NLIS 6
October 17, 2005
(Business)
(Innovation, Trade and Rural Development)


October 16 - 22 is Small Business Week

During Small Business Week, Premier Danny Williams, Minister of the Department of Business, and Kathy Dunderdale, Minister of Innovation, Trade and Rural Development and Minister responsible for the Rural Secretariat, wish to remind all Newfoundlanders and Labradorians of the contribution small businesses make to the economy of the province.

"October 16-22 is Small Business Week, and I want to take this opportunity to thank the owners and operators of the thousands of small businesses throughout our province that provide tremendous service through the distribution of products and services, and the creation of jobs," said Premier Williams. "More than 90 per cent of businesses in this province are small enterprises, and our government recognizes their substantial contribution to the economic well being of the province especially in rural communities. We are working hard to provide the necessary tools to business, so that together we ensure this province has a bright and prosperous future."

Premier Williams said he especially pleased with the progress made with the newly-established Department of Business. The department has undertaken several important initiatives this year including the establishment of a Business Advisory Board to the Premier, a re-branding strategy for the province, and a Red Tape Reduction Task Force committed to reducing red tape for businesses by 25 per cent over the next three years.

"These initiatives, in concert with the valuable work being done by Minister Dunderdale�s department, will serve to foster economic growth, attract investment and stimulate business activity in Newfoundland and Labrador," added the Premier.

Minister Dunderdale said her department has this year implemented a number of initiatives to assist small and medium-sized businesses, including a $10 million revolving Small and Medium-sized Enterprise (SME) Fund and a $500,000 increase to the Business Market and Development Program. The SME Fund helps small businesses in key economic sectors with loans and equity that may be used for start-up, modernization, expansion and working capital. Government also passed legislation enabling labour-sponsored venture capital funds to be registered in the province.

The Department of Innovation, Trade and Rural Development has also recently formed a partnership with the Newfoundland and Labrador Federation of Co-operatives to promote the co-operative model of business and economic development in Newfoundland and Labrador. Through this partnership, business and community developers will have access to co-op resources through the department�s 20 offices, located throughout the province.

"During Small Business Week, Department of Innovation, Trade and Rural Development staff in partnership with other government and community development agencies and groups will participate in dozens of events throughout the province," said Minister Dunderdale. "These are open to the public and I urge people to attend where possible and learn more about small business." A listing of the events will be published in newspapers and is available on the department�s Web site at www.gov.nl.ca/intrd.

Media contact:

Elizabeth Matthews, Premier�s Office, (709) 729-3960, 690-5500
Lynn Evans, Communications, (709) 729-4570, (709) 690-6290

2005 10 17          2:40 p.m.

 

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