B.C. Premier John Horgan and Jobs Minister Ravi Kahlon announce grants for businesses to set up online sales at the B.C. legislature, March 17, 2021. (B.C. government)

B.C. Premier John Horgan and Jobs Minister Ravi Kahlon announce grants for businesses to set up online sales at the B.C. legislature, March 17, 2021. (B.C. government)

B.C. launches $500M fund to subsidize green business growth

InBC ‘prioritizes our people and planet with profits,’ minister says

The B.C. government is setting up a new Crown corporation called InBC Investment Corp. with $500 million to finance the growth of businesses chosen for their ability to advance social and environmental as well as business objectives.

Jobs Minister Ravi Kahlon introduced legislation Tuesday to establish the corporation’s board of directors and a “chief investment officer” to make decisions on what businesses are supported.

“InBC will make investments in small and medium-sized businesses through a triple-bottom-line mandate that equally values and prioritizes our people and planet with profits,” Kahlon told the B.C. legislature April 27.

Kahlon and Premier John Horgan described the investment fund as a way to grow smaller businesses that advance the government’s climate change and Indigenous reconciliation goals, while keeping businesses from being taken over or leaving the province.

“InBC will provide a source of patient capital to build a more innovative low-carbon economy by investing in high-potential business to help them to scale and grow in B.C.,” a ministry presentation says.

A board of directors with two deputy ministers and seven private-sector directors is being established by the legislation, which gives the chief investment officer “sole authority” to make investment decisions without board or government involvement.

Horgan said the new investment corporation is modelled on those in Ireland and Denmark, and will focus on technology, life sciences and innovators to get the province towards its greenhouse gas reduction goals.

Business representatives endorsed the plan, emphasizing the need to keep new businesses owned and growing in the province.

“Where we struggled is in scaling companies,” said Wendy Hurlburt, president of LifeSciences B.C.

Greg D’Avignon, CEO of the Business Council of B.C., said high-wage jobs and employment for Indigenous people can grow only if companies can develop in the province. He cited B.C.’s successes in virtual animation for movies and gaming, life sciences and agricultural technology.

“Access to capital is critically important to our economy and innovative businesses as they seek to scale and compete globally,” D’Avignon said.

RELATED: Horgan promotes innovation partneship with U.S. states

RELATED: SFU to establish a quantum computing institute


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislatureBC politics

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Jaimie Davis won received a Northwest Community College President’s Art Award in 2018. This year, she won the Best Solopreneur Award from Small Business BC for her online shop Jada Creations. (Contributed photo/Northwest Community College)
Terrace artist wins provincial small business award

Jaimie Davis of Jada Creations won BC Small Business’ Best Solopreneur Award

Chera Bergen (left) with her sisters Hali and Dylan Ouellet (not in the picture) raised money through a bottle drive in Terrace to buy essential supplies for a homeless shelter. (Binny Paul/ Terrace Standard)
Terrace sisters’ recycle drive raises money for homeless shelter

With the $1175 raised, Chera, Hali and Dylan bought essential supplies for Ksan Society

A memorial march takes place along Highway 16 also known as Canada’s ‘Highway of Tears’ on national day of awareness of Murdered & Missing Indigenous Women and Girls (MMIWG). Over five dozen people from nearby communities joined the march which began outside Terrace City Hall and ended at the memorial totem pole erected along Hwy 16, near Kitsumkalum. (Binny Paul/Terrace Standard)
‘City of Terrace can and should make spaces safer’: MMIWG activists

Activists called on governments to amplify safety net for women on national day of awareness of MMIWG

RCMP are reminding the public to be aware of their surroundings after a stabbing sent a man to hospital on May 4, 2021. (Black Press Media File Photo)
Terrace stabbing sends man to hospital

RCMP remind the public to be aware of surroundings

The construction site for the new Mills Memorial Hospital has been cleared. (Binny Paul/The Terrace Standard)
Bird nests key to decision to log hospital site in Terrace

Nests would have posed a risk of increasing costs

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

The body of Brenda Ware, 35, was found along Highway 93 in Kootenay National Park on Thursday, May 6, 2021. (RCMP handout)
RCMP ask for tips after woman’s body found in Kootenay National Park

Brenda Ware was found along Highway 93 in the park, 54 kilometres north of the town of Radium

People pass the red hearts on the COVID-19 Memorial Wall mourning those who have died, opposite the Houses of Parliament on the Embankment in London, Wednesday, April 7, 2021. On May 3, the British government announced that only one person had died of COVID-19 in the previous 24 hours. THE CANADIAN PRESS/AP-Kirsty Wigglesworth
For a view of a COVID-19 future, Canadians should look across the pond

Britain, like Canada, is one of the only countries in the world to delay second doses for several months

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

Nuns of Mother Teresa’s Missionaries of Charity, carry some of her relics during a vigil of prayer in preparation for the canonization of Mother Teresa in the St. John in Latheran Basilica at the Vatican, Friday, Sept. 2, 2016. In which city did she do much of her charitable work? (AP Photo/Gregorio Borgia)
QUIZ: How much do you know about these motherhood issues?

In honour of Mother’s Day, take this 10-question quiz

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

Most Read