Over $95 million in relief and recovery funds flow to businesses in Western Canada
July 28, 2020 – Vancouver, BC – Western Economic Diversification Canada
COVID-19 has had a severe impact on businesses of all sizes across the country, and those whose livelihoods depend on them In Western Canada, thousands of local businesses saw their revenues disappear due to the pandemic, and have faced challenges keeping their employees, paying rent and utilities, and managing cash flow.
From the outset, the Government of Canada has taken action to support businesses large and small affected by the pandemic, including the Regional Relief and Recovery Fund (RRRF) that was launched on May 13. Nearly doubling the budget of Canada’s Regional Development Agencies, this $962-million fund, supports businesses across Canada that have been unable to get access to other federal relief measures, and might be in danger of falling through the cracks.
In the West, Western Economic Diversification Canada (WD) is delivering, in collaboration with the Community Features Pan West Network, over $300 million to help businesses pay their rent, keep their employees, and recover from the impact of the pandemic.
Support for main street businesses and SMEs
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada, announced that businesses across Western Canada have received over $95 million in support from the RRRF. These interest-free repayable contributions are now flowing to more than 1,760 businesses across the West that were unable to get access to existing Government of Canada relief measures.
Most of the firms supported are small businesses with fewer than 100 employees, including many very small businesses with fewer than five employees. One such firm is Burnaby, BC’s Acuva Technologies, which has been able to keep staff and adapt to the changing demand for its water disinfection technology thanks to the RRRF. Having himself recovered from COVID-19, CEO Manoj Singh also used RRRF funding to research new products for air and surface disinfection, using Acuva’s UV-LED technology to defend against viruses like the coronavirus.
Supporting good local jobs in communities across Western Canada, these local businesses are the backbone of our economy, and the RRRF will continue to assist them. WD is also providing targeted support to larger employers to help them retain their employees, pay rent, and get access to capital to cover costs.
EMC / BCEDA Briefing Industry Pulse: COVID-19 Impacts and Recovery Steps for Manufacturers
Date: Tuesday August 25th, 2020
Time: 1:00 PM PDT
The global COVID-19 pandemic has decimated our economy and has caused severe disruptions to all facets of life and business. In the early stages, much was unknown and the first reaction to contain the situation was to shut down or curtail activities and contact.
The nature of these impacts on business: from local staffing, safety and physical distancing concerns, to maintaining the ability to meet customer needs, to more global supply chain and export concerns needs to be understood in order to respond effectively. This has been especially challenging for manufacturers.
Where Do We Go from Here?
Over the past several months, EMC has reached out to manufacturers in every province, asking short ‘INDUSTRY PULSE’ questions about the current state of the sector and the impacts this pandemic is having on their business. Response has been tremendous!
Join us for an in-depth briefing on the issues affecting BC’s manufacturing sector, the related impacts throughout Canada and a discussion on the future steps manufacturers firms are seeking to tackle:
Vice President, Manufacturing Sector Performance
Excellence in Manufacturing Consortium (EMC)
Bren de Leeuw
Western Canada Operations / Vice President, Community Partnerships and Stakeholder Relations
B.C.’s Venture Capital Tax Credit Program – Helping Small Businesses Raise Investment Capital
Thursday, August 20, 10 am - 11 am PST
B.C.’s Venture Capital Tax Credit program helps small businesses raise capital by providing investors with a 30% tax credit on the value of their investment. Businesses registered in the program have a range of activities, including: manufacturing and processing; research and development of proprietary technology; destination tourism; interactive digital media; clean technology, and advanced commercialization. The way the program works:
Businesses must meet qualifying criteria and be registered with the Ministry of Jobs, Economic Development and Competitiveness.
Once registered, businesses can sell shares to B.C. resident investors – usually accredited investors or friends, family and business associates - who are then eligible to receive a 30% tax credit on their investment.
Join a webinar that explains how the Venture Capital Tax Credit program works. You’ll learn about eligibility requirements and how businesses can register, and you’ll hear from Vancouver Island-based Cascadia Seaweed Corp – that has successfully raised over $400,000 under the program, and is planning another round of financing to help expand its operations.
In 2019 the program helped over 230 B.C. businesses raise over $115 million in investment, and the Province issued $34.5 million in tax credits to investors.