10 May 2021
New $500M investment fund targeting BC businesses launched by Province
The government of BC has released further details regarding InBC, a $500M strategic investment fund for BC businesses, that was first announced last year. The fund is a major initiative under StrongerBC: BC’s Economic Recovery Plan and Budget 2021 to position the province as a front-runner in the post-pandemic economy.
The purpose of InBC is to invest in small and medium-sized BC companies to help them scale up and reach their highest potential while generating returns to support a growing economy that benefits all British Columbians. InBC will take a “triple bottom line” investment approach to ensure that it balances economic growth with societal benefits.
The three elements of InBC’s triple bottom line include:
- Financial Return: Providing financial returns for investors.
- Environmental Impact: Investing in low-carbon businesses to create new clean energy jobs and establish B.C. as a globally competitive low-carbon jurisdiction.
- Economic and Social Impact: Contributing to positive economic and social outcomes through job creation, advancing reconciliation with Indigenous peoples, and promoting diversity and inclusion.
InBC will operate independently from the government, with investment decisions made by a Chief Investment Officer and a team of investment professionals. The Chief Investment Officer will be held accountable by a nine-member board of directors, the majority of whom will be from the private sector.
The investment program, including investment criteria, is currently in development and more information regarding the investment process will be available in fall 2021. We will provide further details as they are announced.
If you have questions regarding InBC or financing options for your business, please contact a member of our Business Law Group.