Programs, Grants & Tax Credits
Venture Kamloops has the important information you need to know about traditional and private financing, government programs, credits and incentives that can help grow your business. Find the resources and information on programs below, or contact Jim Anderson for detailed information and advice at janderson@venturekamloops.com or 250-828-6818.
Financing
Community Futures Programs for Entrepreneurs
Entrepreneurs With Disabilities
The Entrepreneurs with Disabilities Program offers small business loans to people with disabilities who are interested in starting or growing their own business. Loans are available to entrepreneurs with a viable business idea who have a disability or an ongoing health condition. In-house or online resources and training are available to support the goal of self-employment. More Information
Self-Employment Programs
Participants in the Self-Employment program receive business training and access to financial assistance while getting their new business up and running. The program is designed to reduce some of the financial concerns of self-support for new entrepreneurs who are taking their first step towards self-employment. More Information
Self-Employment program for Youths with disabilities – Self Employment Explorer. More Information
Small Business Loans
Community Futures provide entrepreneurs with small business loans up to $150,000 when traditional financial institutions are unable to help. Loans are available for new business start-ups, business expansion, or to stabilize an existing business. More Information
Futurpreneur Canada (Canadian Youth Business Foundation)
Futurpreneur Canada has been fueling the entrepreneurial passions of Canada’s young enterprise for two decades. We are the only national, non-profit organization that provides financing, mentoring and support tools to aspiring business owners aged 18-39. Our internationally recognized mentoring program hand matches young entrepreneurs with a business expert from a network of more than 3,000 volunteer mentors.
They offer collateral-free loans at better interest rates than most banks. They are able to finance up to $60,000 per business through our Start-Up Program in partnership with the Business Development Bank of Canada (BDC).
Women’s Enterprise Centre
Women’s Enterprise Centre’s Business Loans Program offers small business loans to women-owned businesses in BC that can help you start, enhance, or grow your BC business. Loans are available for up to $150,000 for BC women and are complemented with free professional advice. More Information
Canada Small Business Financing Program (CSBFP)
The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders. The maximum loan amount for a borrower is $1.15 million.
- Up to a maximum of $1,000,000 for term loans for any one borrower, of which no more than $500,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment and of that amount, a maximum of $150,000 could be used for intangible assets and working capital costs.
- Up to a maximum of $150,000 for lines of credit.
- Financial institutions deliver the program and are solely responsible for approving the loan. For more information download their PDF pamphlet or click here to find a lender near you.
ETSI BC Economic Trust of Southern Interior
The objective of ETSI BC Economic Trust of Southern Interior is to help grow and diversify the economy of the Southern Interior of British Columbia through economic development initiatives in 10 key sectors. More Information
Angel Investors
An angel investor or angel (also known as a business angel or informal investor) is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital. More Information
Financial Institutions
Banks and Credit Unions
Traditional bank financing is also known as debt financing or providing loans to businesses. In a loan, the business initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments.
| Name | Address | Phone Number | Website |
|---|---|---|---|
| Bank of Montreal | #29,750 Fortune Drive101F | 1-877-225-5266 | www.bmo.com |
| 101F – 1180 Columbia Street W | |||
| Business Development Bank of Canada | 205 Victoria Street | 1-888-463-6232 | www.bdc.ca |
| Canada Western Bank | 1211 Summit Drive | 250-828-1070 | www.cwbank.com |
| Canadian Imperial Bank of Commerce (CIBC) | 304 Victoria Street 565 Notre Dame Dr #6-700 Tranquille Road |
250-314-3188 250 314-3106 250-554-5700 |
www.cibc.com |
| Interior Savings Credit Union | 350 Lansdowne Street 1210 Summit Dr |
250-374-3361 250-314-1210 |
www.interiorsavings.com |
| Valley First Credit Union | 180 Seymour Street | 250-374-4924 | www.valleyfirst.com |
| HSBC Bank Kamloops | 380 Victoria Street | 1-888-310-4722 | www.hsbc.ca |
| Royal Bank of Canada | 186 Victoria Street (Main) 400, 1210 Summit Dr 789 Fortune Dr, Kamloops |
250-371-1500 250-374-8334 250-376-8822 |
www.rbcroyalbank.com |
| Scotia Bank | 276 Victoria Street(Main) 500 Columbia Square 781 Tranquille Road |
250-314-3950 250-314-5475 250-554-5625 |
www.scotiabank.com |
| TD Canada Trust | 301 Victoria Street 500 Columbia Square #29, 700 Tranquille Road 2121 E Transcanada Hwy |
250-314-5035 250-314-3000 250-376-7774 250-314-5100 |
www.tdcanadatrust.com |
The Business Development Bank of Canada
The Business Development Bank of Canada promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs. A financial institution owned by the Government of Canada, BDC has been serving Canadian entrepreneurs for more than 65 years. As a complementary lender, BDC offers loans and investments that fill out or complete services available from commercial financial institutions. More Information
Venture Capital
Ministry of Jobs Tourism and Innovation: Venture Capital Programs
Venture capital programs encourage investors to make equity capital investments in British Columbia small businesses that will enhance and diversify the provincial economy. These programs give small business continuous access to early-stage venture capital to help them develop and expand. More Information
Small Business Venture Capital Tax Credit
The small business venture capital tax credit is for corporations that invest in shares of a registered venture capital corporation or eligible business corporation. More Information
Eligible Business Corporation
Under the ‘direct’ investment approach, a small business registers as an eligible business corporation under the venture capital programs. This allows a small business to accept equity capital directly from investors without having to set up a venture capital corporation.More Information
BC Renaissance Capital Fund
The B.C. Renaissance Capital Fund Ltd. is a Crown corporation. The Renaissance Fund invests in venture capital partnerships managed by experienced investment professionals. It focuses on four key technology sectors: information technology, digital media, clean technology and life sciences. More Information
Employee Share Ownership Plan (EIA)
The Employee Share Ownership Program (ESOP) provides employees with a 20% tax credit investments in their employers’ business. British Columbia residents can claim up to a $2,000 non-refundable tax credit annually. Entrepreneurs can use an ESOP as a tool for retirement succession planning, employee recruitment and retention, increasing employee engagement, and financing growth. More Information
Business Development Bank: Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from seed through to expansion, with a focus on innovative technology-based Canadian companies that have high growth potential, offer unique products or services and that are positioned to become dominant players in their markets. More Information
BDC Operates 4 Direct Investment Funds:
- Diversified Venture Fund
- Energy/Cleantech Venture Fund
- Health Venture Fund
- IT Venture Fund
Grants
B.C. Employer Training Grant
The B.C. Employer Training Grant program (ETG) supports skills training to address provincial labour market needs. The program is delivered by the Province of British Columbia and is funded by the Government of Canada through the Workforce Development Agreement (WDA). More Information
InnovateBC
Startups and small technology companies in BC can now access quality talent at an affordable cost through the BC Tech Co-op Grants Program. More Information
Investment Agriculture Foundation British Columbia (IAFBC)
The mission of IAFBC is to assist British Columbia’s producers, processors, agri-businesses and rural communities to develop solutions and seize opportunities. They offer a variety of programs to assist the agriculture and food processing industries in BC. Whether you’re interested in pursuing a local marketing or export opportunity, enhancing environmental sustainability or developing a new product or process, funding is available to help turn your idea into reality. More Information
IRAP Financial Assistance Programs
Research and Technology Development Activities
The National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) provides financial support to qualified small and medium-sized enterprises in Canada to help them develop technologies for competitive advantage. NRC-IRAP operates on a shared-risk model, providing cost-shared financial assistance for research and development projects that meet both the firm and project assessment criteria. More Information
Youth Employment Program
This program provides financial assistance to innovative small and medium-sized enterprises in Canada to hire post-secondary science, engineering, technology, business and liberal arts graduates. Graduates work on innovative projects within the small and medium-sized enterprise environment and may participate in research, development and commercialization of technologies. More Information
etsiBC Economic Trust of Southern Interior
Our Economic Trust contributes to economic growth and diversity in the Southern Interior of BC.
- We add value to our region through:
- Helping build the region’s economic development capacity.
- Assisting our partners as they support local businesses.
- Encouraging entrepreneurship and the creation of meaningful jobs.
- Providing support to key sectors of our region’s economy to innovate and be more sustainable.
Sustainable Development Technology Canada
SD Tech Fund
The SD Tech Fund™ is aimed at supporting the late-stage development and pre-commercial demonstration of clean technology solutions: products and processes that contribute to clean air, clean water and clean land, which address climate change and improve the productivity and the global competitiveness of the Canadian industry. More Information
NextGen Biofuels Fund™
The $500M NextGen Biofuels Fund™ is aimed at supporting the establishment of commercial scale demonstration facilities for the production of next-generation renewable fuels and co-products that is a first of its kind. More Information
Natural Sciences and Engineering Research Council
NSERC helps Canadian companies compete in today’s economy by jointly funding collaborative R&D projects with scientists and engineers in universities and colleges across the country.These shared-cost options are flexible and responsive and can businesses stretch research dollars; connect to skilled and knowledgeable people; deliver creative ideas and practical solutions; promote long-term partnerships; and gain access to specialized facilities and equipment. More Information
Tax Credits
CRA – Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
The Scientific Research and Experimental Development (SR&ED) program is a federal tax incentive program to encourage Canadian businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada that will lead to new, improved, or technologically advanced products or processes. The SR&ED program is the largest single source of federal government support for industrial R&D. More Information
BC Film Tax Credits
Film Incentive BC (FIBC)
This incentive is for domestic productions that are Canadian owned and controlled and have qualifying levels of Canadian content. More Information
Production Services Tax Credit (PSTC)
This tax credit is open to both domestic and foreign producers, and has no Canadian content requirements. More Information
Various Tax Incentives and Credits
There are various Provincial and Federal programs that offer tax credits and incentives to a variety of industries. More Information
Grants, Contributions and Financial Assistance Independent Programs
Explore opportunities to receive public funds to help springboard your business venture. There are programs that apply to businesses in all provinces and territories, and others that apply only to businesses in the Kamloops region. More Information
