Released on June 25, 2004
Fostering the development and success of young entrepreneurs in Saskatchewan is the focus of a new provincial program.Premier Lorne Calvert today launched the Youth Opportunities Unleashed (YOU) initiative for entrepreneurs between the ages of 18 and 30. The initiative, which fulfills an election commitment made by Premier Calvert, is an enhancement to the province's Small Business Loans Association (SBLA) program.
"Saskatchewan has amazing potential and Youth Opportunities Unleashed brings together two of our greatest strengths: entrepreneurial young people and our small business sector," Calvert said. "YOU will equip our young entrepreneurs with the support, tools and confidence to unleash and seize the tremendous opportunities that await them in their own businesses."
The YOU initiative offers three components to young entrepreneurs: loans, training and mentorship. Eligible young people can access SBLA loans of up to $15,000 to assist in starting or expanding a business; acquire entrepreneurial training through a broad range of community-based partner organizations; and learn the finer points of small business success through the YOU mentorship component.
Young entrepreneurs can access these loans immediately while the training and mentorship components will be available this fall.
The premier also announced the $15,000 amount on loans represents an across-the-board increase of $5000 to SBLA loan limits and is available to all small business owners.
"Saskatchewan boasts a thriving small business sector and this increased support will contribute to its continued success," Calvert said.
Under the SBLA program, the government provides funding to local SBLA organizations, which in turn provide loans to businesses that have experienced difficulty accessing financing through traditional means.
Community-based groups, co-operatives, corporations, Rural Development Corporations or Regional Economic Development Authorities can form SBLAs. There are currently 239 active SBLAs in the province, each with access to a revolving line of credit, upon approval, of up to $200,000 from Industry and Resources.
Since the program's inception in 1989, $46.6 million has been lent to nearly 9,000 new and existing businesses, creating or maintaining well over 19,000 jobs.
At the YOU launch, Industry and Resources Minister Eric Cline also presented a certificate to recognize the job creation efforts of the Innovative Business Loans for Persons with Disabilities Co-operative Ltd. Since becoming an SBLA in 1992, the Regina co-operative has helped city businesses create 77 jobs.
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For More Information, Contact:
| Bob Ellis Industry and Resources Regina Phone: (306) 787-1691 |