David Eby's BC NDP promise interest free loans and a new tax credit for businesses
The BC NDP unveiled its plan to support small B.C. businesses as they deal with the ramifications of the U.S.-Canada trade war and wildfires.
The party, which called a snap election last month, said that if re-elected, it will introduce a $500 million relief fund for small businesses in B.C.
This fund will offer interest-free loans of up to $1 million for up to 72 months ” to help small businesses recover from the recent wildfires or Donald Trump’s unfair tariffs.”
The BC NDP also promised an annual $6 million in “enhanced” market research grants and one-on-one advice to help businesses both buy Canadian and find non-U.S. markets to sell their products in.
“Small businesses make our communities vibrant. They sponsor local sports teams and community events, and they give young people their very first jobs,” said Eby in a release.
“Even at the best of times, small business owners face big challenges and tight margins – all of which are made harder for many by unfair tariffs and the recent wildfires. That’s why we’re going to help them through this difficult time and support them over the long run.”
Further, the BC NDP promised to introduce a “youth hiring tax credit,” which would provide a $5,000 refundable tax credit to a small business if they hire a young person between the ages of 18 and 30 and provide them with their first full-time, 12-month job.
B.C. businesses have been grappling with rising costs and lowered demand, having dealt with several challenges since 2020. There was the COVID pandemic that shut down parts of the economy and impacted consumer spending, high interest rates, a declining housing market, the first round of tariffs, the war in the Middle East, and now another round of tariffs.
A recent report from the Canadian Federation of Independent Business (CFIB) found that 56 per cent of businesses advise people against starting a business.
The CFIB said that the biggest hurdles B.C. businesses face are tax and regulatory costs, wage costs, and fuel costs.
With files from Amir Ali