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first_img The Industrial Expansion Fund was created in 1952, and was never significantly updated. The province is in the process of creating a new modern fund to replace it. During the transition period, all investment proposals continue to be considered based on their merits. “As government, it is our duty to support industry through thisprocess,” said Mr. Paris. “That means changing both the way we invest to meet the needs of business, and the mechanisms we use to provide funding.” The overwhelming majority of investments were loans and loan guarantees. The fund generates almost three dollars for every dollar invested. The Industrial Expansion Fund is one method the province uses to support economic development in all regions of Nova Scotia. It helps industries involved in innovative research and technology and contributes to a prosperous, sustainable business climate for Nova Scotia. More than $38 million was invested in every region of the province last year to create and sustain jobs and grow the economy through the Industrial Expansion Fund. These results were released today, Oct. 28, in the 2011 Industrial Expansion Fund annual report. “Investing in our businesses an essential part of jobsHere, our plan to grow the economy,” said Economic and Rural Development and Tourism Minister Percy Paris. “The prosperity of our province is fundamentally linked to the success of our executives and entrepreneurs.” Highlights of the 2010-11 fiscal year include: $38.6 million invested in nine businesses 45 companies repaid $32.9 million in provincial investments almost $10 million in revenue generated for the provincelast_img

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