Province announces $10m loan to credit unions to support small business

On October 21, the Province announced a new $10m infusion of loan monies to be provided to small businesses through Nova Scotia credit unions. Below is the text of the province’s announcement, found here.

Economic and Rural Development

Small business will continue to get much-needed support through the province’s partnership with Nova Scotia credit unions after a $10-million loan announced today, October 21.

“This new loan will increase participating credit unions’ access to capital for loans to Nova Scotia’s small and medium-sized businesses, helping to create good jobs and grow the economy,” said MLA Michèle Raymond, on behalf of Economic and Rural Development Minister Percy Paris. “We are pleased to continue our work with Nova Scotia credit unions, supporting the sustainability and success of small businesses throughout the province.”

The loan will come from the Strategic Opportunities Fund Incorporated, and be administered by the Credit Union Central of Nova Scotia. Credit unions can apply to the administrator to access the funds.

“We are dedicated to supporting local small business and communities and we are pleased to be partnering again with the province,” said Bernie O’Neil, CEO of Credit Union Central of Nova Scotia. “This new loan will further enhance participating credit unions’ ability to respond to the needs of our small business members.”

Over the last seven years, the province has provided support to small businesses through the $30-million Credit Union Small Business Loan Guarantee Program. The program has helped start 434 businesses, created almost 1,500 jobs and maintained 3,000 more across the province.

Donald Savoie endorsed small business support in his Nova Scotia economic review. After his recommendations, the province amended the program to allow financing for business acquisitions and buyouts to help ensure small businesses are sustained.

For more information on the program, a partnership between the Department of Economic and Rural Development, 14 participating credit unions and the Nova Scotia Co-operative Council, visit www.gov.ns.ca/econ/business.

The Strategic Opportunities Fund Incorporated is a provincial corporation that receives and manages funds under the federal Immigrant Investor Program. It invests funds in economic development opportunities and job creation priorities. For more information, visit www.gov.ns.ca/econ/nssofi/.