WINNIPEG — The Manitoba government is putting up $50 million to start a new venture capital fund.
Premier Heather Stefanson says businesses have told her that having access to capital is critical for growth.
The fund will invest in several independently managed funds that will also garner private sector investment.
The recent provincial budget made permanent a former temporary tax credit — worth up to 45 per cent — for venture capital investments.
Unlike the former Crocus Investment Fund, which went into receivership, the new fund is to be more independent from government and will be aimed at more high-risk investors.
Chuck Davidson, head of the Manitoba Chambers of Commerce, says the fund fills a gap that left businesses struggling to get money to develop and expand.
This report by The Canadian Press was first published April 29, 2022.
The Canadian Press