Business, Tourism, Culture and Rural Development
January 2, 2015

Strengthening the Economy Through Strategic Partnerships

Province Celebrates the Economic Value of Co-Operatives

Co-operatives are incredibly valuable in driving business and economic activity throughout Newfoundland and Labrador. 2014 proved to be another year of positive growth for co-operatives as they delivered key services in communities and regions throughout the province with assistance from the Provincial Government to support sector growth and advance regional development.

"Co-operatives exist in just about every sector of our economy and impact many on an almost daily basis. From retail to banking, co-operatives play a significant role in the vitality of our province's economy. In 2014, our government was proud to provide $100,000 to support the Newfoundland and Federation of Co-operatives to support sector growth, as well as an additional $48,000 to support 13 co-op development sessions. I am pleased with our government's long and positive relationship with the federation and our shared goal of developing and promoting the co-operative model."
- The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development

In 2007, the Government of Newfoundland and Labrador signed a five-year Memorandum of Understanding (MOU) with the NLFC. The MOU was created in order to develop a long-term strategy for the delivery of enhanced support services that help rural communities and regional-based business pursue the co-operative business model. The MOU was renewed in 2012. A key component of the partnership has been a regional co-operative developers' network of trained government staff with extensive experience working within rural communities to advance and promote regional development. Network members have been working pro-actively with the NLFC to identify co-operative development opportunities, initiate regional projects, and promote co-operative development alternatives at the regional level.

"After a recent meeting with officials from the Department of Business, Tourism, Culture and Rural Development, I was once again reminded of the tremendous value we have received from the MOU between the NLFC and the department. There has been more public awareness and co-op development during the life of this partnership than the previous 20 years.This partnership is strong and productive and has clearly been a game changer for the federation. More importantly, it has been a game changer for existing and emerging co-operatives which contributes significantly to economic development and community sustainability."
- Ken Kavanagh, Vice-President, Newfoundland and Labrador Federation of Co-operatives

The co-operative sector provides direct employment for hundreds of people in the province. Co-operatives also offer business support services for many self-employed people, including fishermen and farmers, who provide jobs for others through the operation of their enterprises.

QUICK FACTS

• Co-operatives are incredibly valuable in driving business and economic activity and 2014 was another successful year for the co-operative sector in the province.
• There are over 90 co-operatives and credit unions, owned by thousands of members across Newfoundland and Labrador that enable businesses and individuals to come together to satisfy market demands and create new opportunities
• The United Nations declared 2012 as the International Year of Co-operatives, to create greater awareness of the economic and social contribution of co-operatives and support their continued growth.
• The NLFC plays a leading role in supporting the development of rural communities through the delivery of co-operative and micro-business development programs and services. Additional Information on NLFC can be found at: www.nlfc.coop/pages/index.php .

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Media contacts:

Tansy Mundon Director of Communications Department of Business, Tourism, Culture and Rural Development 709-729-4570, 693-1865 tansymundon@gov.nl.ca

Ken Kavanagh Vice-President, Newfoundland and Labrador Federation of Co-operatives 709-726-9431 kavanagh.ken@gmail.com

2015 01 02                              11:55 a.m.