Small Business Incentive Program

1  In order to encourage small and medium sized manufacturing, processing, advanced technology, aquaculture enterprises and other activities that support the industrial and resource sectors of the economy of British Columbia, the minister may make loans on terms and conditions the minister considers appropriate.

 Industrial Incentive Fund

2  In order to assist the establishment of new industry, the introduction of new technology to existing industry or the development of a region of British Columbia, the minister may, with the approval of the Lieutenant Governor in Council, make loans and investments on terms and conditions the Lieutenant Governor in Council directs.

 No new loans or investments

2.1  After the date this section comes into force,

(a) the minister must not make any loans under section 1, and

(b) the Lieutenant Governor in Council must not, under section 2, approve any loans or investments.

 Appropriation

3  (1)  Money required to make or administer loans or investments under this Act may be paid out of the consolidated revenue fund.

(2)  The total of all loans and investments made by the minister under

(a) section 1 must not exceed $50 million, and

(b) section 2 must not exceed $496 785 857.

(3)  For the purpose of subsection (2), the amount of an investment is the amount of money paid by the minister to make the investment.

 Financial Administration Act

4  Despite the Financial Administration Act, the power to make loans under this Act is not subject to section 45 of the Financial Administration Act.

 Power to make regulations

5  (1)  The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act.

(2)  Without limiting subsection (1), the Lieutenant Governor in Council may make regulations prescribing conditions for eligibility for loans under this Act.