NLIS 3
March 17, 2005
(Innovation, Trade and Rural Development)
 

Avalon businesses receive $193,000 in funding

Eight businesses from the Avalon region will receive $193,000 from the Department of Innovation, Trade and Rural Development�s Small Business and Market Development Program and Small Business Seed Capital Equity Program. The funds will be used to expand operations, develop new markets and establish new infrastructure in various communities in the region.

"Cultivating regional economic independence throughout our province is a key priority of this administration," said Kathy Dunderdale, Minister of Innovation, Trade and Rural Development. "These companies are prime examples of how ingenuity will propel our regional economies forward and secure new markets for our products and services."

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.

Companies receiving funding include:

  • Mad Rock Marine Solutions Incorporated of St. John�s are delving into the commercialization of marine evacuation system components with $50,000 in assistance from the Small Business Seed Capital Equity Program.
     
  • Cape St. Mary�s Enterprises Limited of St. John�s received $5,000 from the Small Business and Market Development Program to evaluate potential viability of producing chitosan and glucosamine for Chinese and German markets.
     
  • ALCA Productions of Tors Cove utilized $10,000 from the Small Business and Market Development Program to market audio books.
     
  • Ocean Quest, Conception Bay South, will expand its adventure diving operations with $25,000 from the Small Business and Market Development Program.
     
  • NewLab Plastics Limited, St. John�s, plan to establish a wood-plastic composite manufacturing plant with the assistance of $50,000 from the Small Business and Seed Capital Equity Program.
     
  • ShowTix Centralized Box Office Incorporated, St. John�s, is establishing a centralized box office operation with $15,000 from the Small Business and Market Development Program and $15,000 from the Small Business Seed Capital Equity Program.
     
  • Murray�s Garden Centre and Horticultural Services of Portugal Cove are marketing a plant propagation project with $3,000 from the Small Business and Market Development Program.
     
  • Avalon Clear Gear of Mount Pearl are using $20,000 from the Small Business Seed Capital Equity Program to establish a cleaning facility for industrial gear and equipment.

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

2005 03 17                      11:00 a.m.


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