Monday, April 14, 2014

NS Gov't Helps Small Businesses Secure Funding

Small businesses will have better access to loans through improvements to the Credit Union Loan Guarantee Program. Premier Stephen McNeil says the provincial guarantee on term loans will be increased from 75 per cent to 90 per cent. The total available to lend will double from $25-million to S50-million. The maximum loan guarantee for social enterprises will also increase up to $500,000. Credit unions administer the program and provide loans to small businesses ensuring lending decisions are made in the local community. McNeil says entrepreneurs need access to capital to expand and hire new workers. Over the past 10 years, credit unions have approved loans worth $56-million dollars, helping more than 1,200 small businesses.