A new provincial Crown corporation with independence to make investments without political interference has been created. The aim is to use a $500 million fund to keep growing businesses in BC, instead of moving away as they scale up and need more capital.
The province says InBC is a new initiative to "help businesses scale up, drive innovation, create family-supporting jobs" that will drive economic recovery after the pandemic ends.
“Congratulations to the BC government on the launch of the InBC Strategic Investment Fund," BDC Capital executive vice-president Jérôme Nycz said in a news release. "We are pleased that the province can rely on a new source of capital to support its innovation economy, alongside other national players such as BDC Capital.”