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Innovation, Trade and Rural Development
April 7, 2011

The following statement was given today in the House of Assembly by the Honourable Susan Sullivan, Minister of Innovation, Trade and Rural Development:

Program Helps Business Address Expansion and New Growth Opportunities

“A best practice” is how the Provincial Government’s Business Retention and Expansion program was described at a forum of the International Economic Development Council in Missouri. This label was earned as a result of high levels of commitment being made to use the innovative program as a key tool to stimulate business growth.

As a government, we are extremely pleased to hear such endorsements. However, our goal is not focused on earning international acclaim. It is focused on supporting business development in Newfoundland and Labrador.

Businesses, in particular small businesses, are the engines that drive the local economy. They are the suppliers of products and services and employers of residents. To increase the size and productivity of that engine, well-trained staff from the Department of Innovation, Trade and Rural Development work hand-in-hand with businesses to address expansion issues and identify new growth opportunities.

To effectively deliver the Business Retention and Expansion program – or BR&E as it is widely referred to – economic development officers work directly with businesses to address specific issues impacting business operations and identify opportunities. Together, an action plan is developed that addresses those challenges. By working collectively it not only strengthens that operation but empowers the company to play a greater role in the growth of their communities.

This collaborative exercise is delivering results.

It has linked companies with some of the Provincial Government’s more than $120 million business development programs and services, as well as better networking opportunities, and matching of information and services.

Deer Lake-based NCL Holdings has said that the program enabled them to identify inhibitors to success. The manufacturer of rock aggregates went on to say that the “recommendations stemming from the program positioned it to secure opportunities in emerging markets in the private and public sectors.”

Joyce LeRiche of Family Tree Memorials in Bishop’s Falls described the program as “being a great service to us as it zeroed in on specific issues around future operations and marketing. It made us realize where we needed to focus our energy.”

These are the stories we want to hear. These are the outcomes that will continue to support the development of a vibrant, successful business community that is focused on expansion.

For small businesses interested in learning more, I encourage them to contact our department for more information.

2011 04 07                                                                           1:55 p.m.

 
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