As part of Small Business Week across Newfoundland and Labrador, the Provincial Government is highlighting more than $29 million in funding contributions to small businesses, as well as support for economic development through a variety of programs and services offered by the Department of Industry, Energy and Technology, including:
- $15.5 million in Research and Development investments, including approximately $6.7 million directly to companies;
- More than $7.5 million was approved to support 98 projects through the Regional Development Fund to assist with community economic development projects, leveraging over $28 million from other partners and sources;
- More than $6.4 million was approved to support 156 projects through the Business Development Support Program, leveraging $5.2 million from other partners and sources; and
- $315,000 was approved to support five commercial loans through the Business Investment Program, leveraging over $1.2 million in additional funding contributions.
The Provincial Government provides a wide array of services and financial support to small and medium-sized businesses, including counselling, repayable and non-repayable financing options, enterprise promotion, and export development and trade. The department invests significantly in programs and supports for start-up companies and the entire entrepreneurial ecosystem.
As Newfoundland and Labrador celebrates Small Business Week from October 16 to October 22, activities are planned throughout the province to highlight the industry’s significance to the growth of the provincial economy.
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“Small business owners across Newfoundland and Labrador are a major contributor to our province’s economic success. Our government is proud to support these hard working entrepreneurs who create jobs, contribute to our province’s high quality of life, and play a big part in our local communities. It is important that we take the time to recognize and support our local entrepreneurs, not only this week but throughout the year.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
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Media contact
Eric Humber
Industry, Energy and Technology
709-729-5777, 725-9655
erichumber@gov.nl.ca
