Small business in Port Rexton receives equity funding to assist with expansion

Industry, Trade and Rural Development Minister Judy Foote today announced that Fishers� Loft Inn Incorporated, a four and a half star tourism inn in Port Rexton, has received $20,000 in equity funding through the department�s Small Business Seed Capital Equity Program to assist with the company�s expansion. The funding will support the creation of two new permanent full-time jobs and two new seasonal part-time jobs. Minister Foote announced the funding during a tour of the facility today.

"The small business sector was identified as a priority for attention by the Government of Newfoundland and Labrador in its Renewal Strategy for Jobs and Growth, especially for rural Newfoundland and Labrador," said Minister Foote. "By investing in businesses like Fishers� Loft Inn, we are supporting the creation of new opportunity and new jobs in rural areas of the province."

Fishers� Loft Inn first opened in 1997 with just four rooms. In 1999, the inn expanded to 12 rooms and it is now the highest rated inn by Canada Select in Newfoundland and Labrador. Canada Select�s accommodations rating program rates all participating Canadian tourist accommodations based on the extent and quality of facilities, services and amenities.

The inn employs seven seasonal staff and a guest chef during special periods. Guests can enjoy an on-site library, art collection, hiking trails and the cultural sites in nearby Trinity. Owners John and Peggy Fisher were recently recognized for their efforts with the prestigious 2003 Orchid Award from Hospitality Newfoundland and Labrador for outstanding exterior aesthetics and direct linkages to cultural expression.

In 2002, the business sold 1,520 rooms and had to turn away over 900 additional requests for accommodations. To meet this increasing demand, the owners decided to construct an additional facility north of the existing property. The new house containing six rooms will be similar to the two other buildings on site, taking its inspiration from the traditional salt box style of house found throughout Newfoundland and Labrador. The expansion will increase accommodations to 21 rooms. The project also includes the construction of a common reception area for guests and a small retail outlet.

"There is a growing market demand for high-end accommodations in the Trinity area. The expansion of Fishers� Loft Inn will help meet this demand and strengthen the company over the long term," said Minister Foote. "In turn, Fishers� Loft Inn will contribute even further to the local economy by creating new employment, attracting increased tourism and creating spin-off benefits for other businesses in the area."

The Department of Industry, Trade and Rural Development established its Small Business Seed Capital Equity Program on April 1, 2000 in direct response to representations made by the business community during government�s Jobs and Growth consultations. The program makes equity contributions of up to $50,000, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

Media contact: Tansy Mundon, Communications, (709) 729-4570

2003 08 22              3:30 p.m.