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Central Newfoundland businesses receive funding for expansion and growth Four companies in central Newfoundland have received a total of $134,000 through the Department of Innovation, Trade and Rural Development�s Small Business Seed Capital Equity Program and Business and Market Development Program. "Small business is the backbone of our economy," said Kathy Dunderdale, Minister of Innovation, Trade and Rural Development. "These four companies are indicative of the economic development this government supports, encourages and initiates in order to grow our provincial and regional economies and create sustainable, long-term economic benefits." Exploits Valley Air Services was incorporated in 1992 and operated from the Botwood Airstrip. The company is part of a network of aerospace companies under GFT Aerospace Technologies. In 1993, the company moved to Gander International Airport. Since that time, the business has grown from one single engine plane to fifteen aircraft, including a helicopter, thus enabling the company to offer both fixed-wing and helicopter training in a variety of aircrafts. With $15,000 in funding from the Business and Market Development Program, the company will create a promotional video marketing package to be used in emerging European markets. Rideout�s Wood Products Limited is an integrated pulpwood and sawmill business operating in Robert�s Arm. The company operated as a traditional mill until recently when it began turning its efforts toward value-added products and under-utilized wood species. The $50,000 in funding from the Small Business Seed Capital Equity Program will be used to purchase new equipment, enabling the company to focus on new products and materials. The expansion will create a more diversified company and employment opportunities for rural Newfoundland and Labrador. Geange�s Manufacturing and Sales Limited of Glenwood was incorporated in 1999 primarily to manufacture fibre glass river boats for sale to outfitters and camp owners on the Gander River. The company has expanded operations to include a canoe line and it has established dealerships with various distributors throughout the province. The company received $47,000 from the Small Business Seed Capital Equity Program and $8,773 from the Business Market Development Program, providing them an opportunity to produce fibre glass fixed-seat shells, the same shells used in local and provincial regattas. As these boats are not manufactured here, Geange�s will be the first company to offer the production of these boats in this province. Harding House Bed and Breakfast will use $13,200 from the Small Business Seed Capital Equity Program to upgrade a 112-year-old heritage home for use as a bed and breakfast. The house is a Queen Anne-style home, overlooking the ocean in Greenspond. Currently, there are no accommodations available in this community for tourists. Once renovations are complete, Harding House will boast four new bedrooms, a refurbished kitchen and cosmetic changes throughout the building. Over time, there are plans to add an afternoon tearoom, a gift shop and a small speciality bakery. The Small Business and Market Development Program is designed to provide new entrepreneurs and expanding small businesses with funding to help them acquire the necessary expertise to pursue new business ideas and new markets for their products or services. The program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities. The Small Business Seed Capital Equity Program is designed to provide new or expanding small businesses with access to "patient" equity capital, to assist in building a stable business foundation from which to grow their operations. The program is also intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities. Media contact: Lynn Evans, Communications, (709) 729-4570 or (709) 690-6290 2005 01 27 10:25 a.m. |
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