COVID-19 continues to affect businesses of all types, and no business is immune to the new challenges we are all facing. On the federal, provincial, and community level, a variety of supports have already been established to assist your business in these complicated times. To help you navigate through and make use of these opportunities, the City of Terrace established the Community Economic Response Team along with a variety of community partners, including the Terrace and District Chamber of Commerce, Community Futures 16/37, Kermodei Tourism, and the Regional District of Kitimat-Stikine.
We want to know how else we can help, so you can expect a call from our team! We are surveying licensed businesses in Terrace to find out what their needs are, and following up by sending them relevant resources.
Watch Mayor Carol Leclerc discuss the Economic Response Team (April 2)
The City has resumed regular communications through the Economic Development newsletters; click the button below to sign up.
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Business Supports
The list of supports below is not exhaustive, but it offers a vast range of supports available catered to the responses to the surveys we're currently administering. We are working as a team to stay on top of these opportunities and share them here.
If you see ** next to a support, it means it's a local support with someone in the Terrace area who understands the local economic and social situation, and can be a long-term resource to you and your business. Visit their website or ask us to make a connection for you.
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- Terrace and District Chamber of Commerce**: The Terrace & District Chamber of Commerce is a voluntary non-profit association of business and professional men and women who have joined together to improve the civic and business welfare of Terrace. Join the Terrace Chamber today to be a part of an organization dedicated to make Terrace, and surrounding area, a great place to do business.
- Kermodei Tourism**: Kermodei Tourism is the destination marketing and management organization for the Terrace area. They leverage partnerships to help market Terrace to the region, province, country, and the rest of the world. They're also a great resource for tourism-related businesses, they help bring pride to the downtown area, and are huge supporters of local business. They can be your local liaison to Northern BC Tourism Association.
- Community Futures 16/37**: Community Futures 16/37 is involved in lending, leveraging, business counseling, technical assistance, advising and facilitating. They partner and work with federal/provincial governments, banking communities, potential and existing entrepreneurs, band and tribal councils, municipalities, government agencies and local organizations (such as Northern BC Tourism Association, Chambers of Commerce, local colleges, and all community economic development organizations.
- Regional District of Kitimat-Stikine**: The Economic Development Commission is made up of the Regional Board Directors for the six electoral areas, as well as Stewart, Hazelton and New Hazelton. Through the continuous research and the development and promotion of economic development activities, the Commission will support the economic viability of the region through targeted strategies.
- Terrace Downtown Improvement Area Society**: formed by a Business Improvement Area bylaw, the TDIA supports businesses in the downtown core through marketing, beautification, safety, and events. They also administer several grants. This includes matching funds up to $1000 per business to offset costs related to Covid-19 mitigation infrastructure (dividers, barriers, etc.).
- Futurpreneur: The federal government is providing $20.1 million in support for Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.
- Women's Enterprise Centre**: Women’s Enterprise Centre is focused on supporting women-owned businesses through this crisis so that when it is over you can get back to business as usual.
- COMING FALL 2020: the Women's Enterprise Centre is offering a peer mentoring group in Terrace. Facilitated by an experienced woman entrepreneur in your community, the group decides the focus of each meeting based on the interests and needs of its members (e.g. work/life balance, marketing, networking skills, cash flow management). Sign up here and learn more about it here.
- Small Business BC: Whether you are starting a business, or looking for new growth strategies, use business startup checklists, expert programs, and specialized bookstore to build your business. Small Business BC's resources provide you with important business tips and tools for Business Planning, Market Research, Marketing & Sales, Import/Export and much more.
- Search for supports applicable to your business needs in the large database of new and existing resources available through Small Business BC. Remember - Love Terrace businesses have additional financial discounts and free access to these resources!
- Small Business BC also offers lots of education from experts on many different topics - all are at low or no costs.
- Access Small Business BC's free Business Planning Resources list. This supplementary guide to the Business Plan Checklist includes links to third party business plan guides, recommended samples, and templates that can help your write your business plan.
- Indigenous Tourism Association of Canada: Non-repayable grants of up to $25,000 are offered to Indigenous tourism businesses. The Indigenous Tourism Association of Canada (ITAC) will work collaboratively with Indigenous tourism businesses and Provincial, Territorial Indigenous Tourism Organizations (PTITO) to advocate for accelerated funding, tools and supports necessary to recover from COVID-19 and grow the Indigenous tourism industry again in our country.
- Women's Entrepreneurship Network: The federal government is providing $15 million in new funding through the Women Entrepreneurship Strategy (WES). This funding will be available to existing WES Ecosystem Fund recipient organizations, enabling these third-party organizations to provide timely support and advice to women entrepreneurs facing hardship due to the COVID-19 pandemic.
- Canadian Business Resilience Network: Health and Safety info, toolkits, videos and webinars, tips and advice, info on financial support, data and research, and how Canada is going to reopen the economy are all categories of resources available. Well-organized catalogue of supports for businesses of all sizes and needs. Access the CBRN's resources here.
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- BC COVID-19 Closure Relief Grant: The COVID-19 Closure Relief Grant will provide fully funded grants to businesses that had to close due to the December 22, 2021 Provincial Health Officer (PHO) orders.
- Canada Worker Lockdown Benefit: (this program now has expanded eligibility) The Canada Worker Lockdown Benefit (CWLB) gives temporary income support to employed and self-employed people who cannot work due to a COVID-19 lockdown. If you are eligible for the CWLB, you can receive $300 ($270 after taxes withheld) for each 1-week period. You may apply for any weeks your region is eligible between October 24, 2021 and May 7, 2022.
- Increased Employment Incentive: The B.C. increased employment incentive is a one-time refundable tax credit for employers. The deadline to apply is December 31, 2021. The credit is 15% of the amount that the employer’s total eligible remuneration for all eligible employees in the qualifying period exceeds the employer’s total eligible remuneration for all eligible employees in the base period.
- Highly Affected Sectors Credit Availability Program (HASCAP): Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.
- First Peoples' Cultural Council Grants: FPCC Grant funding supports communities to revitalize their Indigenous languages, arts and cultural heritage in B.C. Current funding opportunities will display a submission deadline in the list on their webpage.
- Competitiveness Consulting Rebate**: The Competitiveness Consulting Rebate program provides a rebate to small and medium sized businesses in eligible industries in the Trust’s service region for customized consulting services. A rebate of up to 50% to a yearly maximum of $30,000 can be recovered for the cost of external business consulting projects. Projects must focus on increased productivity, new or incremental revenues, profitability and/or job creation.
- Facade Improvement**: The Terrace Downtown Improvement Area Facade Improvement Program will match dollar per dollar, a reimbursement grant up to a maximum of $5,000 per building/project to improve the facades of downtown buildings.
- Downtown Security Grant**: in the downtown core, businesses that wish to enhance security of their premises through environmental design, security cameras, lighting etc., can apply to the TDIA for a matching grant of up to $500.
- Downtown Marketing Grant**: The TDIA supports marketing of downtown initiatives (not specific businesses) that drive traffic to the downtown.
- Canada Emergency Rent Subsidy: Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue due to the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021.
- Customs Relief on Tarrifs: The federal government is waiving tariffs on certain medical goods, including PPE such as masks and gloves. This will reduce the cost of imported PPE for Canadians, help protect workers, and ensure our supply chains can keep functioning well.
- Business Credit Availability Program (BCAP) - EDC loan guarantee: Through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs). This financing support is to be used for operational expenses and is available to both exporting and non-exporting companies. This program is now available at various banks and credit unions.
- BCAP - BDC co-lending: Through the Business Credit Availability Program, Business Development Canada (BDC) is working with financial institutions to co-lend term loans of up to $6.25 million to SMEs for their operational cash flow requirements. The program offers differing maximum finance amounts based on business revenues. This support is available until or before September 30, 2020. This program is now available at various banks and credit unions.
- BCAP - Mid-Market Program: Financing from BDC: Through the Business Credit Availability Program, the Business Development Canada’s (BDC) Mid-Market Financing Program will provide commercial loans ranging between $12.5 million and $60 million to medium-sized businesses whose credit needs exceed what is already available through the Business Credit Availability Program and other measures. BDC anticipates that qualifying companies will have annual revenues in excess of approximately $100 million.
- BCAP - Mid-Market Program: Loan guarantee and financing from EDC: Through the Business Credit Availability Program, EDC’s Mid-Market Guarantee and Financing Program will bring liquidity to companies who tend to have revenues of between $50 million to $300 million, to sustain operations during this uncertain period. EDC will continue to work with Canadian financial institutions to guarantee 75 % of new operating credit and cash-flow loans – ranging in size from $16.75 million to a maximum of $80 million. These expanded guarantees are available to exporters, international investors and businesses that sell their products or services within Canada. More details will be made available soon.
- Canada Recovery Benefit (CRB): If you are eligible for the Canada Recovery Benefit (CRB), you can either receive $1,000 ($900 after taxes withheld) or $600 ($540 after taxes withheld) for a 2-week period, depending on when you start applying for the benefit.
- Farm Credit Canada - Payment deferrals and credit line program: To ensure producers, agribusinesses and food processors can remain focused on business-critical functions rather than worrying about how to access funds to keep operating through this challenging period, effective immediately, FCC has put in place a deferral of principal and interest payments up to six months for existing loans or a deferral of principal payments up to 12 months
access to an additional credit line up to $500,000, secured by general security agreements. If you’d like more information on these options or on how FCC can help improve your financial position, please contact your local office or the Customer Service Centre at 1-888-332-3301 for further details. - Unity Women Entrepreneurs Program: Vancity is offering loans of up to $150,000 to women entrepreneurs who have been in business for more than two years. The program also provides support services from the Women’s Enterprise Centre, including online education and resources on financial management, and preferred entry into the Women Enterprise Centre’s Mentoring Program.
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- Tourism Resiliency Program: As part of an ongoing collaboration with the BC Tourism Resiliency Network, the Northern BC Tourism Association is connecting tourism stakeholders from our region with a digital expert, at no cost. The digital expert that you’re matched with will provide one-on-one support with website management, social media services, business listings (Google My Business and Tripadvisor), and potential e-commerce solutions. Digital Support from an expert in the field of e-commerce, website management, Google listing, or social media will give you one-on-one support for free. Request support here.
- Canada Business App: Download Canada Business to see how to navigate government services, get recommendations tailored to your business, set up personalized notifications and find the answers you need to start up, scale up and access new markets.
- Canada Business Support Service: Answer a few questions to get a personalized list of support from this online tool.
- Small Business Pivoting Information: Small Business BC provides practical ideas and inspiration to help you manage your business through this uniquely challenging time.
- BC Agri-Business Planning Program: Agriculture, seafood, and food processing businesses in B.C. that have had their revenues decreased by at least 30% as a result of COVID-19 may be eligible for up to $5,000 in business planning services and coaching for individuals, and up to $20,000 for groups from a qualified business consultant, to develop an immediate and long-term recovery plan.
- Cyber Security for Terrace Businesses webinar**: The pandemic has caused an increase in our online communications, which has created an opportunity for online scammers to take advantage of us. Learn about avoiding cyber attacks and mitigating damages by being aware of tips, tools, and services available to keep your business safe.
- Terrace Business Disaster Preparedness and Planning**: Tune into a Disaster Planning webinar where experts will speak to their experiences with disasters, how businesses have planned well and absorbed the impact of the event - and some who didn’t and why not.
- Market Research Resources Guide: Small Business BC’s Market Research Resources Guide supplements the Market Research Checklist, taking you through the nine steps to understanding your target market, competitors, trends and operations.
- Business Adaptations to Covid-19 webinar**: This webinar will give the perspectives of a variety of Terrace business owners on the motivations, successes, and challenges they’ve encountered with the COVID-19 pandemic’s impact on their businesses, implementing things like new websites, e-commerce, and pickup or delivery options for their customers.
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- Love Terrace**: Love Terrace is open to independently owned, non-franchise businesses that are located in our project communities. Certain kinds of home-based businesses are eligible including artisans, crafters, artists, food producers and farmers. Love Terrace as a marketing tool works best for businesses that are focused on retail goods and services rather than industrial companies. Learn more and sign up here.
- Support Local BC**: Support Local BC is an online gift certificate marketplace where 100 per cent of the proceeds go directly to the business owners. Learn more and sign up for free here.
- Marketing and Communications Webinar "Connecting with Terrace Customers"**: This webinar will give local businesses some recommendations regarding letting customers how to continue to access their goods and services, and information on supports for businesses. Participants will get the perspective of marketing and communications specialists from the Coast Mountain College, Northern BC Tourism Association, and Northern Development Initiative Trust.
- Digital Marketing Bootcamp: Through a partnership with the BC Government, Alacrity Canada is offering an 8-week digital marketing course to help BC businesses succeed in a market becoming progressively more digital.
- Marketing and Sales Plan: This comprehensive resource will explain the outside factors you need to consider, what tools are at your disposal, and which markets to target as you create your marketing and sales strategy. Whether you need to research your target market, define your brand, develop a sales forecast, close sales or develop your customer service, download this guide and get started.
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- WorkSafeBC Covid-19 Safety Plan: Employers are required to develop a COVID-19 Safety Plan that outlines the policies, guidelines, and procedures they have put in place to reduce the risk of COVID-19 transmission. This tool will guide you through a six-step process to help you create your plan.
- ICBC Changes: ICBC has changed various services including autoplan insurance and payment plans, injury care after a crash, knowledge tests, vehicle and glass repais, as well as other services. Click the link to learn more.
- Expansion of Patio Areas: Temporary expanded service areas (TESAs) have allowed thousands of restaurants and pubs to serve more patrons while complying with health orders, particularly those related to physical distancing and indoor dining. To ensure existing and prospective TESAs can operate without interruption as they transition toward becoming a permanent part of B.C.’s hospitality landscape, the Province is:
- extending the authorization of existing TESAs for an additional seven months, through to June 1, 2022; and
- continuing to accept applications for new TESAs up to Oct. 31, 2021.
- BC Covid-19 Page: The Province's page listing provincial health orders, guidance, data modelling, and resources regarding BC's current state in the Covid-19 pandemic.
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- Increased Employment Incentive: The B.C. increased employment incentive is a one-time refundable tax credit for employers. The deadline to apply is December 31, 2021. The credit is 15% of the amount that the employer’s total eligible remuneration for all eligible employees in the qualifying period exceeds the employer’s total eligible remuneration for all eligible employees in the base period.
- Human Resources during Covid-19 webinar**: Join us and our panel of experts as we learn about the challenges employers are facing during Covid-19 and how to best navigate as the province moves to re-open.
- Canadian Emergency Wage Subsidy (CEWS) 75%: The CEWS will allow you to re-hire your employees and avoid layoffs as the economy continues to safely reopen.
- EI Work-Sharing: This measure will provide income support to employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers.
- Lawyer Referral Service: Access Pro Bono's Lawyer Referral Service helps British Columbians of any income to find a suitable lawyer to serve their legal needs. Any member of the public may call the Lawyer Referral Service to contact a lawyer who will meet for up to a half-hour of free legal consultation.