February 09 , 2021
Small and medium-sized businesses are vital to British Columbia’s economy. As part of the strong BC provincial economic recovery plan, the Small and Medium-Sized Business Recovery Grant program provides fully-funded grants to eligible businesses to ensure they have the support they need during and beyond COVID-19.
Grants of $10,000 to $30,000 are available to small and medium sized B.C. businesses impacted by COVID-19. An additional $5,000 to $15,000 grant is available to eligible tourism-related businesses.
The program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first.
A business must meet all eligibility criteria to receive a base grant.
Please note, seasonal businesses should provide information relevant to their specific business cycle.
The majority share of the business is owned by one or more B.C. residents
The business has been operating in B.C. for at least 18 months as of your date of application to this grant program
The business’s sole or primary operations are located and conducted in B.C. The business is registered in B.C. The business is current and pays taxes in B.C. The business is currently operating (Businesses that are seasonal or temporarily closed are also eligible)
The business employs up to 149 people in B.C. for at least four months of the calendar yearThis includes businesses that had employees or contracted staff prior to February 1, 2020 For businesses that do not have staff, please tell us in your application how the grant funding will support your recovery and benefit your community
The business had positive cash flow for the last financial statement, prior to February 1, 2020
The business experienced revenue losses compared to the same period in 2019 of: At least 70% at some point during March or April 2020* and At least 30% at some point during May 2020 to present*
The business’s ownership has not prepared the business for closure, dissolution or for sale following February 1, 2020
Business will need to complete an online application and upload financial documents.
Documents should have names and other personally identifiable information redacted where business is not authorized to share.
If you’re eligible, you’ll be asked to develop a recovery plan. Professional service providers are available to help businesses with the recovery plan as needed. Once your recovery plan is submitted and reviewed, approved businesses will receive grant funding for their plan. You may be asked to give information and documentation about your recovery efforts and how the grant funding was used.
Businesses apply for funding and provide information to demonstrate that they meet the eligibility criteria.
A business that meets the eligibility criteria is matched with a professional services provider who will help develop a recovery plan or assess the business’s current plan (a value up to $2,000 in professional services, in addition to the grant amount).
Once a recovery plan is developed, submitted and approved, funding is provided to the business to implement the actions outlined in their recovery plan.
Businesses must provide regular updates that account for the spending and status of their recovery efforts supported by the grant funding.
All businesses must agree to participate in a third-party audit at the end of the program.
As a registered and approved provider of professional services by Small Business BC , we look forward to helping you develop a blueprint for your business’s recovery and success. To learn more about how we can support you throughout the grant application process and beyond, please contact us.