Northern Development Initiative Trust (NDIT) has adjusted the Forestry Affected Business (FAB) Consulting Rebate to include businesses impacted by the COVID-19 pandemic.
The newly-named Small Business Recovery (SBR) Consulting Rebate program is designed to help businesses access the professional support they need to weather the current economic downturn.
The SBR Consulting Rebate will reimburse small and medium-sized businesses (operators) for contracted consulting services.
Businesses that are impacted by the economic downturn in Northern Development’s service region are eligible to apply. A rebate of up to 85 per cent, to a maximum of $25,000, can be recovered for the cost of hiring a consultant to assist with business efforts.
The program has been adjusted to allow for projects that help transition businesses to e-commerce platforms or alternative modes of operation during current social and physical distancing restrictions, as well as to support operational and systems improvements and business repositioning for a long-term return to profitability.
Funding applications are continuously accepted to this program, and a decision is made within one week of receiving the completed application and consultant proposal, according to a news release from NDIT.
Eligible business types include retail and retail services, hospitality, forestry, high-tech and transportation, to name a few. Eligible projects can include business planning and management, market development, quality and safety management, cash flow and financial management, and business coaching.
For a full list of eligible industries and projects, visit northerndevelopment.bc.ca.
To be eligible for this program, potential businesses must be privately-owned with less than 500 employees and annual revenues of less than $100 million. Startups and publicly-traded businesses are not eligible.
The FAB program was introduced in August 2019 as an offshoot of the Competitiveness Consulting Rebate (CCR) program, which offers rebates to businesses in the industrial supply and services sector.
For more information on eligibility and how to apply, visit northerndevelopment.bc.ca.
While NDIT’s physical office in Prince George is currently closed to the public, staff members are working remotely and connecting with businesses through email or phone.
In an open letter written March 18, NDIT CEO Joel McKay assured northern B.C. residents that NDIT is operating as usual and will continue to provide review of — and response to — all applications for community and business development programs; make prompt payments to recipients in accordance with signed agreements; and clear communication regarding possible program adjustments and intake deadlines.
“We appreciate these are uncertain times, and we are here to provide additional support to our recipients and partners,” wrote McKay. “We encourage you to reach out to the staff at the Trust should you need any assistance.”
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