Beck Promises to Bolster New Entrepreneurs Through Start-Up Loan
For immediate release: September 16, 2024
BECK PROMISES TO BOLSTER NEW ENTREPRENEURS THROUGH START-UP LOAN
REGINA – Today, Saskatchewan NDP Leader Carla Beck announced her plan to launch a start-up loan program, giving new entrepreneurs access to $40,000 to start and build their business right here in Saskatchewan.
“Under Scott Moe and the Sask. Party, business confidence is at an all-time low,” said Beck. “We have so much opportunity here in Saskatchewan and we want new entrepreneurs to see that potential and invest here in Saskatchewan. With this new program, we’ll build our economy by investing in Saskatchewan’s next generation of business leaders.”
Entrepreneurs looking to start a new business, with up to 10 staff, will be eligible to apply for a loan of up to $40,000 for any of the following:
- Purchase or improvement of land or buildings used for commercial purposes
- Purchase or improvement of new or used equipment
- Purchase of new or existing leasehold improvements, such as renovations to a leased property by a tenant
- Intangible assets and working capital costs.
The loans will be repayable within five years, the interest rate will be the government’s cost of capital plus 1% and standard underwriting guidelines will be employed for loan approvals. Based upon the applicant’s repayment record, 25% of the loan may be forgiven.
Small businesses in Saskatchewan account for 98.8% of Saskatchewan’s businesses, forming the backbone of Saskatchewan’s economy. The latest data from Statistics Canada shows that under Scott Moe, Saskatchewan has seen a net loss of 78 active businesses between May 2023 and May 2024. Small businesses owners have been sounding the alarm, as the Canadian Federation of Independent Businesses reports that Saskatchewan business owners felt the largest drop in optimism over the coming 12 months under Scott Moe’s leadership.
Scott Moe has the worst economic record when compared to every single Saskatchewan premier before him. He’s the only Premier to see three consecutive years of economic decline.
Rather than lowering costs for small business owners, Scott Moe is set to double the small business tax next year. Carla Beck has committed to freezing taxes across the board, keeping costs low for Saskatchewan residents and reversing Moe’s plan to double costs for small business owners.
Beck kicked off her campaign for change earlier this month with a guarantee to not raise taxes and will soon release a fully-cost platform that balances the budget in her first term.
