Spreading the word for small business in N.B.
Published Tuesday October 20th, 2009
As Minister of Business New Brunswick, I am proud to help acknowledge the hard work and dedication of this province's entrepreneurs with a week-long celebration of their accomplishments.
During Small Business Week, October 19-24, I will be traveling the province to spread the word about everything my government is doing to ensure businesses can be strong and profitable. I am keen to see our small businesses at work and interested in hearing from business owners about how to build an even better environment for their success.
I will be visiting companies and making funding announcements in nearly every corner of the province, including Cap-Pélé, Bathurst, Grand Falls, Caraquet, Beresford, Saint John and Moncton.
In addition, Business New Brunswick will host the fifth annual Innovation Recognition Banquet in Bathurst, where 15 small businesses will be honoured for creativity and ingenuity in their day-to-day operations.
This has been a difficult year for many entrepreneurs, but I am very encouraged by the recent signs of recovery in our economy.
Last year, workers in New Brunswick saw their wages jump at the highest rate in Canada, which is a sign of our continued growth and the success of our diversified economy.
Statistics Canada showed the average hourly wage in the province rose to $18.96 from September 2008 to September 2009. The six per cent increase was the biggest jump of any province during that time and made New Brunswick's average wage the highest in the Maritimes.
People are earning more, and they are also working more.
Between September 2006 and September 2009, New Brunswick's employment growth was 4.7 per cent -- the highest east of Ontario and the second-highest in Canada.
New Brunswick's unemployment rate last month was lower than the national average for the first time since the modern labour survey started in 1976. That's a record achievement for our province.
Since taking on this job last June, I have been struck by the enormous energy and optimism of New Brunswick entrepreneurs.
As a government, we understand our role in supporting of small business, and we are working diligently to foster their growth, support their projects, and help entrepreneurs become more competitive and profitable.
For example, recent changes to our tax system are having immediate results for businesses.
In our last budget, we increased the small business limit from $400,000 to $500,000, tieing New Brunswick for the highest small-business income limit among Canadian provinces.
We've also changed the Small Business Investor Tax Credit, increasing the maximum annual investment from $80,000 to $250,000.
In addition, we found an extra $1 million in tax relief by enhancing the New Brunswick Labour-Sponsored Venture Capital tax credit. This change will allow for an increase in the qualifying investment from $5,000 to $10,000, and the tax credit rate from 15 per cent to 20 per cent.
And, of course, unincorporated businesses will also benefit from the significant personal income tax reduction announced in our budget, which will lead to more money in hand for New Brunswickers.
Taken together, these tax savings can add up to the salary of a new employee, an expansion, or the purchase of new equipment.
The statistics are proof of this government's dedication to helping small businesses succeed. Since September 2006, the province has invested $39.2 million in 144 small businesses across New Brunswick. This investment supported 161 projects and more than 2,600 jobs.
But with all these successes we cannot become complacent. That is why we are renewing our department's focus and retooling our efforts as we help even more companies be successful in New Brunswick.
This plan includes reviewing all our economic development programs, consulting with a vast array of business and industry stakeholders with action planned for the new year. This plan will include a renewed focus on the north through a Bathurst-based agency with local expertise to address the specific needs of entrepreneurs in the region.
Particularly for small businesses, I am developing a private-sector delivery model for loans to assist expansions and market development in consultation with banks and community lending agencies.
I am confident that these changes will improve how we help businesses be successful in this place.
As minister, I am proud to represent the diverse and dynamic group of small businesses that exist in New Brunswick. The evidence of their perseverance and dedication to quality of goods and services is clear in every corner of this province.
Please help me celebrate their significant contribution to New Brunswick during Small Business Week.
* Business New Brunswick Minister Victor Boudreau is the Liberal MLA for Shediac.
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