NEW SMALL CAPITAL FUNDING STREAM TO SUPPORT INNOVATIVE SOLUTIONS

Thursday, June 4, 2020

Funds to harness revenue generation opportunities for 
COVID-affected business and industry

COURTENAY, 4 June 2020 – A quick response small capital grant of up to $15,000 is now available through the Island Coastal Economic Trust (ICET) for time-sensitive initiatives that support immediate, short-term COVID-related business and industry restart, resilience and sustainability.

The Small Capital Restart Funding program is designed to provide low barrier, rapid access to capital funding to support restart and increased sustainability for business and industry facing closures and operational restrictions. A streamlined application process will enable applicants to receive a funding response within five working days. Funding will support quick response, shovel ready initiatives which can be started immediately and completed within 90 days of approval.

“We’re seeing real ingenuity at work across our region as businesses, industry and local governments work together to rethink how they operate and develop cost-effective approaches to capturing new markets and revenue streams,” says ICET Board Chair Josie Osborne. “This new grant will provide an immediate opportunity to invest in creative solutions to this global challenge.”

Small scale capital projects eligible for support could include any type of innovative approach that enables faster restart of operations or enables the development of complementary revenue streams for affected businesses and industry. This could include rethinking public spaces, such as public parking or parklets for outdoor business use, or the application of technology to allow for alternative restart options or to capture new markets in the digital marketplace.

“Supporting innovative solutions that keep our industries and businesses profitable is vital for rapid recovery and long-term sustainability,” says ICET CEO Line Robert. “We want to support those players who are trying to implement creative plans and tools, but who may not have the immediate resources available.”

Applicants eligible for funding include local governments, Indigenous communities, non-profit organizations (including industry associations, Chambers of Commerce or other non-profit business, industry or economic development related organizations). Projects must demonstrate broad public benefits beyond any one business or organization.

Details about the program, including how to apply, can be found here.

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 About the Island Coastal Economic Trust (ICET)

Created and capitalized by the Province of BC in 2006, the Island Coastal Economic Trust (ICET) mission is to create a more diverse and globally competitive Island and Coastal economy that benefits communities. In partnership with local and regional government, non-profits and indigenous groups, ICET serves nearly half a million residents to support economic infrastructure and economic development readiness projects. Through a unique community centered decision-making process, ICET has approved more than $52 million in funding for over 200 initiatives. These investments have leveraged over $270 million in new investment into the region creating more than 2500 construction phase jobs and 2650 long term permanent jobs. 

For further information:

Line Robert, CEO
Island Coastal Economic Trust
Tel. 250-871-7797 (Ext. 227)

Amanda Fortier, Communications Officer
Island Coastal Economic Trust
Tel. 250-871-7797 (Ext. 232)

To request media images, please contact Amanda Fortier, ICET Communications Officer.

 

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ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

3,650
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$236
million leveraged into the region

ICET By The Numbers

$50.5
million disbursed

ICET By The Numbers

$52.1
million committed

ICET By The Numbers

212
economic development projects

ICET By The Numbers

170
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2019-2020 ANNUAL REPORT

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