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N.S. small business loan program ‘significant’ economic driver

Darrell Kuhn, president and CEO of the Community Credit Union in Truro is seen speaking to a business audience during a recent luncheon held at the RECC by the Truro and Colchester Chamber of Commerce.
Darrell Kuhn, president and CEO of the Community Credit Union in Truro is seen speaking to a business audience during a recent luncheon held at the RECC by the Truro and Colchester Chamber of Commerce.

TRURO, N.S. – A small business loan program initiated 10 years ago through the Nova Scotia Co-operatives Council has become an integral part of the province’s financial providers, an official says.

“It is a very, very significant economic driver in this province,” said Darrell Kuhn, president and CEO of the Community Credit Union in Truro.

Speaking at a recent Truro and Colchester Chamber of Commerce luncheon, Kuhn said the loan program has grown from $3 million in small business loans a decade ago to more than $100 million in 2016.

“So it’s pretty significant,” Kuhn said of the Nova Scotia Small Business Loan Guarantee program, started by Truro resident Dianne Kelderman, president and CEO of the Nova Scotia Co-operatives Council.

“I’m still blown away by the stats,” he said. “It’s pretty amazing and pretty impressive.”

The program is exclusive to Nova Scotia’s credit unions and Kuhn told the business audience it is projected to grow by another $200 million within the next 10 years.

“So we’re very, very proud of this program.”

Fast facts

-       As of Dec. 31, 2016, the loan program has disbursed $109 million to 2,235 businesses in Nova Scotia, including:

-       $32.9 million to the Northern Region (of which $11.8 million came from the credit union in Truro);

-       $26.5 million in loans to resource industries such as fisheries, forestry and agriculture);

-       $4.2 million in loans for the social enterprise/non-profit sector;

-       The program has created 3,803 new jobs throughout the province;

-       It has helped maintain 9,314 jobs across the province;

-       Total loan losses over a decade have been less than four per cent;

-       922 lines of credit issued that were not available anywhere else in the market;

-       846 new businesses received start up loans;

-       765 businesses received working capital, not available elsewhere;

-       632 loans were approved for female businesses owners in Nova Scotia;

-       148 loans approved for youth businesses;

-       167 loans approved for immigrant business across N.S.

“It is a very, very significant economic driver in this province,” said Darrell Kuhn, president and CEO of the Community Credit Union in Truro.

Speaking at a recent Truro and Colchester Chamber of Commerce luncheon, Kuhn said the loan program has grown from $3 million in small business loans a decade ago to more than $100 million in 2016.

“So it’s pretty significant,” Kuhn said of the Nova Scotia Small Business Loan Guarantee program, started by Truro resident Dianne Kelderman, president and CEO of the Nova Scotia Co-operatives Council.

“I’m still blown away by the stats,” he said. “It’s pretty amazing and pretty impressive.”

The program is exclusive to Nova Scotia’s credit unions and Kuhn told the business audience it is projected to grow by another $200 million within the next 10 years.

“So we’re very, very proud of this program.”

Fast facts

-       As of Dec. 31, 2016, the loan program has disbursed $109 million to 2,235 businesses in Nova Scotia, including:

-       $32.9 million to the Northern Region (of which $11.8 million came from the credit union in Truro);

-       $26.5 million in loans to resource industries such as fisheries, forestry and agriculture);

-       $4.2 million in loans for the social enterprise/non-profit sector;

-       The program has created 3,803 new jobs throughout the province;

-       It has helped maintain 9,314 jobs across the province;

-       Total loan losses over a decade have been less than four per cent;

-       922 lines of credit issued that were not available anywhere else in the market;

-       846 new businesses received start up loans;

-       765 businesses received working capital, not available elsewhere;

-       632 loans were approved for female businesses owners in Nova Scotia;

-       148 loans approved for youth businesses;

-       167 loans approved for immigrant business across N.S.

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