As Newfoundland and Labrador's small businesses fuel local and regional economies, they are putting into practice the principles of sound investment and continuous innovation.

Those principles and the valuable role of small businesses in the province's economy are being highlighted today by the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development, as Small Business Week across Canada is set to begin. Starting on Sunday, October 17, and extending through October 23, the national theme of the 31^st annual Small Business Week is Power up your business. Invest. Innovate. Grow.

"While we take this week every fall to formally celebrate the central role of small businesses in Newfoundland and Labrador, the weight of their contribution is realized daily," said Minister Skinner. "As a government, we recognize that small businesses are the driving force in the continued diversification of the province's communities and regions.

As businesses raise the bar for success and seek opportunities to expand their local operations, the Provincial Government is a partner in enhancing their ability to innovate and think creatively."

To celebrate the achievements of entrepreneurs, the Business Development Bank of Canada and its partners, have organized Small Business Week for 31 years. During the week, businesspeople come together at events such as conferences, luncheons and trade fairs to learn, network and collaborate with their peers.

"Successful small businesses and entrepreneurs are the foundation of a solid economy," said the Honourable Ross Wiseman, Minister of Business. "Small Business Week is an important time for us to reflect on the value that these companies bring to the province. The Provincial Government is committed to ensuring that regulations are more efficient and business-friendly and creating an environment that encourages entrepreneurial drive."

Increasingly, small businesses, in a wide range of industry sectors such as ocean technology, life sciences, metalworking, oil and gas, and cultural tourism, are utilizing innovation to expand their competitiveness. They are also capitalizing on opportunities associated with large-scale industrial development and targeting international markets.

Roger Flood, Chair of the Newfoundland and Labrador Business Coalition, welcomes the celebration of small business and the recognition of contributions made by business owners and operators.

"Owners and operators of small businesses are major social and economic contributors in their communities," said Mr. Flood. "In addition to serving as employers and producing wealth in their communities, in many cases they are also community leaders and serve in voluntary capacities to help create healthy and prosperous communities. In Newfoundland and Labrador, we are fortunate to be home to such innovative and community-oriented entrepreneurs."

To support new and established entrepreneurs, the Department of Innovation, Trade and Rural Development offers a comprehensive toolkit of financial and non-financial business development programs. These range from business counseling to mentoring initiatives and from developing export strategies to flexible funding programs.

For event information, individuals are encouraged to contact their local chambers of commerce or economic development groups.

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