Paul Luke
Province
Three layers of government are joining with the private sector in a $6-million push to nurture entrepreneurial activity in Vancouver‘s Downtown Eastside.
The governments of Canada, B.C. and Vancouver, and Bell Canada launched a non-profit organization yesterday designed to revitalize the city’s economically challenged area.
The new organization, dubbed Building Opportunities With Business Inner City Society (BOB), will encourage business development, mentoring, job training and small-business loan programs.
“One of our immediate priorities is to implement a cluster strategy that will bring business and industry leaders together to identify ways of attracting investment, supporting existing Downtown Eastside businesses and creating employment for area residents,” said BOB chairman Lee Davis, who is also CEO of Vancity Capital Corp.
Ottawa, through Western Economic Diversification Canada, is investing $2.47 million over five years in BOB.
The provincial government is contributing $3.25 million through a three-year employment strategy that BOB will be tasked to implement.
The City of Vancouver is providing the new organization with in-kind assistance that includes a lease subsidy, leasehold improvements and management and administration support.
As well, Bell Canada is devoting $300,000 from its Olympic commitment over the next two years to help develop a business-cluster strategy BOB will oversee.
A business cluster is a network of governments, private-sector and non-profit organizations and educational institutions designed to promote members’ competitive advantage.
BOB will launch clusters in four sectors: construction, hospitality and tourism, investment and development, and business services.
© The Vancouver Province 2005
