New Central and Northern B.C. grants could create new financing opportunities for credit unions
The B.C. government recently announced $2.7 million in funding through two new programs supporting businesses and First Nation development corporations
Prime Minister Mark Carney announced the expansion of the Kitimat LNG Canada project and the Red Chris Copper Mine as BC projects his government would support through the federal government's Major Project Office.
A complete list of the projects under consideration across Canada can be found here.
The LNG Canada expansion could double the company’s production of liquefied natural gas, making it the world's second-largest facility of its kind.
“It is expected to attract significant private-sector capital to Canada, contribute to our GDP growth, and support jobs and economic growth in local communities,” the PMO said. “It will diversify our trading partners and meet increasing global demand for secure, low-carbon energy with Canadian LNG, contributing to worldwide energy security by increasing the supply of available natural gas for Asian and European partners.”
LNG Canada has released the following quote: “We will continue to work collaboratively with governments, First Nations and local communities to develop these opportunities,” the statement said. “As with LNG Canada Phase 1, the proposed LNG Canada Phase 2 expansion continues to hold key permits and approvals, including the provincial environmental assessment certificate.”
The Red Chris mine expansion would extend the mine's lifespan by over a decade, increase Canada’s annual copper production by over 15%, employ about 800 workers during operations, with a peak of approximately 1,500 workers during construction, and reduce greenhouse gas emissions by over 70% when operational.
CCUA has been working with the Northern Development Initiative Trust (NDIT) over the past 6 months on an SME loan guarantee program that credit unions could offer to their SME members as they bid on contracts in the RFP process. This access to capital could be used as expansion capital and offer assurance to the major project proponents that SMEs in the north have the liquidity and access to capital to deliver on their contracts.
CCUA expects NDIT to present the SME loan guarantee program to its board in the fall of 2025.
If you have any questions on the SME loan guarantee program or if you want to provide feedback, please contact Khris Singh.
