Western businesses receive $435,520 in funding

The Department of Innovation, Trade and Rural Development has invested $435,520 in western Newfoundland businesses. Through the Small Business and Market Development Program, the Small Business Seed Capital Equity Program and the Fisheries Loan Guarantee Program, businesses from a variety of sectors are poised to expand operations, improve productivity and diversify enterprises.

"By recognizing and capitalizing on opportunities to broaden the scope of operations, each of these businesses is strengthening the local and provincial economy through modernization and vision," said Kathy Dunderdale, Minister of Innovation, Trade and Rural Development. "Western Newfoundland, and indeed the whole of the province, stands to benefit significantly from the initiative demonstrated through these ventures."

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 intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities.

Businesses receiving funding include:

• Tuckamore Lodge Limited is located in Main Brook. $40,000 in funding from the Small Business Seed Capital Equity Program will go towards expansion and renovation projects at the lodge.
   
• Mountain View Adventure Lodge in Doyles, Codroy Valley, will use $50,000 from the Small Business Seed Capital Equity Program to build an adventure tourism lodge in that area.
   
• Glacier Manor in St. Anthony has utilized $50,000 from the Small Business Seed Capital Equity Program to purchase and renovate the property.
   
• Cangro Services Limited of Corner Brook will establish an iron works manufacturing facility with an infusion of $30,000 from the Small Business Seed Capital Equity Program.
   
• SCOP Productions Incorporated of Corner Brook will use $5,000 from the Business and Market Development Program to assist with production costs of a Newfoundland and Labrador-Irish anthology.
   
• Byron�s Shoe & Tarp Repair, located in Deer Lake, will use up to $2,000 from the Business and Market Development Program to support its current marketing activities to expand clientele.
   
• Starboard Woodcraft Limited, Codroy Valley, is upgrading and expanding its spray room with $23,820 from the Small Business Seed Capital Equity Program.
   
• Emile�s Farms is modernizing and expanding its operations in Black Duck Brook with $50,000 from the Small Business Seed Capital Equity Program.
   
• Grand Lake Tourist Park in Howley will use $20,000 from the Small Business Seed Capital Equity Program to upgrade the property.
   
• Explore Newfoundland Incorporated of Corner Brook is utilizing $5,000 from the Business and Market Development Program for a promotional video.
   
• Stephenville Economic Development Committee is establishing strategic business networks with $10,000 from the Business and Market Development Program.
   
• Diana Temple Knits of Stephenville is developing an export-marketing strategy with $5,000 from the Business and Market Development Program.
   
• Rolen Holdings Inc. of St. Anthony will develop a three and half star hotel, The Grenfell Heritage Hotel, with the assistance of $50,000 from the Small Business Seed Capital Equity Program.
   
• Ida�s Seniors Home Lt. in Port aux Basques has received $50,000 from the Small Business Seed Capital Equity Program for expansion.
   
• Endicott Enterprises Limited will use $42,500 from the Small Business Seed Capital Equity Program to expand its lodge in Wiltondale.
   
• Meadow Downs Limited, located in L�Anse aux Meadows, will use $2,200 from the Business and Market Development Program to re-design its promotional material.

Media contact: Lynn Evans, Communications, (709) 729-4570, 690-6290

2005 03 16                1:10 p.m.