Supporting big ideas in FMWB

Vanessa Cheeseman, PrairiesCan, Wendy Lam, PrairiesCan, Melonie Doucette, FMWBEDT and Bret Klarenbach, FMWBEDT

Wendy Lam, a senior business officer with Prairies Economic Development Canada (PrairiesCan), was recently in Fort McMurray to meet with local companies and present information about PrairiesCan’s Business Scale-up and Productivity (BSP) program. Wendy spoke about opportunities for companies in the region to benefit from this unique federal program. Check out some more insights from Wendy below.

FMWB: Can you describe your role at PrairiesCan? And previous to PrairiesCan?

Wendy: Since 2016, I’ve served as a Senior Business Officer with PrairiesCan. PrairiesCan is the federal department that supports economic growth in Alberta, Saskatchewan, and Manitoba. Our mandate is to support economic growth and diversification in the Prairie provinces and advance the interests of the region in national economic policy, programs, and projects.

My work focuses specifically on the Business Scale-up and Productivity (BSP) program. I get to work with innovative, high-growth Alberta companies that are looking for additional financial support to achieve their growth goals in scaling up, accessing new markets, and commercializing Alberta-made products and services.

Prior to PrairiesCan, I held senior roles in public and private organizations with responsibilities for investing in talent, applied research, technology commercialization, start-ups and early-stage companies in Alberta.

FMWB: What are the aspects of PrairiesCan’s Business Scale-up and Productivity program that resonate with you the most? What have businesses found to be the key highlights of the program?

Wendy: PrairiesCan’s Business Scale-up and Productivity (BSP) program provides interest-free, repayable funding to support high-growth businesses that are seeking to improve productivity, scale-up, and commercialize technology. Through this program, incorporated businesses can receive up to 50 per cent of project funding, up to a maximum of $5 million per project.

For me, what resonates and what I enjoy the most is having the opportunity to work with leading-edge Aberta businesses that are ready to grow rapidly—across numerous industries and sectors. I find it tremendously rewarding to help proven and passionate people behind these businesses to scale their big idea, whatever that may be.

Businesses have conveyed to us how important this program is in offering flexibility and financial assistance that enables them to stay in Alberta, accelerate their growth, and create jobs for Albertans.

FMWB: Have businesses found it more useful for operational costs like marketing, or for capital investments?

Wendy: Businesses have found success applying funding through the BSP program to address both operating costs and capital investments. One of the benefits of this program is that it enables businesses to invest in what they need to grow—whether it’s expanding manufacturing capacity, growing marketing and sales efforts, or proving and patenting their innovations.

FMWB: What kind of support can your team provide with the expression of interest (EOI) and application from a business?

Wendy: PrairiesCan accepts expressions of interest for this program on an ongoing basis. Incorporated businesses operating in the Prairie provinces for at least two years that demonstrate consistent revenue increases year-over-year may be eligible. Interested businesses are encouraged to review the complete BSP program information on the PrairiesCan webpage. Full program details and an application guideline are available.

FMWB: Thank you so much for these insights, Wendy! We can't wait to welcome you back to FMWB soon!