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

Younger Princeton residents are now being urged to register for a vaccination notification. (Black Press Media photo)
Princeton lags behind in vaccination rates

Approximately 24 per cent of residents here have received their first dose

Memorials have been set up to honour those who died during the Second World War. (Pixabay.com)
COLUMN: It’s time to stop making comparisons to Hitler

The deadliest, most destructive war in human history should not become a metaphor

A medical worker prepares vials of the COVID-19 vaccines, Chinese Sinopharm, left, Sputnik V, center, and Pfizer at a vaccine centre, in the Usce shopping mall in Belgrade, Serbia, Thursday, May 6, 2021. Serbian authorities are looking for incentives for people to boost vaccination that has slowed down in recent weeks amid widespread anti-vaccination and conspiracy theories in the Balkan nation. The government has also promised a payment of around 25 euros to everyone who gets vaccinated by the end of May. (AP Photo/Darko Vojinovic)
38 new COVID-19 cases, more than 335k vaccines administered in Interior Health

Interior Health also to start targeted vaccinations in high transmission neighbourhoods

FILE PHOTO
Second doses of COVID-19 vaccine will be available, as AstraZeneca supply runs low: Interior Health

Province expecting large volumes of Pfizer BioNTech as age-based cohort immunization program ramps up

An example of one the sounding boards the RDOS has set up to gather feedback for their first parks, trails and recreation master plan. (RDOS)
Looking for feedback from Princeton and Keremeos for park and rec plan

Sounding boards have been set up in both regions for in-person input

(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’

(Reddit/Screen grab)
VIDEO: Dashcam captures dramatic rollover crash on Highway 99

Only one person sustained injuries from the collision, says B.C. Ambulance Services

Chevy stranded on a ledge above a rocky canyon at Mimi Falls near Logan Lake, April 28, 2021. (Photo credit: Margot Wikjord)
Police officer and fire chief team up in risky rescue of stranded dog near Logan Lake

Chevy, a rescue dog, needed rescuing again after getting stuck on a ledge above rocky canyon

Coronavirus 3D illustration. (CDC photo)
Two South Okanagan businesses closed due to COVID-19

The businesses are listed on the Interior Health website

Police were on the scene of a fatal shooting in Abbotsford. (Black Press Media files)
B.C. government to give more than $8 million for programs to curb gang violence

221 not-for-profit projects led by local governments and school districts among others will receive a one-time grant

Gord Judson steers his log truck down a forest service road, using two-way radio and call signals to mark his position for oncoming traffic. (B.C. Forest Safety Council)
Planning some B.C. wilderness fishing? Don’t catch a log truck

Remote recreation areas bracing for heavy pandemic pressure

Former University of British Columbia student Stephanie Hale, 22. THE CANADIAN PRESS/Jeff Bassett
Human Rights Tribunal to hear complaint against UBC Okanagan for ‘mishandling’ sexual assault report

Stephanie Hale did not return to campus after the student she alleges attacked her was cleared of wrongdoing

Jennifer Coffman, owner of Truffle Pigs in Field, B.C., poses beside her business sign on Thursday, May 6, 2021, in this handout photo. Her restaurant and lodge have been hit hard by a closure of a section of the Trans-Canada Highway and by the British Columbia government discouraging Alberta residents from visiting during the pandemic. THE CANADIAN PRESS/HO-Jennifer Coffman, *MANDATORY CREDIT*
‘Why we survive’: B.C. boundary towns struggle without Albertans during pandemic

Jennifer Coffman’s restaurant is located in the tiny community of Field, which relies on tourism

A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
B.C. to start releasing neighbourhood-specific COVID numbers after data leak

Documents obtained by the Vancouver Sun show cases broken down by neighbourhoods

Most Read