SMALL businesses impacted by U.S. tariffs will be eligible for interest-free loans to help them get through U.S. President Donald Trump’s trade war under David Eby’s plan. The BC NDP will also introduce a new tax credit for businesses that provide a young person with their first job and expand support for those looking to export to markets outside the United States.
“Small businesses make our communities vibrant. They sponsor local sports teams and community events, and they give young people their very first jobs,” said Eby, BC NDP leader. “Even at the best of times, small business owners face big challenges and tight margins – all of which are made harder for many by unfair tariffs and the recent wildfires. That’s why we’re going to help them through this difficult time and support them over the long run.”
Small and medium-sized enterprises in British Columbia are facing financial turbulence as they absorb the direct impact of U.S. tariffs. This is leaving trade-exposed businesses struggling with lost customers and real financial damage without a provincial loan backstop to fill gaps in federal government programs.
To support businesses through the trade war and for those impacted by the recent wildfires, Eby’s plan introduces a $500 million Small Business Tariff and Wildfire Relief Fund offering interest-free loans of up to $1 million and expanded export diversification programs to protect local jobs and get made-in-B.C. products to markets outside of the United States.
To help young people break employment barriers and gain essential work experience, Eby will also introduce a new Youth Hiring Tax Credit that will provide a $5,000 refundable tax credit to small businesses that hire a young person aged 18 to 30 for their first full-time job.
Last week, Eby pledged new support to independent grocers by banning restrictive real estate rules that keep them from opening near major chains, and by building a food terminal in the Lower Mainland that gives smaller grocers wholesale access to products and local agricultural supply chains. The BC NDP will also help small businesses by taking on corporate gouging and lowering fuel costs by up to 30 cents a litre.
“While Conservatives have spent this campaign defending big oil and grocery giants, we’re proposing real solutions to make things a little easier for small businesses,” said Eby. “Our plan targets support to help businesses stay afloat in rough waters and for them to hire young people looking for their first job. That’s how we build B.C. strong for everyone.”
Three things David Eby will do to help small businesses through the trade war:
* Direct financial relief: The Small Business Tariff & Wildfire Relief Fund provides interest-free loans of up to $1 million for up to 72 months to help small businesses recover from the recent wildfires or Donald Trump’s unfair tariffs.
* Hiring incentive for young people: During the trade war, the Youth Hiring Tax Credit offers a $5,000 refundable tax credit for small businesses that hire a young person (aged 18–30) for their first full-time, 12-month job.
* Help to find new markets: Delivers $6 million annually in enhanced market research grants, one-on-one advice and new support to help businesses diversify supply chains to buy Canadian and sell their products to non-U.S. markets.
