The BC business recovery grant, and what small and medium sized enterprise owners need to know. Now before I continue, the deadline for the last intakes on the grant was on 2nd of July, 2021.
If you made your application before the closing, it will be reviewed in the order in which it was received. You can get more information on it and subsequent applications from the official website – bcbusinessrecoverygrant.com.
You can also review your submissions on the website.
What Is The BC Business Recovery Grant About?
The small and medium-sized business grants were put in place to provide fully-funded grants to businesses to help them get over the COVID-19 effects.
In order words, it is meant to provide (financial) supports needed by businesses during and beyond the COVID-19 pandemic.
How The Program Works
Here’s a brief rundown on how the program works:-
- Grants of from $10,000 to $30,000 are available to small and medium sized B.C. businesses who were impacted by COVID-19 pandemic.
- Additional grants worth from $5,000 to $15,000 are available to eligible tourism-related businesses.
How To Apply For The BC Business Recovery Grant
The application form will be available on the official website.
- Eligible businesses who made an application will be asked to develop a recovery plan. There are some professional service providers that can help businesses in taking care of this.
- The submissions will be reviewed, and approved businesses will receive the funding for their plans
They may be asked to provide information on how the funding was used.
Eligibility For The BC Business Recovery Grant
Some of the things that your business needs to be qualified for the grant include:
- The business employs up to 149 people in B.C. for at least four months of the calendar year.
- For businesses that do not have staff, you might have to tell in your application how the grant funding will support your recovery and benefit your community.
- A majority share of the business is owned by one or more B.C. residents.
- Strictly for for-profit operation businesses.
- The business is registered in B.C and pays taxes.
- It has been operating in B.C for at least 18 months prior to your date of application.
- The business’s ownership has not prepared the business for closure, dissolution or for sale following February 1, 2020.
- It has positive cash flow for the last financial statement.
Please note: The criteria above were from the last submission, and there might be little adjustments in case of subsequent ones.
Eligibility For The Tourism Grant Top Up
To receive the tourism grant top-up, you had to declare that a significant part of your business’s total goods or services are purchased by visitors.
They are businesses that carter for people staying outside their house for different purposes, and time not up to a year.
Some of the sections include:-
- Entertainment services
- Food and beverage services
- Travel services
Eligible businesses could receive up to $15,000 in additional funding.
The amount of funding you’ll receive is dependent on your previous annual revenue:-
|Pre-COVID* annual revenue||Grant amount|
|Up to $100,000||$10,000|
|$100,001 to $1,000,000||$15,000|
|$1,000,001 to $2,000,000||$20,000|
|$2,000,001 to $3,000,000||$25,000|
|More than $3,000,000||$30,000|
The tourism grant top-up as well will be based on the number of B.C. resident employees employed or contracted;-
|Number of pre-COVID B.C. residents employed||Grant top-up amount|
|0 to 1||$5,000|
|2 to 4||$10,000|
|5 to 149||$15,000|
You can find more information on this by clicking here.
How To Use Your Funding
The funding may be used to implement the actions specified in your recovery plan.
For instance, you can consider things like;-
- Modifying the physical location of your business
- Providing new services to your customers
- Taking your business online
- Diversifying your business
- Hiring a B.C.-based online marketing service
- Purchasing extra equipment
You can drop further inquiries as questions below, and we’d be sure to help you out.