Nova Scotia backs Black Business Initiative

Cecil Clarke, Minister of Economic Development, opened the 2002 Black Business Summit today, June 27, at Casino Nova Scotia. Mr. Clarke announced a $500,000 provincial contribution to the Black Business Initiative (BBI).

The BBI is a provincewide business-development organization begun in 1996 under the Canada/Nova Scotia Co-operation Agreement on Economic Diversification. It supports the development of business and job opportunities among black Nova Scotians in rural and urban Nova Scotia by helping to improve business skills through training, advice and financial support.

"This one-year funding commitment is a major Office of Economic Development investment in an organization that is built on the same principles of partnership and collaboration as the province's economic growth strategy," said Mr. Clarke. "We are pleased to stand behind the BBI, which independent evaluators judge as effective, accountable and very well-respected."

Over its six-year history, the BBI has delivered business-skills training courses, mentoring and ongoing support to more than 900 clients. The organization has also arranged $1.33 million in loans in support of more than 100 businesses and has leveraged another $1.36 million in business support.

A recent report from Halifax-based Gardner Pinfold Consulting Economists confirmed that the BBI has done a commendable job in implementing the recommendations of the 1995 task force that called for the establishment of an organization like the BBI. It also noted that the need continues for the type of targeted assistance it provides.

The Nova Scotia government has been a BBI funding partner since 1996.