Additional Funding Added to the Small and Medium Sized Business Recovery Grant

The Province is adding millions in additional funding to keep the Small and Medium Sized Business Recovery Grant operating until the expected start of Step 3 of BC’s Restart plan on July 1, 2021.

To date, the business recovery grant program has committed $290 million to support businesses impacted by the pandemic. After applications close on July 2, 2021, the total investment of the Small and Medium Sized Business Recovery Grant program is expected to reach $430 million. This funding will support more than 20,000 B.C. businesses and 260,000 employees over the course of the pandemic and beyond.

As of June 3, 2021, more than 10,000 grants have been awarded to B.C. businesses. Over 41% of these grants have been awarded to tourism-related businesses.

Eligible businesses interested in applying for the grant are encouraged to apply right away. All businesses that apply, including businesses in the application process, must submit all final documentation and details prior to the July 2, 2021, deadline. Outstanding grants and related service-provider claims will continue to be processed as soon as possible after the application period closes.

Learn more: https://news.gov.bc.ca/releases/2021JERI0038-001087

Quick Facts:

• The Small and Medium Sized Business Recovery Grant program provides fully funded grants to eligible businesses that employ up to 149 B.C. residents.
• Grants of $10,000 to a maximum of $30,000 are available with up to an additional $5,000 to $15,000 available to tourism-related businesses.
• As part of the application process, an applicant is required to develop a business recovery plan.
• Approved professional service providers are available to help with the application process, including recovery plan support, up to $2,000 per small or medium-sized business. This amount is paid directly to the provider.