British Columbia businesses is moving to the next level
Canada's Minister of International Development has announced funding for businesses in the province.
Canada understands the need to support B.C. business leaders who are initiating major changes in the region. That's why Harjit S. Sajjan, Canada's Minister of International Development responsible for the Pacific Economic Development Canada (PacifiCan), announced this week that the intake of applications for PacifiCan's Business Scale-up and Productivity (BSP) program is now open. Applications will be accepted from July 14 to September 22, 2023.
BSP is a financial assistance program for high-growth businesses in British Columbia that are scaling up and producing innovative goods, services or technologies. A high-growth business is any for-profit company that has experienced sustained, multi-year revenue growth of at least 20% per year.
The BSP will provide interest-free, repayable financing ranging from CAD 200,000 to CAD 5 million for the development of a single project. These investments are expected to help high-growth companies grow in scale, expand and commercialize new technologies, increase productivity, and enter and establish themselves in international markets.
To date, the BSP has already announced support for 64 projects totaling CAD 134.5 million. This includes three new projects whose support was announced this week. Minister Sajjan announced more than CAD 4.6 million in investments in three projects in the province of British Columbia. One of these projects is the Pela company's project, which got CAD 1,3 million in funds. Pela, located in Kelowna, aims to create a zero-waste future for the planet by developing products made from sustainable materials. For example, phone cases. With BSP's support, the company will increase international sales, improve its manufacturing facilities and hire new employees. The other two companies that received funding are Hyper Hippo Entertainment (CAD 1.3 million) and Lumex Instruments Canada (CAD 1.97 million). Hyper Hippo develops video games, while Lumex Instruments produces tests to determine whether a person has COVID-19 and other diseases.
