BC Gov News

Government has signed a Labour Market Partnership agreement with Community Futures Alberni-Clayoquot to support Venture Connection, a project that encourages potential buyers to purchase B.C. businesses, help prepare business sellers to ready their businesses for successful transition and protect and grow local employment.

Venture Connection will build on the successes of the 2011 Venture Connect pilot project, with the goal of reducing the impact that retirements in small businesses can have on communities.

Currently, more than 50 per cent of employment in B.C. is created by small business, and one in seven business owners in rural B.C. is over the age of 55. A recent study indicates that 41 per cent of small business owners are planning on retiring in the next five years. Without proactive projects like Venture Connect that address the impact of business succession on local employment, small rural communities may not be able to retain businesses and expand local employment opportunities.

With a full suite of services being offered to clients, Venture Connection will improve communications and create new linkages to potential buyers in groups most likely to buy B.C. businesses, including immigrants, young people and vacationers aged 50 and over. The program will create new electronic materials to highlight businesses for sale in B.C., with a goal of increasing the number of businesses listed on the Venture Connect website to 200 listings. Venture Connection will also feature presentations at youth events and immigrant investor workshops hosted by the Provincial Nominee Program. As well, business opportunities will be highlighted at tourism accommodation locations.

Small businesses listed for sale on the site may be from across the province. Hands-on services through Venture Connection are limited to areas that have a participating Community Futures organization, including Alberni-Clayoquot, Central Island, Cowichan, Mount Waddington, Powell River, Sunshine Coast, Thompson Country, Shuswap and Sun Country. Government's contribution of up to $46,261 will be leveraged by other funding from Community Futures for a total investment of just under $80,000. The project will run until Feb. 28, 2014.

Community Futures organizations across B.C. and Canada provide a variety of programs ranging from business development loans, to training and workshops, to support services designed to help rural communities deal with economic development issues and challenges. Each Community Futures organization tailors its products and services to the community that it serves and involves itself in a wide array of community initiatives.

The Action Plan for Small Business, which covers the years 2010 to 2013, sets out government's strategic approach to continue making British Columbia the most small-business-friendly jurisdiction in Canada, in part by maintaining its strong relationship with industry and supporting an environment in which small businesses succeed. Supporting small business is integral to the well-being of our communities and our economy, and supports government's greater goal of making British Columbia the national leader in jobs per capita.

Quotes:

Minister of Jobs, Tourism and Skills Training and Minister Responsible for Labour Pat Bell -

"In the coming years, we're going to be seeing an unprecedented number of small business owners retire, but few have succession plans in place. That's why our government is partnering with Community Futures to get plans in place to make sure these businesses continue to contribute to their communities - both by supporting the local economy and by keeping valuable jobs in the community."

Minister of State for Small Business Naomi Yamamoto -

"Small businesses are the lifeblood of our rural and urban communities, because they are responsible for 56 per cent of all private sector jobs. That's why Venture Connection is going to be so important. By ensuring successful transfer from one B.C.-based business owner to another, we know local employment will be supported for years to come."

Lori Camire, executive director of Community Futures Alberni-Clayoquot -

"Maintaining strong communities motivates us. Helping business owners to prepare their business for a sale will enable us to market a higher quality inventory to the discerning business buyer and support everyone's efforts to attract buyers to buy B.C. businesses."

Quick Facts:

• Small business owners help build a stronger British Columbia by creating jobs in their communities for B.C. families.

• Small business is a key economic driver in B.C. with 98 per cent of all businesses being small businesses.

• The small business sector provides nearly 56 per cent of all private sector jobs, employs over one million people and generates 29 per cent of the provincial GDP.

• B.C. also leads the country in the fight against red tape - the B.C. government is the first in Canada to enshrine in law the requirement to publish annual reports about regulatory reform and has reduced regulatory requirements by more than 42 per cent since 2001.

• The Labour Market Partnerships (LMP) Program, funded by the Canada-B.C. Labour Market Development Agreement (LMDA), is an employment program that provides financial assistance to organizations to encourage, support and facilitate labour force issues and human resource planning activities that are in the public interest.

• Through the LMP, government funds projects that encourage and support employers, employee and/or employer associations and communities in developing and implementing strategies for dealing with labour force issues and meeting human resource requirements.

• In British Columbia, funding under the LMDA is used to support labour market programs and services for residents who are collecting Employment Insurance (EI) benefits or have received them in the last three years, or for parents re-entering the labour force who have collected EI parental benefits in the last five years. It is also used to support employers in addressing human resources challenges.

• In 2012-13, the $280-million LMDA budget is being used to provide employment assistance services, job-creation partnerships, labour market partnerships, self-employment, skills development and targeted wage subsidies programs.

• During the month of November, the B.C. government asked for ideas from citizens on the topic of building a skilled workforce. See what government is doing to put ideas into action: www.bcjobsplan.ca/ideas-to-actions/

Learn More:

Community Futures Alberni-Clayoquot: www.cfac.ca

Venture Connect: www.ventureconnect.ca

Labour Market Partnerships Programs:www.aved.gov.bc.ca/sector-partnerships/labour-market-partnerships-program.htm

Provincial Nominee Program:www.welcomebc.ca/Immigrate/immigrate-BC/Provincial-Nominee-Program-Home.aspx

Action Plan for Small Business:

www.resourcecentre.gov.bc.ca/pdf/action_plan_for_small_business.pdf

WorkBC skills training programs:

www.workbc.ca/Education-Training/Programs/Pages/Employment-Programs.aspx

Industry Training Authority: www.itabc.ca

BC Jobs Plan: www.bcjobsplan.ca/

BC Skills and Training Plan: www.bcjobsplan.ca/skills/

Ideas2Actions - results of the Skills4BC online discussion:www.bcjobsplan.ca/ideas-to-actions/

Canada-B.C. LMDA: www.hrsdc.gc.ca/eng/employment/partnerships/labour_market_development/bc/transf/bc_lmda_e.pdf

Media Contacts:

Media Relations
Ministry of Jobs, Tourism and Skills Training and Responsible for Labour
250 387-2799

Lori Camire
Community Futures Alberni-Clayoquot
250 724-1241