The B.C. government recently announced $2.7 million in funding through two new programs supporting businesses and First Nation development corporations in central and northern B.C. 

The Business Diversification and Sustainability program offers grants of up to $200,000 per applicant, covering up to 75% of eligible project costs. Applications close October 15, 2026, at 4 p.m. PST. The First Nation Business Development Capacity program provides grants of up to $75,000, covering up to 90% of eligible costs. Applications will be accepted until June 30, 2027, or until the funding is fully allocated. 

Why this matters to credit unions 

The programs being delivered by Northern Development Initiative Trust are intended to help central and northern businesses respond to tariffs, diversify their operations, and create or retain jobs. Credit unions could help eligible members finance the portion of project costs not covered by the grant. There may also be opportunities to provide bridge financing where costs must be paid before the grant is received. The First Nations program could provide an opportunity for credit unions to build relationships with development corporations pursuing larger economic development projects. 

Eligible projects and applicants 

1. Business stream 

Eligible costs include equipment, machinery, technology development, contractors and direct third-party project labour. Applicants must operate in one of the following sectors: agriculture, aquaculture, distribution, energy, forestry, industrial supply chain, innovation and technology, manufacturing, mining, oil and gas, or transportation. Privately owned businesses must have fewer than 500 employees and annual revenue below $100 million. They must also be headquartered in the Northern Development Initiative Trust region (which covers Central and Northern BC) or have a major facility and key decision-makers located there. Projects must respond to a tariff-related impact and help the business diversify, improve productivity, enter new markets, or offer new products or services. Applicants must also show how the project will create or retain jobs. 

2. First Nation capacity stream 

This program is available to First Nation development corporations pursuing an immediate, large-scale economic development opportunity. Eligible activities include project or contract negotiations, market research and business planning. Funding can be used to hire a Canadian consultant or an additional project employee and may also cover related legal, accounting, travel and consultation costs. 

Potential role for credit unions 

Credit unions could: 

• identify commercial members that may qualify and direct them to the program; 

• provide term loans or equipment financing for the portion of project costs not covered by the grant; 

• consider bridge financing, where approved costs must be paid before grant funding is received; 

• help members prepare budgets, cash-flow forecasts and financing confirmations for their applications and; 

• connect with First Nation development corporations about cash management, project financing and longer-term capital requirements. 

The financial services sector is not listed as an eligible sector, so credit unions are unlikely to qualify directly. The opportunity is to support eligible business members and build relationships with First Nation development corporations. 

Applicants must receive approval before starting a project, paying deposits or incurring costs. 

Program information and applications: 

Rural and Remote Employment Initiatives Fund 

Sources: 

B.C. government news release, August 28, 2026; Northern Development Initiative Trust Business Diversification and Sustainability Application Guide; Northern Development Initiative Trust First Nation Business Development Capacity Application Guide.