Released on December 2, 2004
A rural Small Business Loans Association in Candle Lake was honoured today in a special ceremony recognizing its contribution to the community and to Saskatchewan's economy.Saskatchewan Rivers MLA Lon Borgerson presented a Small Business Loans Association (SBLA) job creation certificate on behalf of Industry and Resources Minister Eric Cline to Candle Lake Co-operative Loans Association, for helping to create 106 jobs.
The association has approved 38 loans totalling nearly $189,000 to local businesses since becoming a SBLA in 1991.
"New jobs now help to support local community members and their families, contribute to the local economy and have a positive impact on our provincial economy," Borgerson said. "Rural communities are being strengthened and revitalized as a result of SBLA organizations, such as the one here in Candle Lake."
The government provides funding to local SBLA organizations under the program. The SBLAs then provide loans to local businesses which have experienced difficulty accessing financing through traditional means.
Currently there are more than 240 active SBLAs in the province. Community-based interest groups, co-operatives, corporations, rural development corporations and Regional Economic Development Authorities can form SBLAs – most of which are located in rural areas. Since the program's inception in 1989, more than 9,000 small businesses have received loans totalling more than $49 million. More than 20,000 jobs have been created or maintained as a direct result of this activity.
A new enhancement to the program is the Youth Opportunities Unleashed (YOU) initiative, which provides loans, training and mentorship to young entrepreneurs between the ages of 18 and 30.
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For More Information, Contact:
| Bob Ellis Industry and Resources Regina Phone: (306) 787-1691 |