Small business in rural Saskatchewan will be able to tap a host of resources through a new entrepreneurship foundation and fund.
As much as $1 million will be available to each business through the Entrepreneurial Foundation of Saskatchewan and the Saskatchewan Entrepreneurial Fund.
The foundation, guided by a private sector board of directors, will provide advice, mentoring and support services to those interested in developing businesses.
Board chair Keith Brown said the foundation is intended to promote growth in small and medium-sized businesses across Saskatchewan but will especially benefit entrepreneurs in smaller centres.
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The president of Trail Tech in Gravelbourg and owner of National Trailer Parts in Swift Current said most of his learning came from the “school of hard knocks.”
He said smaller centres provide fewer opportunities locally to ask suppliers and other businesses for help or advice regarding acquisitions or export markets.
“This foundation will provide a source of information, guidance and wisdom,” he said. “I think that it is the path to Saskatchewan’s future.”
There is a total of $50 million already in the fund, with Brown expecting that amount to grow as other investors become involved.
Crown Investments Corp. will provide $1.8 million in operating capital for the foundation and up to $25 million for the fund over the next five years.
The fund will be managed by Prairie Financial Management of Regina, which will invest $1 million through Prairie Financial Management Capital Inc., Prairie Venture Financial Limited Partnership and SaskWorks Venture Fund. SaskCentral, on behalf of Saskatchewan’s credit unions, will also invest in the fund.
For more information, contact 888-964-2010.
