines the terms and conditions of the payments towards the project
• must be signed within 30 days of you being notified
• cannot be signed until all funding sources are confirmed

Reporting requirements

You will be expected to track and report on key project activities, milestones, and expected outcomes (see: Expected results, under Before you apply).

If you are a successful applicant, you must:

• provide periodic progress reports at least twice per year (frequency requirements will be outlined in your funding agreement)
  • progress reports should demonstrate project progress and achievement of results
  • reports should accompany claims for project cost reimbursement
• provide annual financial statements from project start date to the end of the repayment period (if applicable)
• track and report on key project activities and deliverables up to the final reporting date

Receiving funding

PrairiesCan provides contributions under BSP, not grants.

BSP funding:

• is repayable (see: Financial assistance, under Program information)
• is provided as periodic reimbursements based on claims you submit
  • reimbursements are based on the approved portion (in other words up to 50%) of eligible projects costs that have been incurred and paid

You will need to plan project cash flows based on the timing of the claims and the period to process the reimbursement. We provide an orientation to this process for successful applicants.

You are expected to have secured all non-PrairiesCan requested project financing (typically, at least 50%) before applying.

Projects may vary in duration, typically ranging from a few months to 3 years. All successful applicants will sign a standard Contribution Agreement with PrairiesCan. The Agreement outlines the obligations of the funding recipient, including the submission of claims information and periodic progress reports (minimum 2 per year).

Repayment terms

• After project completion, there is a 1-year grace period, followed by equal monthly payments over 5 years.
• Interest-free; no security/collateral will be taken.
• There is no penalty for early repayment.