REGINA - In an effort to encourage business growth in the province, the provincial government, along with 18 Saskatchewan credit unions, and Prairie Financial Management have come together to establish the Prairie Ventures Fund. So far, the three parties have invested $8,750,000. Over the next five years investors hope to raise a total of $60 million in capital for new and expanding businesses. A minimum of 80 per cent of the capital raised will be invested in province based projects.

"The fund will target projects in agriculture and further processing, manufacturing, information technology, biotechnology, forestry, oil and gas development, industrial minerals and tourism. These sectors are crucial to economic development and job creation in our province," says Crown Investments Corporation (CIC) Minister Maynard Sonntag. The CIC will invest up to five million dollars each year, to a maximum of $25 million over the five year period.

The remaining $35 million will come from private sector investments, and credit unions. "The fact we have credit unions from every corner of the province representing big communities and small ones is a clear demonstration of our support," says Harvey Granatier, Sherwood Credit Union Chief Executive. Granatier went on to say that he hopes to see an expansion in total contributions over the five year time span.

Prairie Financial Management will oversee the Fund. In addition to investing $750,000 themselves, the group will concentrate on raising capital from the private sector. "There is an overall shortage of investment capital in the province," says Prairie Financial partner, and future president of the Prairie Ventures Fund, Randy Beattie. "We also think it's extremely important the human capital be expanded as well so we can build a bigger overall financial industry. This partnership represents a commitment to building from within to create a stronger, more vibrant investment industry right here at home."

 

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