Halifax, Nova Scotia - Last year, Mike Gillespie of ACE Landscaping in Lawrencetown took out a $5,000 Students in Business loan to buy a lawn tractor. He ended the year by paying off the loan and posting a $10,000 profit. “I can take on more customers now because I can cover more properties in less time,” says Mr. Gillespie, who was honoured with the 2008 Students in Business award last fall.
In recognition of the success of student entrepreneurs such as Mike Gillespie, the governments of Canada and Nova Scotia recently extended funding to the Students in Business Program for 2009-2010. The Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, and the Honourable Percy Paris, Nova Scotia Minister of Economic and Rural Development, today announced the operational funding of $200,000 from the Atlantic Canada Opportunities Agency (ACOA), $100,000 from the provincial Department of Economic and Rural Development, and $60,000 from Enterprise Cape Breton Corporation (ECBC). Since 2004, ACOA has provided a total of $700,000 in capital loan funding for the Students in Business Program.
“The number of successful businesses coming out of this program continues to grow,” said Minister MacKay. “In addition to gaining invaluable life and business experiences, many of these young entrepreneurs are offsetting their education expenses, and developing the skills necessary to seize the business opportunities of the future. This program and initiatives in our government’s Economic Action Plan are providing the timely and targeted stimulus to businesses and individuals that will foster continued economic growth and development in all regions of Canada.”
“The government of Nova Scotia is pleased to continue to support this dynamic program, which assists our youth in finding meaningful opportunities to launch their businesses and careers here, in this province,” said Minister Paris. “We must empower and invest in our youth - the leaders of tomorrow and the faces of our communities; it is programs like these that Nova Scotia needs to build its businesses, engage its talented workforce and create growth an opportunities within its communities.”
The Students in Business Program provides young entrepreneurs with training and mentoring along with up to $5,000 in loans. Students who fully participate in the mentoring and training components and pay back their loans on time are eligible to recoup 25 per cent of the value of their loans.
Since the Students in Business Program began in 2004, it has provided more than 460 loans valued at more than $1.9 million. The program has helped create 540 full-time equivalent jobs and has a success rate of 97 per cent. Students in Business is delivered by the Community Business Development Corporations (CBDCs) in rural areas and the Centre for Entrepreneurship Education Development in Metro Halifax.
“The Students in Business Program responds to challenges identified by young Nova Scotians who are interested in entrepreneurship,” said David Harris, President of the Nova Scotia Association of CBDCs. “Not only are we offering loans, but the program provides counseling and business skill development. Participants have the potential of contributing to their future education and also to profit greatly from the experience they will gain.”
Additional profiles of successful student entrepreneurs are available on the Students in Business website at www.studentsinbusiness.ca, “Meet Nova Scotian Students.”
Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, and Percy Paris, Nova Scotia Minister of Economic and Rural Development, today announced a combined $360,000 in operational funding for the Students in Business Program for 2009-2010. The funding comes from ACOA, the Nova Scotia Department of Economic and Rural Development, and Enterprise Cape Breton Corporation (ECBC).
The Students in Business Program provides young entrepreneurs with training and mentoring and loans of up to $5,000. Since it began in 2004, the Program has provided more than 460 loans valued at more than $1.9 million, helped create 540 full-time equivalent jobs and has had a success rate of 97 per cent.
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Paul Moore
Atlantic Canada Opportunities Agency
902-426-3470
Cell: 222-3360
Email: paul.moore@acoa-apeca.gc.ca
Erinn Smith
NS Association of CBDCs
902-883-4798
Heather Deighan
Communications Advisor
Economic and Rural Development
902-424-5836
Cell: 902-219-1507
