Business Grants in BC: Needed More than Ever
Fernanda Munoz - June 2nd, 2023
The tech and startup sector has been rapidly expanding in BC, with Vancouver being one of the top tech hubs in North America. Startups and new companies are finding great opportunities with access to top talent, supportive networks, and funding options.
However, this industry was hit hard during the pandemic and its aftermath. According to a report from briefed.in BC, companies raised less in 2022 than the previous year. While this is an expected result of the market cooling down due to inflation and fiscal policy, this was a clear indicator to BC businesses to focus their efforts on conserving capital.
With the first quarter of 2023 behind, many companies have turned their heads toward business grants.
If you’re in British Columbia, Canada, you may be eligible for different business grants to help you grow and develop your business. Here are the top 6 business grants in BC:
- BC Small Business Venture Capital Tax Credit (VCC) – This program offers a 30% tax credit to investors who invest in eligible small businesses in BC. This tax credit can be claimed against BC income tax and can help attract investment and support your business growth.
- BC Tech Co-op Grant – This grant provides up to $10,800 in funding to eligible tech startups to hire co-op students. This can help your startup access new talent, innovate and grow your business.
- BC Export Program – This program provides funding to help BC companies expand into new markets outside of Canada. If you’re looking to grow your business internationally, this program can help you cover some of the costs related to market research, trade missions, and other export-related expenses.
- BC Rural Dividend Fund – This fund provides funding to rural BC communities to help support economic development projects. If your startup is located in a rural area, you may be eligible to apply for this fund to help support your business and community.
- Western Innovation (WINN) Initiative – This program provides funding to support innovative startups in Western Canada. If your startup is involved in research and development, you may be eligible to apply for funding to help develop and commercialize new products and technologies.
- Canada Media Fund (CMF) – If your startup is involved in the creation and production of digital media content, you may be eligible to apply for funding through the CMF. This program provides funding for Canadian content creators in the digital media industry.
These are just some of the business grants available to startups in BC. Be sure to research and explore all your funding options to support your business growth and success.
With HireU’s job board and grant-finding services, we’ve got you covered. Our grant-finding services offer an extra advantage, giving you access to funding opportunities that support the recruitment and development of young professionals.
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