Looking for a way to accelerate your firm’s growth and in need of assistance when adopting new, innovative technologies? Why not check out The Business Scale-up and Productivity (BSP) program, that helps to offset upfront project costs and helps businesses in Ontario grow at a much faster pace!
The Federal Economic Development Agency for Northern Ontario (FedNor) offers the BSP program, in hopes of targeting investment in innovative and trade-oriented businesses, seeking to accelerate their growth. The BSP stream will accelerate the growth of firms and assist with the adoption and adaptation of new, innovative technologies that support scale-up, productivity, development of and entry into new markets to help companies become competitive in both domestic and global markets.
Overall, the objective of this program is to assist Northern Ontario firms to scale up and expand while also supporting their commercialization and demonstrations of new technologies. The BSP program will also encourage the early adoption/adaptation of leading-edge technologies and other processes in place to improve productivity in addition to helping increase businesses’ capacity to grow and enter within global and domestic markets.
Type of Funding available
The available funding for SMEs is repayable and the available funding for not-for-profits includes repayable and non-repayable contributions.
The Business Scale-up and Productivity Stream will target investments up to a maximum of $500,000 per project. On an exceptional basis, FedNor may consider funding investments above that amount.
The amount of the awarded contribution will be based on the minimum amount required for the project to proceed, the extent to which other sources of available funding have been leveraged, and the applicant’s ability to repay the contribution, if applicable.
Applicants are eligible to receive up to 50 percent of eligible and supported project costs.
- Businesses: including an individual operating a business, partnerships, social enterprises, incorporated companies, corporations or co-operatives, or an Indigenous organization.
- Not-for-profit organizations: those that provide services to businesses to support different stages of development, to accelerate growth, enhance and assist scale-up or market expansion.
- To be considered eligible, project benefits must accrue to Northern Ontario.
To be considered eligible for funding, applicants must demonstrate:
- A sustainable business model normally supported by two years of operations
- Financial capacity to complete the project and repay the contribution in full
- Managerial, technical, and operational capacity to achieve the project’s stated objectives in a timely manner
- Market/industry demand
- Potential for market growth, diversification of export markets and/or participation in global value chains
- A viable project plan with achievable outcomes, supported by verifiable cost estimates
To be eligible for Business Scale-up and Productivity (BSP), companies must plan to use its funding to support projects and activities such as:
Technology demonstration, adoption, and adaptation
- Assessing, acquiring, adapting, or adopting new technologies/processes and related skills development
- Process re-engineering
- Increasing/improving manufacturing capacity
- Advanced manufacturing capacity development
- Productivity improvement
Commercialization, Market Development/Expansion
- Late-stage product, process or service development geared towards market diversification and growth, such as technology showcasing
- Market diagnostics, development, and expansion
- Integration in domestic and global value chains
- Demonstration of new technologies/processes in an operational setting
- Building high-performance teams
- Adopting best management practices, processes, and systems
- Improving governance and investment readiness
- Business opportunity development
- Increasing manufacturing capacity
This is a continuous intake program that is always accepting applications.