Minister Sajjan launches a new intake of the Business Scale-up and Productivity program
Minister Sajjan launches a new intake of the Business Scale-up and Productivity program
Minister also announces $4.6M for three B.C. businesses to expand and reach global markets
July 14, 2023 – Vancouver, British Columbia – PacifiCan
To support B.C.'s boldest and brightest changemakers, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), is announcing that a new intake for PacifiCan’s Business Scale-up and Productivity (BSP) will open today.
The new intake will provide no-interest, repayable funding between $200,000 and $5,000,000 per project to support high-growth firms to scale-up, expand and commercialize new technologies, improve productivity, and enter or grow in international markets. Applicants have until September 22, 2023 to submit an expression of interest through PacifiCan’s website.
To date, 64 projects have been announced under the PacifiCan BSP program for a total of $134.5 million. That includes three new projects announced today. The Minister announced BSP funding of over $4.6 million for three B.C.-based businesses, including funding of over $1.3 million for Pela, a Kelowna-based business with a mission to create a waste-free future for the planet by developing products made of environmentally sustainable materials, like phone cases. With BSP funding, Pela will expand international sales, improve its manufacturing capacity and hire new staff. More details about the businesses receiving funding today can be found in the backgrounder here.
PacifiCan supports innovation, business growth and community economic development in British Columbia. Through targeted funding programs, PacifiCan invests in growing companies poised to strengthen B.C.’s position as a leader in growing sectors such as clean technology, life sciences and digital industries.
Quotes
“British Columbian businesses have the ingenuity to solve global challenges and create a prospering economy. PacifiCan is here to propel their growth. The Business Scale-up and Productivity program will give businesses the boost they need to reach new markets and thrive on the world stage.”
- The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan)
“We are thrilled to be partnering with the federal government through PacifiCan and the BSP program. This funding will accelerate the expansion of our domestic manufacturing and global distribution capabilities, create local employment opportunities and further the progress towards achieving our aggressive sustainability goals. This partnership is a clear signal the federal government recognizes the importance of supporting innovative Canadian businesses who are developing and commercializing cleantech and greentech innovation.”
- Jeff Keen, Chief Operating Officer, Pela
Quick facts
- PacifiCan is the federal economic development agency dedicated to British Columbians. PacifiCan collaborates with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout our province.
- PacifiCan’s Business Scale-up and Productivity program supports high-growth (at least 20% revenue growth year-over-year) businesses that are scaling up and producing innovative goods, services or technologies. It offers interest-free, repayable funding to incorporated businesses.
Contacts
Haley Hodgson
Press Secretary
Office of the Minister of International Development and Pacific Economic Development Agency of Canada (PacifiCan)
haley.hodgson@international.gc.ca
Jillian Glover
Communications Manager
PacifiCan
jillian.glover@pacifican.gc.ca
Additional Info
Media Contact : Jillian Glover
Source : https://www.canada.ca/en/pacific-economic-development/news/2023/07/minister-sajjan-launches-a-new-intake-of-the-business-scale-up-and-productivity-pro