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BC government invests $500 million in growing local businesses

Wide shot of British Columbia's Parliament Buildings in Victoria on a clear and sunny Spring day.

The British Columbia government has announced a new first-of-its-kind $500-million strategic investment fund to provide BC-based businesses with capital to position the province as a front-runner in the post-pandemic economy.

The initiative, InBC Investment Corp. (InBC), was developed in consultation with the business and investment sectors and will focus on driving innovation, sustainability, inclusiveness and diversity in BC’s economy and attract investment as well as create family-supporting jobs.

“By investing in people and businesses, InBC will support start ups, help promising companies scale up and attract world-class talent to BC,” BC Premier John Horgan said in announcing the initiative. “This new strategic investment fund is one of the tools we are using to build the foundation for a strong recovery and a bright future. The funds will be used to grow the economy and create jobs that will support British Columbians in all regions of the province.”

InBC is set up to operate independently from government and the investment decisions will be made by a chief investment officer along with a team of investment professionals. The chief investment officer will also be held accountable by a nine-member board of directors.

“Access to capital is critically important to our economy and innovative businesses as they seek to scale and compete globally,” said Greg D’Avignon, president and CEO, Business Council of BC. “I am pleased to see the province launch this strategic investment fund that can support higher productivity and growth while retaining exciting new and growing businesses, intellectual property and talent in British Columbia.”

The $500-million fund is a major initiative of StrongerBC: BC’s Economic Recovery Plan.

The BC government announced the plan in September 2020, outlining the steps the government is taking to help people, businesses and communities recover and come out of the COVID-19 pandemic stronger and better prepared.

The plan includes several steps including hiring more health care workers and investing more than $400 to revitalize community infrastructure. It also includes investing more than $100 million to support tourism-related business and communities, creating jobs and opportunities by investing in targeted and short-term training in the skills people need to work in high-demand fields, refundable tax credits for businesses and a recovery grant for small and medium-sized businesses.

For more information about InBC visit inbcinvestment.ca.

 

Published on April 28, 2021.