Premier Wab Kinew has announced a new economic development strategy for Manitoba, including a multi-million-dollar business loan program and tax credit changes. On Thursday, the province released an outline of this new strategy which Kinew said has an “ambitious target” of making Manitoba a “have” province by 2040. “This is how you make a boom happen in the Keystone province,” Kinew said during a speech Thursday morning. The plan includes a new $50 million business loan program, helping companies to finance what the province described as “productivity-enhancing investments.” This could include new equipment, technology and facility upgrades. The goal will be to allow businesses to expand, which in turn should create more jobs. The strategy also includes a modernization of Manitoba’s investment tax credits. “The province will convert a portion of the Manufacturing Investment Tax Credit into an immediate retail sales tax exemption on new machinery and equipment, easing upfront costs for businesses,” a release from the province reads. The province also plans to boost the size of the Small Business Venture Capital Tax Credit. “What we are adding here today are a few more policy levers, particularly for the manufacturers who have been threatened by Donald Trump, and those investors who want to lean in to Manitoba,” Kinew told reporters following the release of the plan. More details about the strategy can be found online.
