We are dedicated to growing this economy. We are accountable to every Nova Scotian. The 2007/08 annual report shows our results and we congratulate our team and our board of directors on another successful year.
The 2007/08 year was packed with world-class business growth in Nova Scotia. From New York to India, people are taking notice.
We’re proving Nova Scotia is competing and winning in the global economy. And we’ve done it despite challenges -- the effect of the Canadian dollar, lagging productivity and the battle for talent.
Our front-line business advisory team worked hard for companies across the province. They know what’s going on, they build strong partnerships and they pro-actively seek out business opportunities. This year, the team met with more than 600 companies to assist them in their growth.
NSBI’s trade programs and missions kept the trade development team on the road. The team arranged more than 1,800 selling and partnering meetings in international markets for Nova Scotia companies. By hopping on planes, identifying new markets and following through on leads, companies have reported more than $93 million in actual and projected export sales.
The business financing team had a busy year, first modifying and then applying an existing tool – the payroll rebate. The modifications to the rebate address concerns and questions we heard from business leaders across the province. Companies can now use the tool to boost their competitiveness. This year, the business financing team completed six term loans and assisted three companies through the expanded use of the payroll rebate.
NSBI’s venture capital team not only invested in, but partnered with companies to provide capital, strategic direction, and business and financial advice. In 2007/08 the team added three companies to its portfolio and invested $3.5 million.
Our investment attraction team continued to attract new international companies to our province, and worked with local companies to expand their operations. The team completed 15 transactions, which are expected to result in up to 3,000 new jobs.
At NSBI, we work with passion to grow our province. This is an exciting time for Nova Scotia. Dedication, hard work and partnerships have gotten us where we are today, but it can't stop there. Together, we’ve built the momentum, so let’s use it, act on it and continue to deliver results. The time is now.