Responding to changing needs in business

The Provincial Department of Tourism, Culture, Industry and Innovation, whose mandate includes business and sector development, manages a program which offers funding to business and economic sectors that respond to the changing needs of enterprises.

The Business Investment Fund is comprised of two components: the Business Investment Program and the Business Development Support Program.

Business Investment Program

The Business Investment Program provides term loans and equity investments to small and medium-sized enterprises in strategic growth sectors as identified by the Department. The fund is also available to businesses which have export potential and require assistance to enter or expand in external markets. Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.

Business Development Support Program

The Support Program assists Newfoundland and Labrador small and medium-sized enterprises with opportunities to increase their productivity and improve their competitiveness.

The program supports enterprises which demonstrate a desire to develop and grow by improving the operations of the business, investing in its people, and focusing on trade opportunities.

Departmental assistance will be targeted towards businesses in strategic sectors that normally focus on export markets and/or improve import substitution. Funding is available for productivity improvements, knowledge development, market development and/or technical advice.