Invest Nova Scotia is ready to support innovative ideas that demonstrate sustainable, long-term benefits for Nova Scotians.

The new, independent fund invests in projects that increase economic competitiveness and productivity, while supporting the long-term economic goals of government. The fund does not invest directly in businesses.

“The days of politicians writing big cheques to business are over, and this is another concrete step forward in our commitment to do economic development differently,” said Premier Stephen McNeil. “Government has made our expectations clear, the Invest Nova Scotia board has enthusiastically embraced that vision and the result will be a new way to support growth in our economy.”

Government released regulations today, Sept. 28, that set the fund’s direction and financial authority. The Invest Nova Scotia board also officially opened the fund to proposals.

“We want to hear from unconventional applicants who can add value to our economy, and demonstrate leadership that builds on our strengths and diversity,” said Invest Nova Scotia board chair Tom Traves. “The more we work together, the more success Nova Scotia will have competing in the global economy.”

Regulations give the fund the ability to invest up to $3 million per transaction. The fund’s budget for 2015-16 is $5 million, and the board may enter into multi-year commitments.

“Government is committed to turning around 20 years of poor economic performance,” said Business Minister Mark Furey. “The status quo won’t get us there. We need to bring people together and empower groups that are ready to seize the opportunities in front of us.”

All transactions will be posted on the accountability website and in an annual report.

The regulations are posted at http://novascotia.ca/just/regulations/rxaa-l.htm#investns .

For more information on Invest Nova Scotia, including the application form, visit www.novascotia.ca/business/invest .

Source: Release