Innovation, Trade and Rural Development
January 29, 2008

Companies on Bonavista Peninsula Targeting New Opportunities

A seafood producer and an inn on the Bonavista Peninsula have received funding from the Provincial Government to grow their businesses. Furlong Brothers Limited of Plate Cove West has received $50,000 from the Small- and Medium-sized Enterprise (SME) fund to increase production of its fish cake product line. J.T. Swyers Hospitality Limited of Bonavista has received $12,800 from the Business and Market Development Program for a marketing campaign.

"Small businesses play a central role in growing the local and provincial economies. These initiatives are leveraging existing assets and have the capacity to strengthen the Bonavista Peninsula," said the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development. "We are progressing from a traditionally-resource driven economy to a market that targets value-added products. Enabling businesses to capitalize on local strengths and target new markets is important to this progression."

Furlong Brothers plan to increase production of its successful fish cake product line. The company provides employment for up to 12 people and purchases ingredients from local producers. The funding will provide working capital to the company and allow it to service and broaden its market while investigating export opportunities in Atlantic Canada and Alberta.

"The funding provided by the Provincial Government will allow us to concentrate on growing our business and finding more markets to sell our products," said Mike Furlong, owner of Furlong Brothers Limited. "With increased production, we will need to purchase more supplies from local producers, further helping local businesses, and require more personnel to keep up with the demand."

J.T Swyers Hospitality Limited operates the Harbour Quarter�s Inn and Skipper�s Caf�, a four-star inn and restaurant in Bonavista. The company will use its funding from the Business and Market Development program to market the property to key audiences.

"This funding will help J.T. Swyers Hospitality Limited by doubling our advertising and marketing efforts, thereby attracting more customers and helping us grow at a faster pace," said Jamie Swyers, president of J.T. Swyers Hospitality Limited.

The SME Fund provides term loans and equity investments to small- and medium-sized businesses in strategic growth sectors with special emphasis on value-added manufacturing, information technology, aquaculture, bio-technology, marine services, agrifoods and tourism, where local competitive impact is not an issue. The fund also targets businesses that have export potential and require assistance to enter or expand in external markets.

The Business and Market Development program provides new entrepreneurs and expanding small businesses with matching funding to help them acquire the necessary expertise to pursue new business ideas and markets for their products or services. The $1 million program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities.

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Media contact:
Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570, 690-6290
ScottBarfoot@gov.nl.ca

2008 01 29                                                    9:40 a.m.


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