Tourism, Culture, Industry and Innovation
June 9, 2017

Provincial Government Supports Young Entrepreneurs

In partnership with the Newfoundland and Labrador Association of Community Business Development Corporations (CBDCs), the Provincial Government announced $200,000 towards a new level of micro-loan financing called Drive.

This commitment, which was outlined in The Way Forward: Realizing Our Potential, was launched during the association’s Business of the Year Awards that took place last evening (Thursday, June 8) in Grand Falls-Windsor.

Building on an existing partnership between the Department of Tourism, Culture, Industry and Innovation and the Newfoundland and Labrador Association of CBDCs, financing will be available for eligible youth throughout the province for their business. Under Drive, micro loans of up to $10,000 will be available, which is a new level of micro financing beyond the current $5,000 limit.

This new level of financing will fill a need for business owners who require a level of investment that will drive them to the next stage along the business continuum.

Quotes
"As outlined in The Way Forward: Realizing Our Potential, the Government of Newfoundland and Labrador is devoted to supporting communities, businesses and entrepreneurs so they can capitalize on new and emerging economic opportunities. Through our investment of $200,000 for Drive, we are providing a catalyst for advancing innovative business ideas, succession planning opportunities and developing entrepreneurial leaders, all of which will help us develop a more diversified economy. It is through ongoing collaboration with such organizations as the Newfoundland and Labrador Association of CBDCs that we are able to assist our province’s small businesses as they energize local economies and sustain rural communities."
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation

“CBDCs have always acknowledged the role that youth play in the entrepreneurship continuum. We place high value on encouraging entrepreneurship as a sustainable career. Partnering with the Department of Tourism, Culture, Industry and Innovation to deliver this new level of financing will allow us to provide a loan to a business idea or entrepreneur that would normally be deemed a high risk. We are excited to be able to offer this financial support and look forward to working with new young business owners.”
Larry Fawcett, Chairperson
Newfoundland and Labrador Association of Community Business Development Corporations

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Learn More
Community Business Development Corporations - www.cbdc.ca external link

Resources for Starting a Business in Newfoundland and Labrador - www.tcii.gov.nl.ca/starting/

Follow on Twitter: @GovNL external link @TCII_GovNL external link and @CBDCNL external link

Media contact
Eric Humber
Tourism, Culture, Industry and Innovation
709-729-4819, 725-9655
erichumber@gov.nl.ca

2017 06 09                              9:55 a.m.