News Release - January 17, 1997
JOBS AND BUSINESSES CREATED THROUGH LOANS PROGRAM
Deputy Premier and Economic Development Minister Dwain Lingenfelter
today announced that activity under the Small Business Loans
Association (SBLA) Program during the 1996 calendar year included the
creation of 677 new jobs, establishment of 313 new businesses and
assistance to 275 existing businesses.
"The SBLA program provides business development opportunities to
non-traditional entrepreneurs and extends financing beyond the scope of
traditional lenders," Lingenfelter said. "By helping individual small
entrepreneurs, the program stimulates job creation, the growth of the
small business sector and community development."
Under the SBLA program, community-run loans associations can be formed.
These associations may access an interest-free revolving line of credit
from Saskatchewan Economic Development, then use the line of credit to
make loans of up to $5,000 to individual small businesses and
entrepreneurs. These small and non-traditional enterprises include
cottage industries, self-employment ventures and home-based businesses.
During 1996, 588 loans worth a total of $2,743,500 were approved and
4,847 loans worth a total of $21,873,000 have been approved since the
program was introduced in 1989.
"More than 10,800 jobs have been created or maintained, and thousands
of small businesses have been assisted since the program began,"
Lingenfelter said. "An average of 90 per cent of these loans are made
in rural Saskatchewan where the small businesses provide valuable goods
and services, create local jobs and contribute to the rural economy.
"Our economic plan, Partnership For Growth, clearly lays out positive
and practical steps to support and nurture the ongoing growth and
development of small business," Lingenfelter said. "Enhancing community
development and local economic initiatives, through programs such as
the Small Business Loans Association Program, is an essential
ingredient of our strategy."
For more information, contact:
Phone: (306) 787-7982