Small Business Week celebrated

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FREDERICTON (GNB) – In recognition of Small Business Week, Economic Development Minister Rick Doucet acknowledged the significant contribution small and medium-sized enterprises make to New Brunswick’s economy.

“Small and medium-size businesses play an integral role in our economy,” said Doucet. “Our government, through various departments including the Department of Economic Development, supports this business community through a variety of initiatives and programs.”

As part of the provincial government’s commitment to assist them in reducing costs and becoming more competitive, small business income taxes will decrease to four per cent from 4.5 cent on Jan. 1, 2015. The rate is planned to drop to 2.5 per cent by 2018, giving New Brunswick's small businesses the lowest tax rate east of Manitoba.

“This is one of many initiatives our government will undertake to create the conditions for more jobs,” said Doucet. “We will also identify and eliminate red tape and simplify the process of creating a new business.”

The Department of Economic Department provides funding and resources to small and medium enterprises through the NB Growth program, INNOV8 program and the Export Development program.

“Our government will continue to provide our small and medium enterprises with innovative export development opportunities and support to enter new markets and grow export sales by providing trade counseling, leading missions, delivering export-readiness training and by offering specialized services,” Doucet said.

The department co-ordinates almost 50 trade shows and missions per year involving nearly 470 companies and industry representatives. These highly-focused events provide the opportunity to meet one-on-one with potential buyers in a vast array of sectors. Ongoing export activities, such as Greenbuild and the Alberta Supply Chain mission, and major upcoming events, such as the Council of Federation Trade Mission to China and the Private Label Manufacturers show in Chicago, help to put New Brunswick products on the world stage.

“Small businesses employ tens of thousands of New Brunswickers and I recognize that they are among the most entrepreneurial, and hardest-working people in our province,” said Doucet.

The department offers customized services and business development solutions to help solidify global trade relationships. As a result of efforts in fiscal 2013-14, there were incremental sales of $62 million to the small and medium-sized enterprises that partnered with the department. This generated net new gross domestic product of $28.52 million; new tax revenue of up to $4.9 million; and created 372 new direct and indirect jobs.

“This year we are on track to increase priority sector export sales of small and medium-sized enterprises by more than $108 million, and to increase the number of new exporting companies by 35,” said Doucet.

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