Business Growth Credits

Five companies supported more than 1,600 jobs and paid out more than $45 million in wages across the province last year as a result of business growth credits provided by the province.

The businesses include: Crossley Carpets, Air Nova (Air Canada Jazz), Phonettix Intelecom Ltd. (Minacs World Wide), Polysteel Atlantic Ltd. and Sable Fish Packers Ltd.

The companies earned $4.6 million in business growth credits after achieving targets set out by the province in agreements established between 1990 and 1998.

"Nova Scotians are benefitting directly from the jobs these companies have created, many of which are in rural areas of the province," said Economic Development Minister Cecil Clarke. "Jobs and growth are the reasons we continue to invest in business."

Crossley Carpets of Truro earned $2,746,000 in 2001 through a 1999 agreement based on total employment hours. The province entered into this agreement to assist with the sale of the company to an American investor to open up significant new markets and opportunities in the United States.

Phonettix Intelecom (Minacs World Wide) of Halifax earned $1,061,674 by employing 516 full-time equivalent staff. The 1997 agreement with the company was one of the first payroll rebates negotiated by the province.

Sable Fish Packers Ltd. of Cape Sable Island, Shelburne Co., earned $500,000 related to company production performance. The 1998 agreement was entered into to stabilize employment.

Air Nova (Air Canada Jazz) of Enfield earned $250,000 in business growth credits in 2001 based on a 1993 agreement that the company meet or exceed an employment target of 427 full-time equivalent employees. The province entered into the agreement to ensure that the company established Halifax International Airport as its regional base.

Polysteel Atlantic Ltd. of Edwardsville, Cape Breton County, earned $126,000 in business growth credits based on a 1997 agreement to support the company's expansion.