New Investment Opportunities for Homegrown Companies
Tuesday, June 3, 2008
Nova Scotia businesses can now access performance-based financing as they increase competitiveness in the global market and retain or attract workers.
The province, through Nova Scotia Business Inc. (NSBI), has expanded its payroll rebate terms. The rebate can now be used as an incentive for companies to invest in competitiveness with technology improvements, product diversification or expanded export markets.
"In the global marketplace, our companies must continue to invest in their facilities, their people and their product innovation," said Angus MacIsaac Minister of Economic Development. "Expanding the eligibility of the payroll rebate demonstrates the province's commitment to continued partnerships with businesses."
The payroll rebate may be used as an additional investment for companies that are committed to using their own funds for at least 20 per cent of project costs. Eligible companies would earn the rebate incrementally as they achieve performance measures and payroll targets.
"We are investing in the future," said Stephen Lund, president and CEO of Nova Scotia Business Inc. "We need to continue to invest in our people and support these companies as they make crucial investments in technology and equipment and export into new markets."
Projects should retain or create at least 20 jobs. This minimum was recently lowered from 50 jobs, increasing NSBI's ability to work with more companies across the province.
Companies that create or retain fewer than 20 jobs may be considered when there is a high strategic value or strong economic benefit.
"This expanded focus of the payroll rebate is good news for our membership," said Ann Janega, vice-president of Canadian Manufacturers and Exporters (CME), Nova Scotia Division. "CME will continue to work closely with NSBI to identify opportunities for Nova Scotia manufacturers to improve productivity and export capability"
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.