Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
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Released on February 5, 2009
The Saskatchewan government has moved to raise the annual cap on provincially registered funds from $25 million to $50 million per fund to boost economic growth by providing additional capital for business growth and development.
Golden Opportunities Fund Inc. and SaskWorks Venture Fund Inc., operating through the Labour Sponsored Venture Capital Corporations (LSVCC), are the main beneficiaries to the changes under the Invest in Saskatchewan Program.
"We want to keep pace with the demand for capital from Saskatchewan businesses benefiting from our strong economic growth," Enterprise and Innovation Minister Lyle Stewart said. "Saskatchewan people are interested in investing in local businesses and this cap change will ensure that we offer more support and draw benefit from our local investments. These funds stimulate new growth even in these times of global economic downturn"
The two Saskatchewan LSVCC funds - Golden Opportunities Fund Inc. and SaskWorks Venture Fund Inc. - have invested over $208 million in 127 businesses to date.
"We are pleased with the cooperation of the Province in raising the cap for Sask Funds," SaskWorks Venture Fund Inc. President and CEO Randy Beattie said. "The combination of a growing provincial economy and the strong performance of SaskWorks provides Saskatchewan residents the ability to invest in some of Saskatchewan's fastest growing companies through SaskWorks, one of the top five retail venture funds in Canada."
"We are currently celebrating a decade of investing in Saskatchewan that has seen increased demand year after year for the fund given our diversified portfolio of exciting growth companies," Golden Opportunities President and CEO Grant Kook said. "We appreciate the continued support of the Government of Saskatchewan in the program. It is timely due to the need for venture capital in Saskatchewan and launch of our new Innovation Share which will invest in exciting local technologies, patents and processes."
The Invest in Saskatchewan Program provides tax incentives to encourage investment into registered pool and employee funds. Investors are eligible to receive both provincial and federal tax credits of 20 per cent and 15 per cent respectively on the first $5,000 invested per investor per year.
"The Invest in Saskatchewan Program is designed to encourage Saskatchewan residents to make equity investments in small- and medium-sized Saskatchewan-based businesses. Over the long term the program will build lasting and productive relationships with labour, business and government for the benefit of Saskatchewan," Minister Stewart said.
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For more information, contact:
Tim Tororey
Enterprise Saskatchewan
Regina
Phone: 798-0503
Email: tim.tororey@gov.sk.ca
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