Released on March 26, 1999
Economic and Co-operative Development Minister Janice MacKinnon saidtoday that improvements to the Small Business Loans Association (SBLA)
program announced in the 1999-2000 provincial budget will mean more
jobs for Saskatchewan people.
"SBLAs are an essential part of the province's focus on working with
communities to create opportunities," MacKinnon said. "These
associations are making a major contribution to rural Saskatchewan by
investing at the local level."
Improvements to the program announced in the new provincial budget
include an increase in each SBLA's interest-free revolving line of
credit from $50,000 to $100,000. As well, an SBLA can now make loans
to a maximum of $10,000, up from $5,000.
More than $26 million has been loaned to almost 5,700 new and existing
businesses.
Small businesses in Saskatchewan funded through SBLAs created more
than 360 jobs and maintained another 565 more during 1998, mostly in
rural communities. This brings the total number of jobs created and
maintained as a result of the SBLA program, to almost 12,800.
"There are many examples of SBLAs helping build their local
economies," MacKinnon said. "The Soo Line Small Business Loans
Co-op in Weyburn has provided loans that have created or
maintained 69 jobs in 37 separate businesses. In Canwood, the
Economic Development Co-op has provided loans to companies as
diverse as a seed-cleaning plant and a plumbing business."
An SBLA can be formed by four or more community-based groups
individuals, partnerships, co-operatives or corporations. There
are now 267 SBLAs in the province.
"The positive growth we've seen as a result of SBLA funding is an
example of what can be accomplished when the government and
communities work together," MacKinnon said. "SBLAs play a vital
role by helping people create and maintain jobs in their own
communities."
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For more information, contact:
Greg Leake
Economic and Co-operative Development
Regina
Phone: (306)787-1691