NLIS 1
August 14, 2003
(Industry, Trade and Rural Development)

 

Portugal Cove small business receives marketing assistance

Industry, Trade and Rural Development Minister Judy Foote today announced that Broad Cove Specialties Ltd., a spice processor/manufacturer located in Portugal Cove-St. Phillips, received $22,210 through the department�s Small Business and Market Development Program to assist with the company�s marketing activities. The company has created five jobs to date, with one additional job anticipated from increased marketing efforts. The total cost of the marketing initiative is $66,275. Minister Foote made the announcement during a tour of the company today.

"The value-added manufacturing sector was identified as a strategic growth opportunity in government�s Renewal Strategy for Jobs and Growth," said Minister Foote. "This sector is a major contributor to the provincial economy, with more than 700 manufacturing firms in the province today, creating a significant number of jobs in all areas of Newfoundland and Labrador."

Broad Cove Specialties Ltd. imports herbs and spices which are processed, re-packaged in a high-end resealable package and distributed throughout Atlantic Canada under the registered trademark "The Spice Barn". In January 1995, the company began offering 17 varieties and currently has 84 different herbs and spices in its product line.

The company has recorded solid growth in recent years and plans to expand even further through a new marketing initiative. The goal is to increase market penetration of its products locally, in the Atlantic provinces and in the eastern United States through web marketing, e-commerce and introduction of new promotional materials.

"Small businesses like Broad Cove Specialties create long-term economic benefits for Newfoundland and Labrador through direct employment and spin-off benefits in the economy at large," said Jim Walsh, Minister of Works, Services and Transportation and M.H.A. for Conception Bay East and Bell Island. "Through government�s small business agenda, we are helping entrepreneurs like Broad Cove Specialties expand their markets, create new jobs and grow their business."

The Department of Industry, Trade and Rural Development�s Small Business and Market Development Program provides funding to new entrepreneurs and expanding small businesses, to help them acquire the necessary expertise to pursue new business ideas and markets in growth areas of the economy. The program makes contributions of up to $25,000, on a matching basis, to new entrepreneurs or existing small businesses.

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

2003 08 14                                      10:00 a.m.


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