October 20, 2004 Summerside, Prince Edward Island Small and medium-sized businesses are vital to the economy of Prince Edward Island and deserve recognition as the significant economic contributors they are, says ACOA Minister Joe McGuire. October 17-24 is Small Business Week across Canada with 2004 marking the 25th anniversary of this celebration. As Minister responsible for economic development in Atlantic Canada, Minister McGuire said he is pleased to acknowledge the important contributions made by small and medium-sized businesses in job creation throughout the region, specifically in Prince Edward Island. "Small business owners are the backbone of our economy and are integral to the ongoing prosperity and vibrancy of our communities," said Minister McGuire. "Small business owners work very long hours, in many cases juggle family and career responsibilities and often serve as community volunteers. "Through the opportunities created by these men and women, many of our fellow Islanders are also able to find better jobs to secure their futures here on Prince Edward Island." Minister McGuire said the Atlantic Canada Opportunities Agency (ACOA) is proud to support PEI¿s business community through its many programs and partnerships to help business owners start and grow their enterprises. Small businesses ¿ establishments with fewer than 100 employees ¿ are an important force in Canada, accounting for nearly 98 percent of all enterprises. Collectively, they account for an estimated one quarter of Canada¿s GDP (Gross Domestic Product) and one-half of the private sector labour force. "These are numbers which must be respected, and that is why we at ACOA place such an emphasis on small business development," Minister McGuire added. The Minister said he is proud of ACOA¿s record in Prince Edward Island. Since 2002, through the Entrepreneurship and Business Skills Development program, ACOA has invested $4.9 million in 47 projects that are providing skills training for hundreds of PEI¿s entrepreneurs. These projects include business skills development sessions, trade missions, programs for youth and women, and mentoring sessions. In addition, since April 1998, the Business Development Program (BDP) has invested over $118 million in more than 850 projects to help Island companies get started or expand their operations. To learn more about BDP or skills training programs please call ACOA PEI & Tourism at 1-800-871-2596 or visit our website at: www.acoa.gc.ca - 30 - Ron Crozier Office of the Minister for ACOA (902) 888-4150 Wes Harrison ACOA PEI & Tourism 902-368-0842 Wes.Harrison@acoa-apeca.gc.ca
