Small Business Week is about highlighting the value and importance of small business owners who contribute to our communities and economy throughout Newfoundland and Labrador. The Provincial Government is supporting these businesses through more than $15.4 million in funding since the start of the year. This funding supports small business and economic development, through a variety of programs and services offered by the Department of Industry, Energy and Technology.
Since January 1, 2023, the Provincial Government has provided:
- $5.9 million in Research and Development investments. This included approximately $2.2 million directly to companies, which leveraged a further $4.2 million in partnership funding.
- Almost $6.5 million was approved to support 67 projects through the Regional Development Fund, to assist with community economic development projects, leveraging over $29 million from other partners and sources.
- More than $1.75 million was approved to support 125 projects through the Business Development Support Program, leveraging $3.2 million from clients and other sources.
- Over $1.3 million was approved to support six commercial repayable loans through the Business Investment Program, leveraging almost $1.9 million in additional investments.
Through the Department of Industry, Energy and Technology, the Provincial Government provides a wide array of services and financial support to small and medium-sized businesses. This includes counselling, repayable and non-repayable financing options, enterprise promotion and export development.
As Newfoundland and Labrador celebrates Small Business Week from October 15 to October 21, activities are planned across the province to highlight the important contributions of small businesses to the growth of the provincial economy.
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“Small business owners play an integral role in Newfoundland and Labrador’s economic success. The Provincial Government invests significantly in programs and supports for start-up companies, and the entire entrepreneurial ecosystem as we know it creates jobs, contributes to our province’s high quality of life, and plays a big part in both rural and urban communities. It is important that we support small businesses throughout the year and recognize the impact they have on energizing local economies and building communities.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
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