Project Development Fund
The Fund received more than 90 applications over the course of the year, and those applications were processed on a first-come, first-served basis, until the allocated budget for the program was fully committed.
Creative BC anticipates the fund will reopen in the new fiscal year to projects with the necessary development triggers. Any updates will be announced in the Creative BC newsletter.
What is the Project Development Fund?
The Project Development Fund provides non-recoupable advances to BC based production companies who meet the eligibility criteria outlined in the Program Guidelines. The funds advanced must be used to develop film, television or digital media content which a broadcaster, distributor or other eligible triggering agent has committed, in writing, to advance cash for the current phase of development.
Does my company need to be incorporated to be eligible to apply for Project Development Funding?
Creative BC will only accept Project Development Fund applications from companies incorporated in British Columbia (or Canada) which are majority owned and managed by residents of British Columbia. The head office of the company must be in BC. Companies extra-provincially incorporated in British Columbia are not eligible to apply for funding.
Are co-ventures and/or co-productions eligible to apply to the Project Development Fund?
Yes. As per the Project Development Fund guidelines, co-productions and co-ventures are eligible to apply for funding, and are encouraged however; proper written documentation must be included in the application. Documentation is demonstrated through an executed co-production deal memo and/or agreement outlining the percentage of ownership and level of control given to the eligible BC Company and the obligations by each party during the development phase.
Copyright ownership granted to the BC applicant must be equal to the BC applicant’s financial, technical and creative contribution and control and must not be less than 20%. For applications that are co-production betweens 2 BC companies, the application is then a joint-application and the contract must be addressed to and signed by both BC companies.
Will there be a creative evaluation of the projects accepted into the Project Development Fund?
No. Review and analysis of the application does not include a creative evaluation. A review is conducted to determine eligibility which includes proof of a commitment from an eligible triggering agent (the “triggering agent”) to advance funds for the development of a specific project. Applications are evaluated on a first come/first served basis until the allocated budget for the program is fully expended.
Are producer fees and corporate overhead considered eligible expenses?
Yes, producer fees and corporate overhead are acceptable development costs and can be calculated as a combined maximum 40% of the above approved direct development costs (the “base budget”). In the case of co-productions, additional money over and above general corporate overhead can be included in the “office” line item to accommodate increased long distance phone and/or fax costs.
What if the development phase being funded takes longer than anticipated?
An estimated Completion Date is included on the Non-Recoupable Advance Agreement’s Schedule “A”. This is the date by which the Producer promises that all development will be completed and final deliverables will be sent in for approval. In general, Creative BC will agree to amend this date at the Producer’s request only once.
Can I submit my application electronically?
Yes. Creative BC will accept applications electronically via email in the form of an Adobe PDF or Word document. Please be sure to send the application to the appropriate business analyst who will be reviewing your submission. An email confirming receipt will follow shortly.