Press Releases

Business Loan Program For Immigrants Open For Application

Nova Scotia credit unions are now accepting applications for the new Immigrant Small Business Financing Program.
 
The program was announced in December and is open to immigrants who have recently moved to Nova Scotia and are interested in starting, expanding or buying a small business. Up to $150,000 is available to successful applicants.
 
"Small businesses are the foundation of the Nova Scotia economy," said Murray Scott, Minister of Economic and Rural Development. "We want to ensure new immigrants have the opportunity to become small business owners, put down roots in their communities, and contribute to a prosperous future for all Nova Scotians."  Information sessions for people interested in applying will be held at credit unions across the province.
 
"Immigrants who are able to establish businesses here are more likely to stay in Nova Scotia, thereby contributing to Nova Scotia's economic, social and cultural growth," said Immigration Minister Len Goucher.
 
"Since the program was announced, we have had calls from across the province from people interested in applying," said Dianne Kelderman, CEO of the Nova Scotia Co-operative Council. "This tells us the need is there and we want to give them the support they need to get up and running."
 
In Nova Scotia, there are more than 30,000 small businesses, representing 92 per cent of all businesses in the province. Many immigrants find it difficult to get business funding as lending institutions in Canada generally do not recognize international credit history. The two-year pilot program is available solely through credit unions across Nova Scotia and is administered by the Nova Scotia Co-operative Council. It is a joint initiative of the co-operative council, the Credit Union Council of Nova Scotia, local credit unions and the provincial government. The Department of Economic and Rural Development is providing $2 million in a loan guarantee to the program, which will be reviewed annually. The Office of Immigration will provide $100,000 a year for operating and other costs of the program, such as business counselling, administration, technical services and legal costs.
 
More information on the program is also available on the Economic and Rural Development website at www.gov.ns.ca/econ .
 
Media Contacts:
Donna Hooper, Economic Development, 902-424-1728, E-mail: hoopermd@gov.ns.ca
Dianne Kelderman, Nova Scotia Co-operative Council, 902-896-7291, E-mail: Dianne@nsco-opcouncil.ca
 
The following is a list of dates and locations for information sessions about the loan program:
Halifax -- Jan. 28, 1:30 p.m. to 3:30 p.m., 2nd floor boardroom, Credit Union Central of Nova Scotia, 6074 Lady Hammond Road
Sydney -- Feb. 5, 2 p.m. to 4 p.m., Sydney Credit Union Limited, 95 Townsend Street
Port Hawkesbury -- Feb. 6, 10 a.m. to noon, boardroom, East Coast Credit Union, 299 Reeves Street
Truro -- Feb. 13, 10 a.m. to noon, 2nd floor Colchester Co-op Boardroom, 339 Willow Street
Wolfville -- Feb. 17, 10 a.m. to noon, Old Orchard Inn, 153 Greenwich Road South
Please contact Andrea Jackson at 902-893-8966 or andrea@nsco-opcouncil.ca to reserve your seat.

Immigrants who have recently moved to live in Nova Scotia can soon get down to business with the help of the Immigrant Small Business Financing Program. The program offers immigrants, who have lived in Nova Scotia less than five years, up to $150,000 to help start, expand or buy a small business. Many immigrants – even those with stable banking practices in their home countries – often find it difficult to get business funding as banks and other lending institutions in Canada generally do not recognize international credit history.

In Nova Scotia, there are more than 30,000 small businesses, representing 92 per cent of all businesses in the province. "Small businesses drive the Nova Scotia economy," said Economic Development Minister Angus MacIsaac. "This program will help ensure immigrant entrepreneurs have the opportunity to become small business owners in this province and generate jobs." The pilot project is available solely through credit unions across Nova Scotia. It will be administered by the Nova Scotia Co-operative Council, and is a joint initiative of the council, the Credit Union Council of Nova Scotia, local Credit Unions, Nova Scotia Economic Development and the Office of Immigration. Credit unions will begin taking applications in mid-January.

Economic Development will invest $2 million in a loan guarantee to the Small Business Immigration Financing Program, which will be reviewed annually. Immigration will provide $100,000 a year for operating and other costs of the program, such as business counselling, administration, technical services and legal costs.

"Access to economic opportunities are key factors in a new immigrant’s decision to stay or leave the province," said Immigration Minister Len Goucher. "By setting up businesses, new immigrants will also establish stronger roots in local communities, roots that will help newcomers integrate and, ultimately, settle in Nova Scotia."

The Immigrant Small Business Financing Program is an extension of the existing Small Business Financing Program, which is also administered by the Nova Scotia Enterprises Co-operative and delivered through credit unions. It has helped more than 350 companies create and maintain 2,300 jobs. "We've helped establish new businesses and empower entrepreneurs with the support they need to create employment for themselves and others," says Dianne Kelderman, chief executive officer of the Nova Scotia Co-operative Council. "We have had great success and now, with a program for immigrant entrepreneurs, we see the opportunity for the even greater growth."

Last year, more than 150 immigrants interested in starting or buying a new business approached the Metropolitan Immigrant Settlement Association for assistance. "We can assist new immigrants with many services when they come to Nova Scotia," said Claudette Legault, executive director of the Metropolitan Immigrant Settlement Association. "But having access to business loans in a timely manner is very significant in terms of determining their financial success."

For more information on the Immigrant Small Business Financing Program visit the Economic Development website at www.gov.ns.ca/econ. More information on the application process will be available on the website in mid-January.

Media Contact: Donna Hooper, Communications
Office of Economic Development
902-424-1728
E-mail:hoopermd@gov.ns.ca

Dianne Kelderman, CEO
Nova Scotia Co-operative Council
902-893-8966
E-mail:diannefk@tru.eastlink.ca