Of the many different funding, grant and cost-relief loan programs created throughout 2020, many have been adjusted to meet specific needs or sectors. However, there have been some recent announcements that could benefit your small business. We’ve compiled a handful of updates and recently announced funding sources below.
It’s a good idea to head to the source of these program for the latest info, or hop on a webinar or sign up for an e-newsletter from a business organization to stay up to date, such as:
- Penticton Chamber of Commerce
- B.C. Economic Development Association
- Community Futures Okanagan Similkameen
Grant Supports Businesses to Launch Online
The BC government has announced a new grant program designed to help more than 1,500 eligible small- and medium-sized B.C. businesses pivot to market their products online. Businesses can apply for a grant of up to $7,500 to create an online shop and/or improve their e-commerce experience. The purpose is to attract new local customers and expand to new markets, while amping up their digital presence. Funding is first come, first served, and businesses must use B.C.-based service providers. Get all details here.
B.C. Arts Council: Pivot for Individuals
This program, with funds up to $12,000 available, has an application deadline of February 16. It is to assist professional artists, cultural practitioners, and arts administrators to adapt to changes in arts and culture, including pursuing learning activities, across two categories; Adaptation and Transition, or Professional Development.
BDC: “HASCAP” Program
The Highly Affected Sectors Credit Availability Program provides loans for small to medium sized businesses that have seen their revenues decrease by more than 50 per cent as a result of the pandemic. Applications are done through your financial institution. Applications opened on February 1.
B.C. Gaming Grants
If your organization counts on Gaming Grants from the Province of British Columbia, while the overall budget from this program hasn’t changed, some of the priorities have to meet the most critical needs brought on by COVID-19. Updates are still to come for some sectors at the end of February.
Business Recovery Grant
These fully-funded grants from the Province of B.C. are for small- to medium-sized businesses; the criteria to apply changed late in 2020, so if you haven’t explored this opportunity for support, it’s a good time to check your eligibility as the terms have expanded. The program runs until the end of March. You do need to submit a recovery plan, and help is available to create one.
Magnet Student Work Placement Program
Looking for a student to hire? This program provides up to $7,500 in wage subsidies for employers hiring students for “work integrated learning” opportunities.
General info on B.C.’s plan for economic recovery can be found at the StrongerBC website, and federal government programs and resources for both individuals and businesses can be found here.
And finally, if remote work or working from home is new to you, make sure you’re prepared for tax season.