28 September 2020
BC Launches InBC: $500M investment fund for businesses
The BC Government has launched InBC, a new $500M investment fund designed to support high growth potential businesses and drive economic growth in every region of the province. Although details of the new investment program are yet to be released, we understand that InBC plans to invest in small and medium-sized B.C. companies in an effort to support growth that will allow them to reach their highest potential while remaining in BC.
This new initiative aligns with the Government’s goal to create well-paying jobs across the province through a “double bottom line” approach, delivering commercial returns and achieving priorities that reflect the values and needs of British Columbians. It also follows the BC Government’s recent introduction of Benefit Companies which seeks to balance commercial opportunities with public benefits by conveying special status to businesses that promote positive social goals.
InBC’s investment decisions will be made by an independent Chief Investment Officer and a team of professionals. These decisions will be guided by the BC Economic Plan: A Framework for Improving British Columbians’ Standard of Living, and the CleanBC strategy. InBC will be overseen by a Board of Directors and will be required to submit annual reports pursuant to the Budget Transparency and Accountability Act. The audit of the financial statements will be overseen by the Auditor General of B.C.
InBC is still in development and it is expected that its investment strategy and criteria will be published during spring 2021. Further details will be provided as they become available. If you have questions regarding InBC or financing options for your business, please contact our Business Law Group.
Arthur Cullinan is an Articling Student at Watson Goepel LLP.