Life Sciences Scale-Up Fund

Life Sciences Scale-Up Fund


Applications are now being accepted and will close on March 3, 2025 at 5 p.m. Please note that the information below is from https://www.ontario.ca/page/life-sciences-scale-fund

Before applying, applicants are encouraged to contact our team of Economic Development Officers who can help assess the fit with the program and provide advice on application preparation by calling (519) 332 1820 or email contact@sarnialambton.on.ca

Overview

The Life Sciences Scale-up Fund (LSSUF) provides financial support to help small-to-medium sized enterprises (SMEs) scale up in the life sciences sector. LSSUF aims to help build a pipeline of strong innovative SMEs based in Ontario (or intending to relocate to Ontario) that are ready to respond to procurement opportunities.

These SMEs will:

  • drive growth and increase competitiveness in the life sciences sector
  • foster innovation and commercialize new products for healthcare adoption
  • build domestic manufacturing capacity
  • strengthen Ontario’s healthcare supply chain and help companies be procurement ready

The LSSUF complements the Health Innovation Pathway and the Health Technology Accelerator Fund to support the adoption of innovation in the healthcare system.

Please refer to the LSSUF program guidelines for more information.

Funding support

A successful applicant could get up to $2.5 million to help cover up to 33% of eligible project costs. Successful applicants are required to secure funding to cover at least 67% of remaining eligible project costs.

Restrictions

Applicants are not allowed to stack funding with other provincial funding programs for the same project, excluding tax credits. Applicants may stack funding with other government sources (for example, federal funding programs), up to a maximum of 67% of the eligible project costs.

Eligibility

Before applying, companies must first complete the mandatory self-assessment eligibility screening form to help determine if they are eligible for the LSSUF.

To be eligible for funding, life sciences companiesfootnote 1 in the human health sciences industry must meet all the following requirements:

  • be a for-profit company with a business number designated by the Canada Revenue Agency
  • have at least two (2) years of operations and financial statementsfootnote 2 (audited or accountant reviewed)
  • be a small-to-medium sized company with at least five (5), to a maximum of 500 full-time equivalent employees in Ontario by the project start date
  • located in, or plan to locate in a community in Ontario by the project start date

All applicants must ensure compliance with all applicable laws and must not owe any fees, levies, or taxes to His Majesty the King in right of Ontario or his agencies. Applicants must also be compliant with the Accessibility for Ontarians with Disabilities Act, 2005, S.O. 2005, c. 11.

Eligible projects must demonstrate readiness for scale-up or expansion of company operations, be a continuation of work the company has already undertaken, have financing in place and be completed within two (2) years from project start date.

Application timelines

Applications are now being accepted and will close on March 3, 2025 at 5p.m.

Applicants will be notified of decisions within approximately 60 business days of the application deadline.

How to apply

Prior to applying, companies are encouraged to discuss projects with a Ministry Business Advisor who can help assess fit with the program and provide advice on application preparation.

Step 1: Read the LSSUF program guidelines.

Step 2: Complete the mandatory LSSUFself-assessment eligibility screening form.

Step 3: Register for Transfer Payment Ontario (TPON) to create your My Ontario account. Once registered you will be able to apply.

Step 4: Gather the following required documents (to be uploaded in PDF):

  • copy of Articles of Incorporation or Limited Partnership Agreement
  • financial statements (for example, balance sheets, income statements, and cash flow statements) must submitted as two separate documents, from the previous two consecutive fiscal years, and must be audited or accountant reviewed
  • quotes from contractors/vendors for eligible project cost items
  • letter of financial attestation from the senior management signing authority of the company (CEO, CFO, etc.) indicating that the company has the financial resources in place to complete the project. The letter must indicate the funding amount that the company will contribute to the project
  • a corporate family tree, detailing the relationships between the applicant company and its parent, subsidiaries, and/or affiliate companies.

Please review the application process section of the LSSUF program guidelines before submitting an application.

Review process

Applications are evaluated on their overall merits and reviewed against targeted results within the scope of LSSUF‘s objectives and we may request additional information from an applicant to help evaluate the project proposal.

This fund is a discretionary, non-entitlement funding program with limited funding. Even if your application meets all program objectives and eligibility criteria, you may not receive approval based on the number and strength of other applications.

Posted in: SLEP News