Northern Development Initiative is donating $1.1 million to fund small to medium businesses in Northern B.C. in forestry, agriculture, mining, energy, oil and gas, and manufacturing. (Photo supplied by Northern Development Initiative)

Small businesses in Northern B.C. to benefit to the tune of $1.1 million

Northern Development funds $1.1 million dollars to small businesses

  • Feb. 5, 2020 4:35 p.m.

Small businesses in Northern British Columbia will benefit to the tune of $1.1 million in grant funding committed by Northern Development.

“Central and Northern B.C. are crucial to the economic well-being of our entire province, and support for innovation is key to ensuring long-term prosperity in our resource industries,” Hon. Michelle Mungal, minister of jobs, economic development and competitiveness said.

READ MORE: Haida Gwaii and Prince Rupert organizations among new development funding recipients

Northern Development has committed $600,000 to the Competitive Consulting Rebate (CCR) and $500,000 to the North industries Innovation Fund (NIIF). These two programs directly support small and medium size businesses in central and northern B.C. that implement projects to create measurable economic benefit for the regions.

The funding will allow for the continuation of these programs to be a success. The outcome then will be the allowance of small businesses in central and northern B.C. to grow, thus become more competitive, create new jobs and strengthen local economics.

“This funding will support economic development in Northern B.C. It provides greater opportunity for small and medium size companies to be innovative and grow as they support our mining and energy sectors, ” Hon. Bruce Ralston, minister of energy, mines, and petroleum resources, said.

READ MORE: Feds to fund Indigenous energy projects in B.C. and Alberta

NIIF funding is to support applied research and development improved products and services, and testing of innovative equipment or technologies in the forestry, agriculture, aquaculture, mining, energy, manufacturing, and oil and gas sectors.

CCR funding is for small to medium sized businesses engaged in manufacturing, innovative technologies, resource processing, transportation, distribution.

“Northern B.C.’s economy has taken a hit this past year with mill closures and curtailment’s. However, the people who live and work here are resilient and capable. Northern Development is eager to support those businesses in or region that seek out innovative opportunities in order to grow our economy and improve life in the north,” Joel McKay, CEO of Northern Development Trust said.


 
K-J Millar | Journalist 
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