Released on April 25, 2003
A successful community approach to economic development is creating new opportunities for job growth through small business loans.The government-administered, community-run Small Business Loans Association Program (SBLA) has had another successful year. More than $3.5 million was loaned to approximately 500 start up and non-traditional businesses through community-run SBLAs. The program is credited with creating or maintaining over 1,100 jobs primarily in rural communities.
"Small businesses bring economic diversity and prosperity to our province," Industry and Resources Minister Eric Cline said. "Empowering local organizations, like SBLAs, to create jobs and new services results in stronger communities with sustainable economies."
SBLAs can be formed by four or more community-based groups, individuals, partnerships, co-operatives, corporations, or by Rural Development Corporations or Regional Economic Development Authorities.
There are currently 269 SBLAs in the province. Each SBLA has access to a revolving line of credit of up to $100,000 from Industry and Resources. The associations in turn make loans of up to $10,000 to new and existing businesses that are not eligible for financing through traditional means.
Since the program's inception in 1989, more than $42.5 million has been loaned to 8,243 new and existing businesses creating or maintaining over 18,000 jobs.
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For More Information, Contact:
| Bob Ellis Industry and Resources Regina Phone: (306)787-8277 |