Province launching $50 million venture capital fund
![Venture Capital Fund announcement Premier Heather Stefanson and Economic Development, Investment and Trade Minister Cliff Cullen announced the fund Friday at Torque Brewing in Winnipeg.](/content/dam/ctvnews/en/images/2022/4/29/venture-capital-fund-announcement-1-5882006-1651252583110.png)
The Manitoba government is investing $50 million to create a new fund aimed at creating entrepreneur-led businesses that fuel economic growth in the province.
Premier Heather Stefanson announced the fund Friday at Torque Brewing in Winnipeg.
She said the Venture Capital Fund (VCF) will invest in several independently managed funds that will lever government capital with private sector capital in order to increase money available for investment in Manitoba companies.
"Manitoba's business leaders are the engine of our economy, the creators of jobs and prosperity for so many Manitobans. They have told us access to capital is critical for the development and expansion of Manitoba businesses,” Stefanson said.
The fund was recommended by the province’s economic development board after a February 2021 review of similar venture capital programs in other provinces.
Provincial economic secretariat Michael Swistun said the VCF will follow a “tried and true” fund-to-fund model.
“Essentially, you’ll have the top fund or the master fund that the government has funded today at $50 million. They’ll have a board that will be drawn from people with extensive capital market backgrounds,” he said.
The province said it will enter into an agreement with the Manitoba Technology Accelerator (MTA) to manage the fund until the VCF is operational later this year. MTA will then establish a steering committee with representation from industry, community and the Manitoba government, acting as the interim management to establish the fund’s initial governance.
SMALL BUSINESS TAX CREDIT MADE PERMANENT
Stefanson also announced her government is making the Small Business Capital Tax Credit, which was set to expire later this year, permanent. The credit gives non-refundable tax credits of up to 45 per cent to individuals and corporations who acquire equity capital in eligible Manitoba enterprises.
Adam Olson, a co-owner of Torque Brewing, said he applied for the credit when launching the business.
“Anyone who decided that they wanted to invest in us were able to take advantage of that credit and get 45 per cent back of their investment, which is important for people investing in a start-up business because you never know what’s going to happen,” he said.
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