SaskCentral

SaskCentral

November 09, 2005 10:30 ET

SaskCentral Announces Support for Saskatchewan Entrepreneurs

SASKATOON, SASKATCHEWAN--(CCNMatthews - Nov. 9, 2005) - SaskCentral, on behalf of Saskatchewan credit unions, today announced the establishment of the Entrepreneurial Foundation of Saskatchewan and the Saskatchewan Entrepreneurial Fund, in partnership with the Government of Saskatchewan.

The two entities will provide Saskatchewan entrepreneurs with knowledge and resources they need to build businesses and grow Saskatchewan. The Entrepreneurial Foundation of Saskatchewan will provide advisory services, training and mentorship to entrepreneurs in the commercial start-up and expansion stages of their initiatives. It will also offer a gateway to the Saskatchewan Entrepreneurial Fund (SEF) for up to $1 million in investment financing.

SaskCentral CEO Sid Bildfell says, "We want to invest in small enterprises because they are a vital part of a sustainable economy for Saskatchewan. Small businesses created more than 90 per cent of new jobs in the province over the past ten years - and about 42 per cent of those small businesses are located in rural areas. New jobs mean growing and successful communities, which in turn translate into growth and success for the credit union system."

The Foundation is a not-for-profit organization. Its board of directors is made up of Saskatchewan business people, professionals, educators and representatives from the public sector and aboriginal communities. It will be staffed by a Chief Executive Officer, and will source advisory services from committed Saskatchewan business people and professionals. The Saskatchewan credit union system will provide support to the Foundation, as well as advice and support to entrepreneurs.

The Saskatchewan Entrepreneurial Fund will invest in commercially viable enterprises referred by the Foundation, in an investment space that is currently not being served in the province. The SEF will invest in all sectors of the economy, with the exception of retail and traditional farm operations. The SEF is to be managed by PFM Capital, Inc. which provides management to a variety of private equity funds.

Bildfell says, "SaskCentral is pleased the Government of Saskatchewan is coming on board with this initiative and providing funding to help get the Foundation off the ground." SaskCentral will provide resources to the Foundation. Subject to regulatory approval, the Saskatchewan credit union system will contribute up to $25 million to the Fund over the next five years.

The Entrepreneurial Foundation of Saskatchewan will be initially located in Saskatoon at Innovation Place, and later plans to open offices in Regina and Prince Albert. It can also be found at www.efsask.ca or by calling at 1-888-964-2010.

Saskatchewan credit unions and SaskCentral share a common vision of growing communities through innovation, social responsibility and financial strength. They recognize that strong communities are the foundation for the quality of life and positive environment Saskatchewan people deserve. Through their involvement in the Entrepreneurial Foundation, SaskCentral and the credit unions of Saskatchewan will continue to build on this commitment to grow the communities of Saskatchewan.



Attachments: Saskatchewan Credit Union System Profile

Entrepreneurial Foundation of Saskatchewan
and Saskatchewan Entrepreneur Fund overview


To view attachments please click on the following link: http://www.ccnmatthews.com/docs/1109con.pdf

Contact Information

  • SaskCentral Communications
    Ian Monteith
    (306) 566-1525
    or
    SaskCentral Communications
    Marj Strandlund
    (306) 566-7484