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Canadian Immigrant Pilots Supported in Nova Scotia
Thursday, 11 August 2011
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An additional $3 million in funding and a three-year extension to the New Immigrant Small Business Loan Financing Pilot Program in Nova Scotia, Canada have been announced by Percy Paris, Minister of Economic and Rural Development and Tourism on August 4, 2011.
Established in 2009 as an extension of the existing Small Business Financing Program, the pilot has also made 11 loans, and has helped create and maintain almost 50 jobs, continued to make Nova Scotia an attractive place for immigrant entrepreneurs and their families.
According to the announcement, Canadian 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 thanks to this successful pilot and increasing the loan guarantee to $5 million.
"The New Immigrant Small Business Loan Financing Program supports the goals of jobs. Here, 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.
In general, many banks and other lending institutions in Canada do not recognize international credit history, which can make it difficult for immigrants to access business funding. However, acting Minister of Immigration Maureen MacDonald believed that the extension of this important program would help even more immigrants start up or expand businesses in Canada.
Mr. Dianne Kelderman, president and CEO of the Nova Scotia Co-operative Council also expressed his agreement to the pilot's extension, showing that "We are dedicated to supporting local small business and communities and we are pleased to continue our partnership with the province. 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"
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