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

Salmon Arm Silverbacks forward Mathieu Bourgault (13) tries unsuccessfully to deflect past West Kelowna goalie Johnny Derrick during the Warriors’ come-from-behind 7-6 BC Hockey Leaguje pod shootout victory Saturday, May 8, at Vernon’s Kal Tire Place. (Tami Quan Photography)
West Kelowna Warriors rally to edge Salmon Arm in shootout

Warriors overcome three significant deficits to post 7-6 BCHL pod win in Vernon; Silverbacks finish pod 9-7-2-2

John Pavelich’s 83rd birthday had an added surprise; members of Enderby City Council came by his residence to present him with a Lifetime Civic Merit award Saturday, May 8, 2021. (Contributed)
Enderby resident unwraps Lifetime Civic Merit award on 83rd birthday

John ‘JP’ Pavelich has been a pillar of volunteerism in Enderby since 1967

The Salmon Arm Pickleball Club would like to store its locker containing a defibrillator and a few other items at the pickleball courts in Klahani Park. (Photo contributed)
Talk of ‘new day’ follows pickleball club request for locker at Salmon Arm park

Council voices varying opinions about locker for defibrillator but agrees to get rec society’s view

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

The Vernon Vipers defeated the Salmon Arm Silverbacks 3-1 to secure the top spot in the BC Hockey League Vernon pod Friday, May 7, 2021. (Lisa Mazurek Photography)
VIDEO: Vipers beat Salmon Arm, clinch top spot in BCHL Vernon pod

Goaltender James Porter Jr. was a wall for the Vipers, who outscored the Silverbacks 3-1 Friday

(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’

Pieces of nephrite jade are shown at a mine site in northwestern B.C. in July 2019. THE CANADIAN PRESS/HO-Tahltan Central Government MANDATORY CREDIT
Indigenous nation opposes jade mining in northwestern B.C.

B.C.’s Mines Act requires operators to prepare a plan to protect cultural heritage resources

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

City of Vernon Coun. Dalvir Nahal proposed two blocks of Main Street be closed to bolster recovery for downtown businesses amid the COVID-19 pandemic. (Caitlin Clow - Vernon Morning Star)
Vernon’s ‘support local’ Main Street closure would cost city $24K, staff say

Bylaw costs, loss of parking revenue and equipment logistics behind price tag

Five properties have been added to the Lake Country fire protection zone, after council moved to expand the local service area Tuesday, May 4, 2021. (Google Maps)
Lake Country expands fire protection zone, covering 5 exposed properties

The properties petitioned to join the local service area after being left out ‘for reasons unknown’

VSAR’s Air Rescue One unit assisted in a rescue in West Kelowna May 3, 2021. (VSAR screenshot)
VIDEO: VSAR’s Air Rescue One team assists in West Kelowna Rescue

The Vernon Search and Rescue helicopter team pulled off a successful rescue Monday

Most Read