Empowering Entrepreneurship and Fueling Local Business Growth in Newfoundland and Labrador
St. John’s, Newfoundland and Labrador – The Government of Newfoundland and Labrador is committed to supporting entrepreneurship and fostering a vibrant small business sector. Through the Provincial Government’s Economic Recovery Plan, several initiatives have been implemented to empower entrepreneurs and stimulate local business growth.
Entrepreneurship Development Program
The Government of Newfoundland and Labrador has announced the launch of the Entrepreneurship Development Program (EDP), a $5 million initiative designed to support and grow businesses led by entrepreneurs and self-employed individuals.
Key Elements of the Program:
- Business Advisory Services: Entrepreneurs will have access to one-on-one mentorship and expert advice on various business aspects, such as business planning, market research, and marketing strategies.
- Financial Assistance: Eligible businesses can apply for non-repayable grants of up to $50,000 to cover eligible expenses, including equipment, inventory, and marketing costs.
- Training and Workshops: The program offers a range of workshops and training programs tailored to the needs of entrepreneurs, focusing on essential business skills and knowledge.
Other Initiatives
In addition to the EDP, the Government of Newfoundland and Labrador is implementing other initiatives to support entrepreneurship:
- Innovation and Growth Fund: This $20 million fund provides financing to businesses that demonstrate high growth potential and are committed to innovation.
- Export Development Program: This program assists Newfoundland and Labrador businesses in expanding their markets and exporting their products and services.
- Access to Capital: The government works with financial institutions to ensure entrepreneurs have access to affordable financing options.
Impact on the Business Climate
These initiatives are expected to have a significant impact on the business climate in Newfoundland and Labrador. By supporting entrepreneurship and fueling local business growth, the government aims to:
- Create Jobs: Successful entrepreneurs and small businesses are vital for job creation and economic diversification.
- Strengthen the Economy: A vibrant small business sector contributes to a more resilient and prosperous local economy.
- Diversify the Economy: By supporting entrepreneurs in various industries, the government can help reduce dependence on traditional sectors and promote economic diversification.
Quotes
“Entrepreneurs are the backbone of our economy. The Entrepreneurship Development Program is a key initiative in our efforts to create a prosperous and inclusive future for all Newfoundlanders and Labradorians.” – Siobhan Coady, Deputy Minister of Business, Tourism, Culture and Rural Development.
“This program will provide the necessary resources and support for entrepreneurs to develop and grow their businesses. We are excited about the positive impact this will have on our local economy.” – John Abbott, President of the Newfoundland and Labrador Chamber of Commerce.
Contact Information
For more information on the Entrepreneurship Development Program and other initiatives supporting entrepreneurship in Newfoundland and Labrador, please contact:
Department of Business, Tourism, Culture and Rural Development Entrepreneurship and Business Development Branch Phone: (709) 729-4570 Email: entrepreneurship@gov.nl.ca
Empowering entrepreneurship and fueling local business growth in Newfoundland and Labrador
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