MONCTON, N.B. – Opportunities NB is launching a new capital investment policy designed to support the growth of small businesses throughout the province. The Capital Investment Enhancement Policy will be available this year and will target companies with export potential.
“Small businesses are at the heart of New Brunswick’s economy,” said Premier Brian Gallant. “Through our multi-year economic growth plan, we are taking action to support small businesses, strengthen New Brunswick’s exports and create jobs here at home.”
The government made allocations for the policy in the 2018-19 provincial budget to help export-oriented small businesses make some of the capital investments required to compete in markets outside of the province.
The policy will allow companies with fewer than 100 employees to apply for a 20 per cent investment in capital projects valued between $50,000 and $150,000 or for a 25 per cent investment in capital projects valued between $150,000 and $250,000.
“We want this province’s small business owners to know that opportunity lives in New Brunswick,” said Finance Minister Cathy Rogers. “With one of the lowest small business taxes in Canada, we are continuing to listen to the needs of New Brunswick’s business community. Your government is providing small business owners the tools they need to grow and succeed.”
Rogers spoke on behalf of Economic Development Minister Francine Landry, who is also the minister responsible for Opportunities NB.
Eligibility criteria for the policy are as follows:
– Must be a New Brunswick company, or employ New Brunswickers in the province.
– Each applicant must have fewer than 100 employees and be designated as a small business by the Canada Revenue Agency.
– Applicant companies must have a product for export, import, replacement or integration into New Brunswick export supply chains.
– Successful applicants must also be paying their employees an average annual salary of more than $30,000.
Eligible expenditures include equipment and building costs, major software upgrades and productivity improvements.
The policy will be administered by Opportunities NB, which is a Crown corporation that seeks to attract and support opportunities to grow the economy and create jobs.
