The Lucknow Sentinel, 1988-06-01, Page 19Lucknow Sentinel, Wednesday, June 1, 1988—Page 19
New Ventures designed to encourage growth
New Ventures Program
Passes 5,000th Loan Mark
New Ventures, a prugra, designed to
encourage entrepreneurial ,� owth in Qn-
tario, has now assed the 5,000th loan
mark, Monte I. winter, Ontario's Minister
Dale William Gilchrist, son of Bob and
June Gilchrist, RR5 Lucknow, recently
graduated from the University of Waterloo
Co-operative Teaching Option Program.
Dale received an Honours Bachelor of
Mathematics from the University of
Waterloo and a Bachelor of Education
from the University of Western Ontario.
Dale is presently teaching at Centre Duf-
ferin District High School in Shelburne and
has accepted a full-time position with the
Waterloo County Board of Education
beginning in September.
Add
Stephen Van Osch of RR3 Lucknow
graduated on Mav 20, 1988 from the
Ridgrtown College of Agricultural
Technology with a diploma in Agriculture
Pro tion Management. He is now
•rn !off r ,1 with Auto -Rain Sprinkler
Systems in Ripley.
Stephen is the son of Peter and Betty
Van Osch, RR3 Lucknow.
Debbie Raynard, daughter of Doug and
Mary Lou Raynard of RR3 Lucknow,
graduated from Canadore College in North
Bay on May 26, 1988 with a diploma in
Radio Broadcasting. Debbie is currently
employed at CJCS, Stratford.
.of Industry, Trade and Technology, an-
nounced today.
"This milestone speaks not only for the
success of the New Ventures program, but
for the overall growth of entrepreneurship
in this province," said Kwinter. "Beyond a
doubt, it proves that the entrepreneurial
spirit is alive and well ... and growing here
in Ontario."
The New Ventures program was in-
itiated in September, 1986, to improve the
probability for success of new business
start-ups in Ontario. Nine major lending
institutions administer the program.
New Ventures provides guaranteed
loans, matched dollar -for -dollar by the ap-
plicant, of up to $15,000 (matching reduced
to 50 per cent in northern and eastern On-
tario). To be considered, applicants must
complete an application booklet which
contains a comprehensive business plan.
In the program's first year and a half,
5,531 applications were approved, totalling
$73.7 million.
"New Ventures is of particular interest
to women and young people who, studies
indicate, start a majority of service-
oriented businesses which traditionally
lack collateral required by a lender," said
Kwinter. "New Ventures will improve
their negotiating position when they come
for a loan.
"I am pleased to add that in the first
year, women accounted for 27 per cent of
New Ventures borrowers," he said. "And
entrepreneurs in the east and north ac-
counted for 29.1 per cent of the funds
advanced."
"This 5,000th New Ventures loan ac-
curately
scurately reflects not only the success of
our program, but the continuing
achievements of Ontario's entrepreneurial
community overall — achievements that
speak of initiative, innovation and a
dynamic potential to be the best," conclud-
ed Kwinter. "I personally look forward to
New Ventures continuing to foster On-
tario's entrepreneurial potential in
future."
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