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Government Helping to Bring Angel Network to Rural Businesses The Department of Innovation, Trade and Rural Development is investing $40,000 into an angel network operated by the St. John�s Board of Trade to bring investment opportunities to rural businesses. The funding will come from the department�s Regional/Sectoral Diversification Fund. "Angel investors are often experienced business people who provide guidance and make informal investments in the early stages of a company�s growth," said the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development. "I am pleased this angel network will provide mentoring and funding to businesses. Our funding will help bring this program to businesses with potential for growth in all parts of the province." The Board of Trade will engage in regional consultations with experienced angel investors throughout Newfoundland and Labrador providing an opportunity to receive feedback, facilitate the development of a mentoring network, and recruit new angel investors. "We are excited that this project will help small businesses with growth potential access early stage funding and gain finance and management skills they require in order to be successful companies," said Ray Dillon, president of the St. John�s Board of Trade. The board has created a non-profit corporation called the Board of Trade Capital Project to implement this initiative under the direction of Cathy Favre. Ms Favre has 15 years business experience and was chosen in 2002 by Atlantic Business Magazine as one of the 50 top chief executive officers in Atlantic Canada. The Newfoundland and Labrador Angel Network is the province�s first Angel Investment Network that helps bridge the capital gap between start-up and later-stage funding such as venture capital. The network aims to provide investment readiness mentoring, and training and support to companies that offer the best opportunity for success. The Regional/Sectoral Diversification Fund is a $5 million fund of the Department of Innovation, Trade and Rural Development and a component of the province�s Comprehensive Regional Diversification Strategy. The fund provides non-repayable contributions to economic development agencies for initiatives that address regional and sectoral development and diversification. -30- Media contacts:
2006 12 08 10:10 a.m. |
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