Indigenous Tourism BC: Small and Medium-Sized Business Recovery Grant

Indigenous Tourism BC: Small and Medium-Sized Business Recovery Grant

by ahnationtalk on December 9, 202056 Views

December 9, 2020

Indigenous Tourism BC is working closely with the Indigenous Business and Investment Council, the Ministry Jobs, Economic Development and Competitiveness and Destination BC to ensure access for Indigenous tourism businesses to this new funding opportunity – the Small and Medium-Sized Business Recovery Grant. The new grant program is part of the government’s Stronger BC for Everyone: BC’s Economic Recovery Plan.

As we all continue to experience challenges and hardships through this COVID-19 pandemic, Indigenous Tourism BC identifies that supporting small and medium businesses in every industry within our province is vital. Those businesses who have received the Indigenous Tourism BC Emergency Relief Grant Fund and the Indigenous Community Business Fund are eligible to apply. We encourage Indigenous tourism businesses in BC to review this recovery grant criteria and to consider applying.

Indigenous tourism partners mirror our support and strategy in ensuring businesses receive the necessary support to recover from these challenging times. This is much needed support to become resilient by adapting, shifting, & diversifying business operations for on-going longevity and future success.

Small businesses, including Indigenous tourism businesses are at the core of B.C.’s economy and our communities. This grant will help an estimated 15,000 small businesses to continue operating and continue to support more than 50,000 jobs for British Columbians.

Program Overview

The Small and Medium-Sized Business Recovery Grant program will invest up to $300 million in targeted financial support for some of the hardest hit businesses in B.C. that employ between two and 149 B.C. residents and have experienced declines in revenue since March 10, 2020.

Grants of $10,000 to $30,000 are available. Recognizing the profound and devastating impact that COVID-19 has had on the tourism sector, an additional top-up grant of up to $10,000 will be available to eligible tourism-related businesses.

The program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first.

Program Steps

Step 1 – Businesses apply for funding and provide information to demonstrate that they meet the eligibility criteria

Step 2 – As part of the grant intake process, eligible businesses will be provided with professional services valued at up to $2,000 per business to help assess their situation and develop a recovery plan that will describe a realistic path to remaining solvent until COVID-19 is behind us.

Step 3 – Once a recovery plan is developed, submitted and approved, funding is provided to the business to implement the actions outlined in their recovery plan

Step 4 – Businesses must provide regular updates that account for the spending and status of their recovery efforts supported by the grant funding

Step 5 – All businesses must agree to participate in a third-party audit at the end of the program

Program Criteria

To be eligible, businesses need to have between 2 and 149 B.C. resident employees, have experienced an initial COVID-related revenue reduction of at least 70 percent during March and April 2020 and continue to have revenues below 50% of pre-COVID levels.

Visit the Stronger BC program page for more information about eligibility criteria and how to apply.

Program Questions?

If you have questions about the program, please call 1-833-254-4357 or email [email protected]

NT5

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