Increased funding limits and easing of repayable amounts

NPC is pleased to announce changes to its Commercialization Programs in light of the financial impacts of the pandemic.

The Programs, introduced in 2019, address common commercialization challenges faced by Canadian innovative companies. The Executive Talent Program helps companies secure experienced leaders for their executive teams; the Proof of Concept Program provides funds for trials that provide commercial validation for a product or technology; and the Fast Track to Financing Program fills strategic gaps to increase the likelihood of securing public or private financing.

Changes to the Programs reflect the persistent financial implications of the pandemic and ongoing consultation with NPC’s network as they were piloted during 2019/2020.

“Many entrepreneurs could manage the financial disruption of the pandemic for the first couple of quarters,” says Shelley King, CEO, Natural Products Canada. “But as things have evolved, it’s clear the programs are more important than ever in helping these companies continue their plans for growth.”

By increasing the amounts of available funds and decreasing the proportion that must be repaid, companies have more access to the capital they need to pursue key hires and commercialization projects.

“The data collected during the pilot makes us confident in these changes,” says King. “Especially as the business environment for entrepreneurs has evolved over the course of the pandemic.”

Changes to the Programs include the following:

The Executive Talent Program will change to provide a higher NPC contribution amount, remove the matching requirement, and reduce the amount that is repayable. 

• Contribution amount: NPC’s contribution increases from $50,000 to $125,000. 
• Matching amount: The applicant is no longer required to match NPC’s contribution. 
• Repayable amount: The repayable amount of the contribution has been reduced from 100% to 50% of NPC’s contribution.

The Proof of Concept Program will change to provide a higher NPC contribution amount, and reduce the amount that is repayable. 

• Contribution amount: NPC’s contribution increases from $100,000 to $250,000.
• Matching amount: No change. The applicant is required to provide at least a 1:1 match to NPC’s contribution, and may exceed that amount to address the overall project cost.
• Repayable amount: The repayable amount of the contribution has been reduced from 100% to 50% of NPC’s contribution.

The Fast Track to Financing Program will not change at this time. NPC’s maximum contribution remains a conditionally repayable loan for up to $25,000 not to exceed 50% of the total project costs.

Interested parties are strongly encouraged to talk to their Regional Director or Kim Johnstone, Program Director, before submitting an application.