By Canadian Press

B.C.’s $500-million investment fund to help small, medium-sized businesses

Apr 27, 2021 | 12:10 PM

VICTORIA — British Columbia has introduced legislation to convert an investment initiative into a Crown corporation with the authority to make independent decisions aimed at spurring economic recovery after the pandemic.

The $500-million InBC investment fund was created last September as a way for the province to invest alongside the private sector to support small and medium-sized companies, which make up 98 per cent of all businesses in the province.

The purpose of the fund is to make investments that achieve a financial return by meeting the government’s social, economic and environmental policy objectives that include building a more innovative, low-carbon economy.

The corporation is expected to be operational by the fall and would be led by a yet-to-be hired chief investment officer responsible for decisions without interference from outside parties or government.

A board of directors appointed by cabinet would include two public servants and seven people from outside the public service.

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Premier John Horgan says the fund will support startups, help promising companies scale up and attract world-class talent to the province, supporting economic recovery in all regions.

This report by The Canadian Press was first published April 27, 2021.

The Canadian Press