Business New Brunswick

Increased support for small businesses (10/03/29)

NB 428

March 29, 2010

RICHIBUCTO (CNB) - The provincial government has committed $3 million toward its small business assistance program, NB Growth, and has increased funding to the Technical Adoption and Commercialization Program to $1.5 million for 2010-11. Premier Shawn Graham made the announcement today.

"We believe in the power of small businesses to transform communities and bring prosperity to this province," said Graham. "Through these programs, we are building confidence in small businesses and helping entrepreneurs bring their dreams within reach. They are not huge investments, but they make an enormous difference to these companies, allowing them to buy new equipment, hire more staff, and even renovate their office or factory floor."

Graham announced the funding - as well as funding for three small businesses in southeastern New Brunswick - at a business breakfast hosted by Enterprise Kent at Imperial Manufacturing Group in Richibucto. He was joined by Business New Brunswick Minister Victor Boudreau; Guy Leger, executive director of Enterprise Kent; and about 50 members of the local business community.

The three companies that received funding are Heritage Wrought Iron, L'Auberge Le Vieux Presbytère de Bouctouche, and BSM Industrial Mechanical Specialists Ltd.

"These programs are essential to help our small businesses realize their potential and contribute meaningfully to their communities," said Boudreau. "I am confident that, by lowering taxes, investing strategically in businesses and helping companies expand and explore new markets, we are creating the best possible business environment in the country."

Business New Brunswick launched the NB Growth program in October 2007 to support company start-ups and expansions. The program provides eligible entrepreneurs up to $100,000 to establish a new business; and up to $60,000 to expand, diversify or improve productivity at an existing business.

The Technology Adoption and Commercialization program, also offered through Business New Brunswick, provides up to $15,000 toward 40 per cent of a project for business owners who want to improve competitiveness with new equipment purchases or certification projects. The program's budget will increase by $500,000 this year, bringing the total amount to $1.5 million.

10/03/29

EDITOR'S NOTE: Following are details about three companies receiving assistance from Business New Brunswick. MEDIA CONTACT: Ashley Bursey, communications, Business New Brunswick, 506-461-0942, Ashley.bursey@gnb.ca.

Companies receiving assistance from Business New Brunswick

Heritage Wrought Iron: A blacksmith shop approved to receive $30,000 from NB Growth to expand, buy new equipment and hire one additional staff member.

L'Auberge Le Vieux Presbytère de Bouctouche: A historic inn approved to receive more than $85,000 from NB Growth and the Regional Development Corporation to install new windows, insulation and solar hot water heating; to hire up to three additional staff; and to enable it to operate year-round.

BSM Industrial Mechanical Specialists Ltd.: A structural steel fabrication and millwrighting company approved to receive $60,000 under the NB Growth program to hire up to three people and to help buy a new building and a heavy lift craft.

10/03/29