November 14, 2006

Venture Capital Programs - 2007 update from the Administrator

 

Thank you for making 2006 the most successful year ever for raising capital under the Small Business Venture Capital Act. This year, Eligible Business Corporations and Venture Capital Corporations like yours raised the maximum $44 million from investors under single-year equity authorizations. As you know, the tax credits were spent in record time.

In the coming months, your Portfolio Manager will be busy issuing over $13 million in tax credits to eligible investors. To assist us, please submit your Tax Credit Application as soon as possible. The deadline for these is January 31, 2007.

In anticipation of another record setting year, we are improving the way we allocate the 2007 tax credit budget. As a start, all qualifying registrants who apply for a 2007 equity allocation and who submit their Additional Equity Application on or before December 1, 2006 will receive confirmation of their 2007 allocation by January 1, 2007. For applications received after December 1, we will make every effort to confirm your allocation as soon as possible.

To ensure that all registrants have the opportunity to raise capital from investors, we will continue to process new registration applications and requests for additional equity authorizations throughout the year. As in past years, the amount authorized to all program registrants will exceed the program's budget to allow as many registrants as possible to participate in the program and all unused equity authorizations will be rescinded once the tax credits are exhausted.

Your Portfolio Manager will continue to work with you to ensure that allocations are reasonable and program dollars are used effectively. In addition, we are planning improvements to our website - www.equitycapital.gov.bc.ca - to help you, and your investors, monitor the availability of tax credits as the year progresses.

Looking forward, our staff will work diligently to ensure that this program continues to make a positive contribution to the growth of innovative small businesses in British Columbia.
 

Thank you,

Sylvia Selig
Administrator
Small Business Venture Capital Act

 

October 26, 2006

Venture Capital Programs - Annual Tax Credit Budget

 

Please be advised that the 2006 program budget for VCC/EBC single year allocations is effectively sold out.

Therefore, under Section 29.1 of the Small Business Venture Capital Act, all unused equity authorizations are hereby rescinded effective immediately 12:00pm, October 26, 2006.

The final deadline to submit outstanding signed Share Purchase Reports or Central Securities Registers to the Investment Capital Branch is 2:00pm Friday, October 27, 2006. Documents can be submitted via fax (250-952-0371) or emailed to your Portfolio Manager, who will confirm receipt.

In anticipation of another robust fund-raising year, we are now accepting "Additional Equity Applications" for the 2007 program year.