The B.C. government is enhancing the Small and Medium-Sized Business Recovery Grant program to make it easier for businesses to qualify along with increased support for those in the hard-hit tourism sector.
“We know that small businesses are struggling as they contend with the challenges of operating during a global health pandemic,” said Ravi Kahlon, B.C.’s Minister of Jobs, Economic Recovery and Innovation.
“While many businesses have benefited from our government’s supports and programs, we wanted to do more. As part of our government’s commitment to an economic recovery for all British Columbians, we developed the recovery grant program for businesses. We recently engaged stakeholders, listened to their ideas, and responded quickly to adjust this program. Now, more businesses can access this much-needed funding.”
Adjustments include a streamlined application process where the criteria is expanding from a minimum revenue drop of 50% to 30%.
In addition, the previous three-year operation requirement has been reduced to 18 months.
Businesses impacted by the pandemic will be eligible to receive a grant of up to $30,000.
The grant for the tourism sector has been increased, to $45,000.
The changes to the Small and Medium-Sized Business Recovery Grant program were made in consultation with industry associations and business groups that represent the small and medium-sized business community.
“B.C. restaurants need the support of government to get through the significant impacts of COVID-19 on our industry,” said Ian Tostenson, president and CEO, BC Restaurant and Foodservices Association. “Helping business owners pivot and get through this tough time is essential. We are grateful for the revisions to the grant program and the support it offers to businesses facing financial pressures.”
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