In its second fiscal year of operation, NSBI once again generated a strong return on investment for the Province of Nova Scotia, and the corporation remains on track to reach its five-year targets. These details and others were released through the business-development agency’s second annual report, covering April 1, 2003, to March 31, 2004.
“NSBI’s second year was one of accomplishment and teamwork,” said Tom Stanfield, Chair of the Board at NSBI. “Our results are directly related to the strength of the partnerships that NSBI has built, and the organization will look to further build relationships in the coming year.”
Highlights of the report include:
- Held 767 one-on-one meetings with businesses throughout the province to identify growth opportunities, and provide referrals to financial and export services.
- Arranged 533 client meetings with potential buyers, distributors, or partners.
- Helped clients reach export sales of $32 million.
- Authorized 16 Nova Scotia Fund transactions, in support of business expansion for new or existing companies, which totaled $10.3 million.
- For every dollar NSBI invested in companies, an additional two dollars in investment was leveraged from other private or public investors.
- Worked with 13 companies that relocated all or part of their business to Nova Scotia.
- Committed $22.5 million (maximum) in payroll rebates, conditional on clients achieving maximum employment projections. That employment would generate an anticipated $38 million in direct provincial personal taxes over the course of the agreements – a 68% return on investment for the Province of Nova Scotia.
- New financial-services and payroll-rebate clients have agreed to create or maintain up to 4,000 jobs.
“As proud members of the province’s business community, we ask ourselves, in every transaction we make, ‘What’s in it for Nova Scotia?’” said Stephen Lund, President and CEO of NSBI. “This question drives our team of clients, government representatives, business partners, and employees toward accomplishing the goal of helping businesses grow in Nova Scotia. We’ve been successful because of our collective efforts.”
Since NSBI’s inception in November 2001, NSBI’s clients have agreed to create or maintain between 6900 and 9300 jobs, including those agreements signed in the 2003/2004 fiscal year. NSBI is well on its way to helping companies create or maintain the goal of 18,000 jobs, as was outlined in the corporation’s five-year strategic plan.
“NSBI is making our province stronger and more prosperous, and is an important component of our overall strategy to growing our economy, Opportunities for Prosperity,” said Ernest Fage, Minister of Economic Development. “It’s creating jobs, growing our exports and attracting new companies, which is exactly what it was set up to do.”
Nova Scotia Business Inc. is the province’s business-development agency, an organization that works with companies to provide business solutions. The private sector-led organization works to attract new businesses to the province, and helps those already in Nova Scotia expand through services such as export development and financing.
Link to the 2003/2004 Annual Report (PDF)