Today, the BC Government announced the opening of a strategic investment fund called InBC. Budget 2021 allocated $500,000,000 to the program to disperse to businesses.
InBC would act as a mechanism to invest in high-growth potential firms, growing and anchoring talent, intellectual property, innovation, investment and jobs in BC to drive economic growth in every region.
“The Surrey Board of Trade was pleased that in the 2021 BC Budget there are financial commitments for trade and industry development, small business and economic development, and the strategic investment fund called InBC,” said Anita Huberman, CEO, Surrey Board of Trade. “As Surrey will be the largest city in BC by 2030, capitalizing on economic development initiatives and industry growth is essential – and that includes leveraging the opportunities in the Cascadia economic region.”
“Now we need government partnering with the private sector to grow businesses.”
“The investment of $500,000,000 over three years is not a large sum of money for industry to remain competitive in today’s global economy. We call on the BC Government to review the program after a year of operation and increase the available funds if prudent.”
In September 2020, the BC Government announced InBC as the mechanism that will invest in small and medium-sized BC companies to help them scale up and reach their highest potential, while generating returns that support a growing economy.
Businesses will be expected to pay a rate of return at about 4.75%, which incorporates the cost of borrowing, cost of operation, and a basic return on investment. This competitive investment opportunity is designed to achieve the BC Economic Plan: A Framework for Improving British Columbians’ Standard of Living[1], and the CleanBC strategy[2].
Investment decisions will be made by an independent Chief Investment Officer and a team of professionals. InBC will be overseen by a Board of Directors and will be required to submit annual reports pursuant to the Budget Transparency and Accountability Act. InBC’s financial statements will be audited annually by an independent auditor.
MORE INFORMATION: https://news.gov.bc.ca/releases/2021PREM0030-000775
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Anita Huberman, 604-634-0342, anita@businessinsurrey.com
[1] https://news.gov.bc.ca/files/BC-Economic-Framework-2019-20.pdf
[2] https://blog.gov.bc.ca/app/uploads/sites/436/2019/02/CleanBC_Full_Report_Updated_Mar2019.pdf
