ESTEVAN-AREA YOUNG ENTREPRENEURS BENEFIT FROM NEW LOAN PROGRAM

Released on October 20, 2005

Young entrepreneurs in rural communities surrounding Estevan accessed more than $84,000 in loans in the past year, due to a recent enhancement of the Small Business Loans Association (SBLA) program.

Across Saskatchewan, young entrepreneurs aged 18 to 30 are starting to embrace the new training component of the province's Youth Opportunities Unleashed (YOU) initiative, an enhancement of the SBLA program.

In the past year, 85 small business loans for more than $1 million have been made to Saskatchewan youth.

"Building a strong base of young entrepreneurs is critical to building Saskatchewan's economy," Rural Development Minister Clay Serby said. "The YOU program combines financing opportunities with the resources youth need to succeed in a competitve marketplace."

The SBLA program is working for young people. Curtis Larson was 22 years old when his company, C.L. Enterprises in Tribune, obtained a loan from his local SBLA to purchase equipment necessary for his business. "I chose to finance my business this way because of the low interest rates and the fact that all the interest I pay stays in my community," Larson said. "My loans have been approved quickly, enabling me to make timely business plans and purchases."

The province is celebrating Small Business Week October 16th to 22nd. Saskatchewan's 38,000 small businesses account for over 90 per cent of total business in the province and employ more than one-third of the working population. Serby calls small businesses the economic backbone of the province and says young entrepreneurs make an important contribution.

"I applaud the young entrepreneurs who have used the SBLA program. They have taken the initiative to start their careers through self-employment while strengthening our rural communities," Serby said.

The YOU initiative, launched in June 2004, currently offers two components to young entrepreneurs: loans and training. Work is also continuing toward developing a mentorship component. Eligible young people can access loans of up to $15,000 from their local SBLA, to assist in starting or expanding a business.

YOU training workshops feature four modules: Introduction to Entrepreneurship; Introduction to Financing Your Business; Introduction to Business Management; and Introduction to Marketing Your Business. More than 120 community partners and individuals in every corner of the province have received workshop materials. Those partners include Community Futures Development Corporations; Regional Economic Development Authorities; Regional Colleges; Regional Offices for Saskatchewan Rural Development and Saskatchewan Industry and Resources; the Canada-Saskatchewan Business Service Centre; Women Entrepreneurs of Saskatchewan Inc.; and the Saskatchewan Business Teachers Association.

"Saskatchewan is full of opportunities for entrepreneurs, including youth, and there are many examples of people who have seized those opportunities," Serby added. "If you have an idea for a small business, we'll be there to help you along the way."

For details on training workshops call toll-free 1-800-265-2001 or e-mail you@rd.gov.sk.ca.

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For More Information, Contact:

Donna Rehirchuk Rural Development Regina Phone: (306) 787-2359