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SMALL BUSINESS WEEK CELEBRATES THE EMPLOYEE INVESTMENT PROGRAM

Released on October 18, 2010

Today, Enterprise Minister and Minister responsible for Trade Jeremy Harrison proclaimed October 18-22, 2010 as Small Business Week in Saskatchewan at a kick-off event at Reinhardt Plumbing, Heating and Air Conditioning Ltd. in Regina.

Small Business Week applauds Saskatchewan's vibrant small business community and the programs that assist them in achieving their entrepreneurial goals.

This year's theme highlights the Employee Investment Program, a provincial government-sponsored initiative designed to encourage employees of small businesses to invest in their employing company.

"Small businesses are a defining piece of Saskatchewan's economy - creating jobs, providing valuable services and contributing to entrepreneurial growth in the province," Harrison said. "The Employee Investment Program is one way our small businesses are attracting and retaining employees, and providing a sense of company ownership."

Under the Employee Investment Program, employees set up and invest in funds called Labour-Sponsored Venture Capital Corporations (LSVCCs). The LSVCCs, in turn, invest in the company that employs them. This provides fund holders substantial federal and provincial tax credit returns and employers access to equity capital for business expansion.

Reinhardt Plumbing, Heating and Air Conditioning Ltd. have been involved with the program for two years.

"This program is a win-win opportunity for our company and our employees," Reinhardt Plumbing, Heating and Air Conditioning Ltd. Treasurer Patty Reinhardt said. "Currently, 20 per cent of our employees are invested in the program and we soon hope to double that number."

Small business is big business in Saskatchewan. Close to 96 per cent of businesses in our province are small businesses employing more than 140,000 people. These businesses contribute more than $3.3 billion to the Saskatchewan economy annually.

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For more information, contact:

Shanna Schulhauser
Enterprise Saskatchewan
Regina
Phone: 306-798-0503
Email: shanna.schulhauser@enterprisesask.ca

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