Short answer: Yes.

Long answer: If by project you're talking about DFOs, then if a DFO doesn't get funded then the reasons for why that is need to be broken down. Is the team too inexperienced? Was it funded before but failed to achieve results? Whatever the reason, DFOs are responsible to the community and need to be excellent in every aspect.
If instead you mean Producers, then it gets a bit more complicated. Producers are funded in BLT by DFOs, which have many different goals, geographical focuses, and available funds. While it might make sense to reapply for funding from the same DFO, an unfunded project might just mean that your work is outside the scope of that DFO. If so, look for other DFOs to apply for grants from or bring up the issue with the community to found a new DFO to fill in the gap.