Regional Artificial Intelligence Initiative in British Columbia
$3,000,000.00
Grant, Loan
Description:
The Regional Artificial Intelligence Initiative funds businesses that are commercializing or adopting artificial intelligence (AI) solutions in B.C. and not-for-profit organizations that are supporting AI commercialization or adoption and ecosystem development in B.C.
Comments on Funding:
Businesses: Repayable Contrbutions of $500,000 to $3M per project
Not-for-profit organizations: Non-repayable contributions of $500,000 to $5M per project
February 14, 2025
Eligibility:
Applicants must be:
1.Incorporated businesses: Incorporated businesses can apply for repayable funding from the Regional Artificial Intelligence Initiative if they:
a. have operated as an incorporated business in B.C. for at least 1 year
b. operate staffed facilities in B.C.
c. employ between 3 and 500 full time equivalent employees
2. Not-for-profit organizations: The following legally incorporated organizations can apply for non-repayable funding:
a. not-for-profits including industry associations and post-secondary institutions
b. Indigenous organizations including Indigenous-led not-for-profit organizations, Indigenous governments, Indigenous Development Corporations and Indigenous-controlled businesses proposing projects that will benefit their communities
c. B.C. municipalities, municipal-type organizations, provincial organizations or Crown corporations as long as funding is not used for capital or ongoing organizational requirements
Application Steps:
Applicants must submit an Expression of Interest (EOI). If your EOI is successful, you will be asked to submit a full application
You can submit only one EOI per organization per year or intake and are limited to one funded project at a time. If your EOI is not successful, you can apply again in the next year or intake.
Documentation Needed:
Applicants must submit:
1. your business plan (if not already submitted)
2. a detailed project cost breakdown
3. disclosure of pre-existing payments to third parties or executives
4. Not-for-profit applications must include confirmation of non-PacifiCan funding in their application.
5. Incorporated businesses are strongly encouraged to include confirmation of non-PacifiCan funding in their application.
6. Confirmation of internal funding can include:
a. current bank statements
b. unused portions of a line of credit
7. Confirmation of funding from third-party sources can include:
a. official funding letters
b. funding agreements
c. signed term sheets
Other Things to Note:
About the author
Maurice
