Released on October 19, 2012
The Government of Saskatchewan added its voice to the Business Development Bank of Canada (BDC) in recognition of the remarkable contributions of small and medium business to economic growth in the province.
The BDC has promoted Small Business Week (October 14-20) for the past 33 years in support of entrepreneurs. These entrepreneurs are helping drive economic diversification and growth across Canada, but particularly in Saskatchewan. A recent survey by the Canadian Federation of Independent Business, found five of the nation's top 10 entrepreneurial cities were in Saskatchewan (Saskatoon, Regina, Moose Jaw, Lloydminster and Prince Albert).
"Small business is really the backbone of our provincial economy," Economy Minister Bill Boyd said. "Strong support for our entrepreneurs and innovators is a key priority for this ministry and for our government as we put our plans for Saskatchewan's future growth into action."
Boyd also voiced his support for the Canadian Federation of Independent Business' Small Business Saturday on October 20, which encourages consumers to support their local businesses and entrepreneurs.
"Especially in rural Saskatchewan, small businesses are not just an avenue for getting goods and services, they are often our neighbours and friends and play important roles in our communities," Boyd said.
Small businesses are defined as those with annual sales of under $5 million or with fewer than 50 employees. The small business sector represents 98.5 per cent of all businesses in Saskatchewan and employs almost 140,000 people, about one-third of Saskatchewan's labour force. In 2010, there were approximately 95,000 small businesses operating in Saskatchewan.
Saskatchewan offers a variety of programs and initiatives supporting small business in the province, including the Small Business Loans Association (SBLA) and Business infosource. The SBLA provides small businesses with loans, and disbursed more than $2.45 million in the 2011-12 fiscal year, benefitting 224 successful applicants in Saskatchewan. The SBLA increased its loan limit from $15,000 to $20,000 effective July this year. Business infosource is a government organization that provides free information to Saskatchewan entrepreneurs to help them start or grow their business.
Other activities include the 2012 Volta Award, jointly presented by the Saskatchewan Young Professionals and Entrepreneurs and Enterprise Saskatchewan, which recognizes outstanding young entrepreneurs in the province and was won this year by Ten Tree Apparel in Regina.
-30-
For more information, contact:
Jamie Shanks
Economy
Regina
Phone: 306-787-2202
Email: jamie.shanks@enterprisesask.ca