During Small Business Week, we acknowledge the importance of small business owners who contribute to our communities throughout Newfoundland and Labrador. The Provincial Government is supporting these businesses through more than $20 million in funding since the start of the year. This funding supports small to medium-sized businesses and their valuable contribution to economic development.
Between January 1 and September 30, 2024, the Provincial Government has provided:
- More than $6.4 million to support 90 projects through the Regional Development Fund, to assist with community economic development projects, leveraging over $28 million from other partners and sources.
- Almost $3 million to support 13 commercial repayable loans through the Business Investment Program, leveraging almost $6.7 million in additional investments.
- Over $8 million to support 36 research and development investments. This included approximately $3.1 million directly to support 11 companies, which leveraged a further $13.8 million in partnership funding.
- Almost $2.6 million to support 210 projects through the Business Growth Program (previously the Business Development Support Program), leveraging $3.1 million from clients and other sources.
The Provincial Government, through the Department of Industry, Energy and Technology, supports small businesses by providing a number 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 20-26, 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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“Newfoundland and Labrador’s economic success is in large part due to the small businesses that create jobs, contribute to our province’s high quality of life, and are enriching both rural and urban communities. Through supports from the Department of Industry, Energy and Technology, we aim to recognize and nurture these businesses and champion the vision and entrepreneurial spirit of small business owners.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
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