Small business continues to be a major contributor to the economy of Newfoundland and Labrador with employment numbers having increased by nearly 10 per cent in recent years. In recognizing Small Business Week, the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development, and the Honourable Kevin O�Brien, Minister of Business, highlighted the essential role of small business in growing and sustaining local and provincial economies.

"Small businesses are integral to the advancement of sustainable economies and I am extremely happy to see rising employment figures throughout rural and urban regions of the province," said Minister Taylor. "The Provincial Government has initiated programs that provide business operators with the necessary tools and infrastructure that encourages the growth of a prosperous business community. Our Small- to Medium-Sized Enterprise, Innovation Enhancement, Commercialization, and Business Marketing Development funds have been accessed by small businesses across all of the province�s regions to realize their goals and objectives."

Minister O�Brien noted that the business community in Newfoundland and Labrador is enjoying a time of growing confidence and the rest of the country is taking notice. A recent survey from the Canadian Federation of Independent Business indicates business confidence in the province is rising and is now above the national average. The survey indicates that 32 per cent of small-and-medium-sized businesses plan to increase their number of full-time staff in the coming year.

"These are exciting times for business in Newfoundland and Labrador. Small business is the lifeblood of our economy and business owners continue to demonstrate the outstanding drive and creativity that are growing and diversifying this province�s economy," said Minister O�Brien. "This new-found spirit of optimism furthers our commitment to make this province more business-friendly and competitive, which is why we continue pushing forward with initiatives such as our Red Tape Reduction Initiative, the $32-million Business Attraction Fund, and the Business Tax Incentive Review, to ensure our province is competitive in the global marketplace."

Small Business Week, October 14�20, promotes small business development and encourages entrepreneurship and awareness of how vital small business is to the economic growth of the province.

The Department of Innovation, Trade and Rural Development offers programs that provide term loans and equity investments to businesses in strategic growth sectors, and initiatives that help community leaders identify and address challenges facing local businesses.

The Department of Business provides leadership for business development and growth in Newfoundland and Labrador through business attraction, marketing, advisory responsibility related to business support, and regulatory environmental reform.

For more information on available programs, please visit www.gov.nl.ca.

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2007 10 17                                                         9:45 a.m.