News Release Archive
ECONOMIC RENEWAL--LOAN PROGRAM CREATES BUSINESSES,JOBS
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The Nova Scotia Economic Renewal Agency's Community Business
Loan Program (CBLP) has created 803 jobs and maintained 537 jobs
province-wide. At the end of September, 278 businesses were
operating throughout Nova Scotia as the result of the program.
"Small Business Week highlights the ingenuity, dedication,
pride, determination and ultimate success of the entrepreneurs that
drive economic growth through the development of small
business," said Economic Renewal Minister Robbie Harrison. "The
Economic Renewal Agency is proud to support their efforts with
programs like the Community Business Loan Program, providing sound
business advice and financing that may not be available through
conventional means."
Economic Renewal has nine business service centres to support
the successful start-up and expansion of small to medium-size
businesses. Business development officers advise clients on how
to start a business and how to apply for loans and access
services provided by the agency. Officers also travel to 15
additional communities across Nova Scotia to provide
entrepreneurs with financial and operational advice.
"There is tremendous potential for small business growth in
Nova Scotia," said Mr. Harrison. "The loan program is an effective
way of converting that potential, offering sound business planning
assistance as well as loans. When a loan is approved, the
officer stays with the business during the critical start-up phase
and for the duration of the loan repayment period," he added.
Since inception of the program 61 per cent of the 610
applications received have been approved, totalling $4,473,734.
The CBLP has two components: first step loans of up to $10,000
are specifically targeted to new full-time business start-ups
(or ones that have started within the previous 12 months from the
date of application). To be eligible, the business start-up
costs, including working capital, must not exceed $100,000.
Small business growth loans of up to $50,000 are specifically
designed to assist in the start-up or expansion of full-time
businesses. New entrepreneurs can apply for assistance under either
program, but not both, for the same project.
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Contact: Linda Laffin
902-424-6810
trp Oct. 24, 1995
