NLIS 3
March 17, 2005
(Innovation, Trade and Rural Development)
Avalon businesses receive $193,000
in funding
Eight businesses from the Avalon region will
receive $193,000 from the Department of Innovation, Trade and Rural
Development�s Small Business and Market Development Program and Small Business
Seed Capital Equity Program. The funds will be used to expand operations,
develop new markets and establish new infrastructure in various communities in
the region.
"Cultivating regional economic independence throughout our province is a key
priority of this administration," said Kathy Dunderdale, Minister of Innovation,
Trade and Rural Development. "These companies are prime examples of how
ingenuity will propel our regional economies forward and secure new markets for
our products and services."
The Small Business and Market Development Program is designed to provide new
entrepreneurs and expanding small businesses with funding to help them acquire
the necessary expertise to pursue new business ideas and new markets for their
products or services. The program is intended to support new growth
opportunities in the economy, such as value-added manufacturing activities and
export-oriented opportunities.
The Small Business Seed Capital Equity Program is designed to provide new or
expanding small businesses with access to "patient" equity capital, to assist in
building a stable business foundation from which to grow their operations. The
program is intended to support new growth opportunities in the economy, such as
value-added manufacturing activities and export-oriented opportunities.
Companies receiving funding include:
- Mad Rock Marine Solutions Incorporated of
St. John�s are delving into the commercialization of marine evacuation
system components with $50,000 in assistance from the Small Business Seed
Capital Equity Program.
- Cape St. Mary�s Enterprises Limited of St.
John�s received $5,000 from the Small Business and Market Development
Program to evaluate potential viability of producing chitosan and
glucosamine for Chinese and German markets.
- ALCA Productions of Tors Cove utilized
$10,000 from the Small Business and Market Development Program to market
audio books.
- Ocean Quest, Conception Bay South, will
expand its adventure diving operations with $25,000 from the Small Business
and Market Development Program.
- NewLab Plastics Limited, St. John�s, plan to
establish a wood-plastic composite manufacturing plant with the assistance
of $50,000 from the Small Business and Seed Capital Equity Program.
- ShowTix Centralized Box Office Incorporated,
St. John�s, is establishing a centralized box office operation with $15,000
from the Small Business and Market Development Program and $15,000 from the
Small Business Seed Capital Equity Program.
- Murray�s Garden Centre and Horticultural
Services of Portugal Cove are marketing a plant propagation project with
$3,000 from the Small Business and Market Development Program.
- Avalon Clear Gear of Mount Pearl are using
$20,000 from the Small Business Seed Capital Equity Program to establish a
cleaning facility for industrial gear and equipment.
Media contact: Lynn Evans, Communications, (709)
729-4570, 690-6290
2005 03 17
11:00 a.m. |