November 21, 2013
Energizing the Economy Through Business Development Investments
Provincial Government Continues Support of Small and Medium-Sized Enterprises with Strategic Investments
Five Newfoundland and Labrador businesses are in a better position to grow their companies as a result of the Provincial Government funding a number of initiatives totalling $42,600. Encompassing a wide variety of industries, including knitwear apparel, tools for professional investors, as well as export sales in knowledge-based industries, funding will assist the five companies boost their capacity and expand their market presence.
“Small and medium-sized businesses play a vital role in sustaining and
growing Newfoundland and Labrador’s economy. It is essential that we invest
in a range of industries and the individuals who are working throughout
Newfoundland and Labrador to grow and support the local economy. The $42,600
investment supports business development opportunities by providing
businesses with the resources they need to diversify markets and achieve
greater profitability.”
- The Honourable Charlene Johnson, Minister of Innovation, Business and
Rural Development
Local businesses provide employment opportunities, create wealth, build and sustain communities and help fuel infrastructure improvements. A full list of companies receiving funding can be found in the backgrounder below.
The Provincial Government remains focused on the province’s long-term prosperity by encouraging job creation, strong communities, a vibrant economy and natural resource development that is of maximum benefit to Newfoundlanders and Labradorians.
QUICK FACTS
- Business development funding supports a number of initiatives and assists companies to increase their capacity and expand their marketing strategies.
- Small and medium-sized businesses employ almost 40 per cent of the province’s total workforce.
- Over $194 million has been invested in business and regional development since 2005.
- To ensure flexible funding and serve the needs of small and medium-sized businesses, over $36 million is available to help businesses grow and compete in their markets and allow new businesses to expand into the province through the Business Investment Fund; and $11 million is available to support regional development efforts through the Regional Development Fund.
- The Department of Innovation, Business and Rural Development offers a wide range of services and assistance to established and potential entrepreneurs, additional information can be found at: www.ibrd.gov.nl.ca/growing.
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Media contact:
Heather MacLean
Director of Communications
Department of Innovation, Business and Rural Development
709-729-4570, 697-4137
heathermaclean@gov.nl.ca
BACKGROUNDER
Companies Supported by the Business Development Fund
| Company / Organization | Initiative |
| Afinin Labs Inc., St. John’s | Funding will assist with attendance at national and international trade shows to market software. |
| Grates Cove Studios, Grate’s Cove | Funding will assist the craft producers purchase and install new signage |
| Placentia Area Chamber of Commerce, Placentia | Funding assisted with a conference and exhibit at the Placentia Bay Industrial Showcase project. |
| Marie’s Knits, Clarenville | Funding to assist with attendance to craft shows. |
| Vogue Furriers Limited, St. John’s | Funding assisted with attendance to trade mission to China. |
2013 11 21 10:55 a.m.