Minister also announces $4.6M for three B.C. businesses to expand and reach global markets
VANCOUVER, BC, July 14, 2023 /CNW/ – 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, see here.
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 in the section below.
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.
“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
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.
PacifiCan
Business Scale-up and Productivity program
Pela
Backgrounder: Business Scale-up and Productivity program launches new intake, provides $4.6M to three B.C. businesses to expand and reach global markets
Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan) announced support for innovative, high-growth companies in British Columbia, including Business Scale-up and Productivity (BSP) funding of over $4.6 million for three B.C.-based businesses.
The projects announced today include:
Pela
$1,383,500
Funding will allow Pela, a Kelowna-based business with a mission to create a waste-free future, to expand sales and manufacturing capacity for biodegradable consumer products. Pela will hire new staff and develop marketing materials for global sales.
Hyper Hippo Entertainment Ltd.
$1,309,000
Funding will allow Hyper Hippo to increase sales of its video games around the world. With this funding, the Kelowna-based company will invest in product development and new marketing strategies.
Lumex Instruments Canada
$1,966,692
Funding will help Lumex, based in Mission, B.C., scale up its operations to produce tests that detect COVID-19 and other illnesses. Lumex will increase its manufacturing capacity for testing instruments and microchips, add a new cleanroom, hire new staff and enhance quality control.
Follow PacifiCan on Twitter and LinkedIn
Toll-Free Number: 1-888-338-9378
TTY (telecommunications device for the hearing impaired): 1-877-303-3388
SOURCE Pacific Economic Development Canada