The proposed program had several limiting factors, including only social enterprises could apply, assistance was limited to leased commercial space, an overcomplicated approval and reporting process and there was little input from the business community to ensure a stronger business orientation.

Over the period of the following ten months, BOB (Shirley Chan and Brian Smith), representatives of The Vancouver Board of Trade (Laurie, Fred Leonard and Bernie Magnan), financial institutions (Vancity, EcoTrust and BMO Financial Group), City staff (led by retiring planner Nathan Edelson and his successor Jessica Chen), various local Business Improvement Associations and others worked to put together a proposal which made business sense and would form the basis for enhancing the creation of conventional economic development for the Downtown Eastside.

The resulting proposal would see the City of Vancouver provide grants of $1 million over a three-year period with the following parameters:

• The program would be run and administered by BOB;
• Both social enterprises and private businesses would be eligible;
• Participation would not be limited to leased commercial space;
• BOB, the business community and financial institutions would evaluate the viability of business plans;
• The monies loaned out would be in the form of repayable loans;
• The repaid loan would then be reused and go back on the street in new loans; and
• Some of the funds would be used to provide professional expertise and mentoring for applicants.

BOB presently has funds from another program, which it would use for this program in the first year to demonstrate its viability, after which time the grants from the City of Vancouver would be forthcoming.

The proposed program was unanimously supported by Board of Trade directors earlier this year and has significant support from the business community at large. On July 24, 2008, the City of Vancouver’s Committee on Planning and the Environment unanimously endorsed the Administrative Report from City staff. Now it is up to BOB and the business community to show the program can work and that business can help in the revitalization of the Downtown Eastside.