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A new immigrant initiative named New Immigrant Small Business Loan Financing Pilot Scheme will be provided with $5 million funding for helping the newcomers in Nova Scotia.
Investment to create new jobs in Nova Scotia—Funding to the tune of $5 million in immigrant program in Nova Scotia will help in creation of new jobs in this Canadian province and will help in attracting a good number of immigrants wanting to set up businesses and live here with their families.
In addition to the $5 million funding for New Immigrant Small Businesses by Nova Scotia, an additional funding of $3 million will be provided, stated Percy Paris, Economic, Rural Development and Tourism Minister. The pilot scheme for immigrants will also be provided an extension of three-years.
Immigrant Small Business Loan Scheme—This immigrant program is a joint collaborative effort of the Government of Nova Scotia and the Nova Scotia Co-operative Council, local credit unions, Credit Union Central of Nova Scotia, Office of Immigration and the Department of Economic and Rural Development The immigrant initiative established in the year 2009 is an extension of the earlier scheme named Small Business Financing Program.
The pilot project is meant for helping newcomers wanting to begin, buy or expand a small business in Nova Scotia.
The program has helped in creation of nearly 50 jobs since its inception around two years ago.
Who is eligible under the New Immigrant Small Business program—This immigrant initiative by Nova Scotia enables any immigrant to borrow an amount extending up to $150,000 for setting up of any business in this Canadian province.
However, the immigrants must have stayed in Nova Scotia for less than five years period. Giving details about the new immigrant program in Nova Scotia, Mr. Paris said its sole aim is to create more jobs in Nova Scotia and to help the economy grow.
Moreover, the program also aids immigration aims of alluring and retaining immigrants possessing skills in great demand in this Canadian province, he asserted. Acting immigration minster Maureen MacDonald also expressed her views that extension of this immigrant program will help increased number of immigrants set-up businesses in Canada.