News Release - February 14, 2007
NEW APEX INVESTMENT FUND ESTABLISHED
Saskatchewan’s credit unions have formed a partnership with Government to establish a fund that will invest in small and medium-sized businesses, with a special emphasis on projects in smaller cities and rural communities.
“The new Apex Investment Fund responds to the need for investment capital, especially in rural Saskatchewan,” Crown Investments Corporation (CIC) Minister Maynard Sonntag said. “At least half of all investments will be directed toward projects located outside Regina and Saskatoon, reinforcing our Government’s commitment to increase economic development opportunities in rural areas.”
The Apex Investment Fund will assist new and expanding businesses in the key strategic sectors identified in the Saskatchewan Action Plan for the Economy: value-added agriculture, advanced technology, manufacturing, energy, mining and forestry. Investments will be in the range of $1 million to $4 million.
CIC will commit up to $60 million to the Fund over seven years. A group of Saskatchewan credit unions and other partners will commit up to $40 million over the same period. The group includes Conexus Credit Union, Cornerstone Credit Union and Innovation Credit Union (formerly BCU Financial and Southwest Credit Union).
“The Apex Investment Fund will act as a mechanism to improve development and investment in Saskatchewan communities,” Conexus Credit Union board president Dennis Anderson said. “It provides the opportunity for both small and medium-sized Saskatchewan businesses operating in key sectors of our economy to be successful.”
“The Government of Saskatchewan is pleased to join with Saskatchewan’s credit unions to provide this additional source of financing for their clients,” Sonntag said. “We look forward to working with our credit union partners to help build a prosperous future for all Saskatchewan people.”
A general partnership has been formed to oversee the Apex Investment Fund, consisting of representation from CIC, the credit union group and the Fund’s manager, PFM Capital Inc. of Regina.
For more information on the Apex Investment Fund, call 306-791-4855 or e-mail firstname.lastname@example.org.
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