At a news conference held in Charlottetown today, the provincial government announced new initiatives designed to support and expand small business on Prince Edward Island. The New Partnership with Small Business will be implemented in January 1998 through Enterprise PEI and will consist of the following elements:
the creation of a Small Business Team to focus on the unique needs of smaller owner-operated businesses who will work in cooperation with the existing Community Development Corporations;
the creation of a Strategic Business Group to enhance expertise in sectors with high growth potential and areas where PEI enjoys a unique competitive edge;
the integration of the new and existing support services into a single Small Business Support Program offering a single source for information and investment services;
the establishment of a computerized Guidance and Referral Network to guide business people in finding the most appropriate source of expertise for their specific requirement;
raising the cap on the Entrepreneur Loan Program from $15,000 to $25,000 in support of new and expanding owner-operated businesses;
the addition of a Low Interest Loan component to the existing range of lending services;
restoring funding for a Professional Services Fund to help business people access qualified expertise in key areas of business planning, operations and marketing; and
sponsoring information seminars utilizing international expertise which would be cost prohibitive for individual owner/operators.
"The growth of our small business sector represents a vital and renewable source of wealth creation in our province," said Wes MacAleer, Minister of Economic Development and Tourism. "It is our intention to maximize the revenue potential in this area by making prudent use of taxpayers' dollars and focusing on government's role as a strategic business partner and our contribution as a strategic investor."
"The needs of small business, not the needs of government programming, will become the fundamental focus for the delivery of our information and investment services," added MacAleer.
Enterprise PEI will sponsor a series of information sessions in every region of the province to allow members of the business community to get additional information on these initiatives and to solicit their input. These sessions will take place over the next few weeks.