Funding announced for Rocky Harbour business

Industry, Trade and Rural Development Minister Judy Foote today announced that Norock Associates Limited received an equity investment of $50,000 from the department to help finance the purchase of a new tourism vessel and refurbish an existing boat from the company�s fleet. Total cost of the initiative is $550,000. The funding was made available to the boat tour operator through the department�s Small Business Seed Capital Equity Program.

"The tourism industry is playing a significant role in the economic diversification of Newfoundland and Labrador, especially in rural areas," said Minister Foote. "By investing in tourism enterprises, we are investing in new jobs and economic growth. Norock Associates is an important part of the Gros Morne experience for tourists, given its location adjacent to the National Park. It also generates employment and other economic spin-offs for the region."

Funding received through the Department of Industry, Trade and Rural Development will assist the company with its expansion plans at Bonne Bay and St. Paul�s Inlet. The company will replace a converted fishing boat that operates from St. Paul�s with a customized tour boat that is currently serving the Bonne Bay area and purchase a new 55 foot catamaran that will accommodate 50 passengers for the Bonne Bay tour. The expansion is expected to create nine new seasonal jobs.

Norock Associates Limited has operated tour boat services at locations in Gros Morne National Park for several years and in 1980 started an operation in Western Brook Pond. The Western Brook Pond site has developed into one of the most popular tourist attractions in the Park.

The Department of Industry, Trade and Rural Development established the Small Business Seed Capital Equity Program on April 1, 2000 in direct response to representations made by the business community during government�s Jobs and Growth consultations. The program makes equity contributions of up to $50,000 available, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

Media contact: Tansy Mundon, Communications, (709) 729-4570

2003 05 15                                        3:45 p.m.