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Business N.B. role clarified

To The Editor:

I would like to take this opportunity to respond to the editorial that appeared in this paper on July 23 entitled "Interfering in the Marketplace."

According to the editorial, Business New Brunswick should place its focus on providing financial support and/or loans for start-up companies and desist from investing in the growth of existing New Brunswick firms.

I am writing to respectfully clarify why we made the decision to offer a repayable loan to Lorneville Mechanical Ltd. and why our government has chosen to take a more comprehensive approach to business development than the approach taken in recent years in New Brunswick.

Since becoming the minister of Business New Brunswick, our team has been guided by two principles: First, that government must aggressively work to attract new business while continuing to support business start-ups and existing firms alike. Second, we should do as much as we can to promote the creation of good jobs for New Brunswickers.

I believe our recent decision to provide a strategic, repayable loan to Lorneville Mechanical Ltd., a mechanical service and engineering company, stays true to both these principles.

This is not a forgivable loan, nor is it a grant. It is a 10-year loan that is required to be paid back with interest. As with every loan that we offer, prior to making a decision, we carefully consider the specific merits of the application prior to providing any type of financial support. In this case, the loan will help a medium sized business to expand, to create more jobs for New Brunswickers and to be more competitive in a global industry.

Since being elected in the fall of 2006, our government has set New Brunswick on a path to self-sufficiency. To achieve this goal we must support our New Brunswick companies. We must encourage new start-ups. We must have a strong investment attraction strategy. And we must create jobs.

Far from one-dimensional, Business New Brunswick's approach to business development will enable us to be flexible, responsibly providing government support where it is most needed so that New Brunswick's companies can compete in a very competitive business world.

This approach ensures that all New Brunswick businesses, whether small, medium or large have access to capital which will allow them to expand and be successful.

Perhaps most importantly, this approach will allow us to strategically invest in the maintenance and creation of good, high-paying jobs.

Our government has programs that help businesses to export and adopt new technologies and occasionally we get an opportunity like this one, where we can make a solid investment in a growing company.

We took advantage of the opportunity and will continue to help New Brunswick's businesses where we can.

Thank you for providing this opportunity to clarify our government's position and the venue to re-emphasize our commitment that both new and existing businesses can be successful right here in New Brunswick.

Greg Byrne,

Minister,

Business New Brunswick,

Fredericton

(Via e-mail)