Province Invests $5 Million To Support New Immigrant Small Businesses

Thanks to a financial boost from the province, the New Immigrant Small Business Loan Financing Pilot Program will create more jobs and continue to make Nova Scotia an attractive place for immigrant entrepreneurs and their families.

Economic and Rural Development and Tourism Minister Percy Paris announced today, Aug. 4, an additional $3 million in funding and a three-year extension to the pilot program.

"The New Immigrant Small Business Loan Financing Program supports the goals of jobsHere, our plan to grow the economy, by creating good jobs. It also furthers our immigration strategy objectives of attracting and retaining immigrants whose skills are most needed in the workforce," said Mr. Paris.

By extending this successful pilot and increasing the loan guarantee to $5 million, immigrants who have lived in Nova Scotia less than five years will be able to borrow up to $150,000 to start, expand or buy a small business.

Many banks and other lending institutions in Canada generally do not recognize international credit history, which can make it difficult for immigrants to access business funding.

"Immigrants possess a driving entrepreneurial spirit and a will to succeed. Many have become leading business and community leaders, often starting new businesses and employing other Nova Scotians," said Maureen MacDonald, acting Minister of Immigration. "The extension of this important program will help even more immigrants start up or expand businesses."

Over the past two years, the New Immigrant Small Business Financing Pilot Program has made 11 loans, and has helped create and maintain almost 50 jobs.

"We are dedicated to supporting local small business and communities and we are pleased to continue our partnership with the province," said Dianne Kelderman, president and CEO of the Nova Scotia Co-operative Council. "This additional access to capital will further enhance participating credit unions' ability to respond to the needs of our new immigrant small business owners and members."

The pilot was established in 2009 as an extension of the existing Small Business Financing Program. Both programs are joint initiatives between the Department of Economic and Rural Development and Tourism, the Office of Immigration, The Nova Scotia Co-operative Council and 16 participating Credit Unions. For more information on the program, visit www.gov.ns.ca/econ/business .