There are a variety of incentive programs in place to encourage business activity in Prince George.
Downtown Business Improvement Association (DBIA) Façade Improvement Program
If you are considering undertaking a façade improvement to your building or business frontage, Downtown PG can provide a 50% reimbursement grant – up to a maximum of $5,000 – per building/project. The building must be located in the Downtown Prince George C1 Zone. Each building within the C1 is eligible for the one time grant. Projects must have a minimum total cost of $4,000 in order to qualify but not exceed $200,000 in total.
To learn more about this program please visit the DBIA’s Facade Grants page.
Northern Development Initiative Trust
Northern Development Initiative Trust is an independent economic development corporation focused on stimulating economic growth and job creation in central and northern British Columbia. The Trust was established in 2005 with an initial capital infusion of $185 million. That capital base is used to provide funding and build capacity in municipalities, regional districts, First Nations communities, and non-profit organizations throughout central and northern BC.
As of June 30 2015, $130 million in funding has been committed to 1,820 projects in communities throughout central and northern BC. In that time, the Trust has helped create 6,189 jobs and formed 2,817 partnerships with 856 organizations that have attracted more than $1.2 billion in new investment to the region.
Northern Development provides support for economic growth through more than a dozen funding streams and programs, which generate unique incentives for business growth and investment in the region.
Competitiveness Consulting Rebate
The Competitiveness Consulting Rebate program provides a rebate to small and medium sized companies engaged in manufacturing, innovative technologies, resource processing, transportation and distribution as well as their first line suppliers for outsourced consulting services.
A rebate of up to 50% to a yearly maximum of $30,000 can be recovered for the cost of external business consulting projects. Projects must focus on increased productivity, new or incremental revenues, profitability and/or job creation. Eligible companies must be privately owned and have headquarters within the Northern Development Initiative Trust region.
The Community Revitalization program is an aggressive incentive program that is a partnership between communities and Northern Development that encourages new development and redevelopment in central and northern BC. This innovative program provides an immediate financial incentive for developers that is significantly more attractive than any revitalization tax exemption program currently available in the region.
The goal of the Community Revitalization program is to encourage developers to invest in downtown or community renewal projects that include new market and non-market housing, commercial and mixed use development, green development, and façade improvements. The municipality has the ability to develop a revitalization tax exemption bylaw that addresses its unique vision for attracting investment and increasing the tax base of the community.
In communities where the municipality has partnered with Northern Development on this program, developers can choose to access a “revitalization tax exemption early benefit,” which is a lump sum payment aligned with the equivalent municipal tax exemption a developer would receive over the term of a standard revitalization tax exemption agreement. By accessing the early benefit, the developer’s annual tax payments going forward during the life of the equivalent tax exemption period are returned to the municipality’s Northern Development funding allocation.
In 2011, the City of Prince George entered into a partnership agreement with Northern Development, taking leadership as the initial municipality to utilize the Community Revitalization program.
Venture Capital Programs
The Province of British Columbia offers four key programs to help small businesses in BC access capital for business start-ups and expansion.
The Venture Capital Programs offered by the Investment Capital Branch provide tax credits to investors making direct capital investments in BC-based small businesses or indirect investments through specialized venture capital investment funds.
Tax credits offered under the Small Business Venture Capital Act (SBVCA) and the Employee Investment Act (EIA) have the capacity to support up to $168 million of investment capital annually and are designed to support continuous access to early-stage venture capital for small businesses.
Click on the images below to view the Investment Capital Program guidelines and presentation outlining how to apply.
Investment Capital Program guidelines
Creating Business Investment, Innovation and Opportunity