B.C. food processing businesses get new funding

Some B.C. beverage and food processing businesses could see new money, as the B.C. government announced a new fund for the sector.

The province’s Ministry of Agriculture and Food announced Wednesday the $20 million fund is meant to help strengthen food security.

“Helping B.C.’s food and beverage companies increase their production will result in more B.C. ingredients being used, more B.C. products being enjoyed and more economic activity in communities around our province,” said Pam Alexis, Minister of Agriculture and Food. “The fund will help businesses increase their capacity and sales, and further support the food security and livelihoods of British Columbians.”

The fund is set to help upgrade established businesses, the province notes.

“Such as new or expanded production and storage facilities, the use of robotics and other technology, new product development and commercialization, specialized training for production staff on new technology and systems, and the hiring of specialized experts, such as food scientists to support new products and processes,” the news release reads.

Eligible recipients include:

• Beverage and seafood processors with $500,000 in annual revenue
• Commercial food hubs
• For-rent commercial kitchens
• Industry groups and associations

The province adds the fund will be delivered by the Investment Agriculture Foundation of BC (IAF).

“Food processors are a vital part of the agriculture and agrifood sector in BC. It’s great to continue to work with them delivering this very important program,” James Pratt, vice-chair of IAF’s board of directors, said.

The IFA notes on its website that the maximum amount of money for approved projects is $1 million, with a minimum of $50,000.

For more information visit its website here.