Attention: Business Editor SaskCentral announces support for Saskatchewan entrepreneurs SASKATOON, November 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. -30- For more information, please contact:
With the advice and mentoring of the Foundation’s team and/or advisors from the business community, the entrepreneur will submit and refine a business plan. Once the Foundation determines that the plan is investment-ready, it will be referred to the Saskatchewan Entrepreneurial Fund. The Foundation’s strategy and direction are governed by a board of directors who come from private business, the public sector, education, aboriginal communities and the credit union system. Chief Executive Officer Ben Voss, who reports to the board of directors, leads the day-to-day operations of the Foundation. He will use the pro bono advisory services of committed Saskatchewan people from various private and public sector groups. Business owners, government workers, educational institutions, law firms, accountancy firms and other professionals will all work toward getting entrepreneurs on the right track. Operational funding for the Foundation is provided by Crown Investments Corporation. SaskCentral is providing resources to help with the establishment and operation of the Foundation. The Foundation will begin operations in 2006. The Saskatchewan Entrepreneurial Fund is a source of investment capital for small businesses during the initial commercial start-up and expansion stages. It will provide investment funding of up to $1 million for those entrepreneurs who have been recommended by the Entrepreneurial Foundation of Saskatchewan. The Saskatchewan Entrepreneurial Fund will invest in all sectors of the economy, with the exception of retail and traditional farm operations, balancing investments in high growth sectors with those designed to fill the needs of individual communities. This fund fills a gap that exists because other funds tend to invest in larger businesses with amounts in excess of $1 million. The Saskatchewan Entrepreneurial Fund will be managed by PFM Capital Inc. PFM Capital also provides management to a variety of private equity funds, including Prairie Ventures Fund. Initial investors in the Saskatchewan Entrepreneurial Fund are the Saskatchewan Credit Union System (subject to regulatory approval) and Crown Investments Corporation. Each will contribute up to $25 million in the Fund. The partners welcome other institutional investors to participate in this Fund, including other financial institutions.
The Saskatchewan Credit Union System Saskatchewan Credit Unions The Saskatchewan credit union system is steadfastly committed to building communities and providing members with unsurpassed financial service. With 100 credit unions and 330 service outlets, credit unions serve 285 communities in Saskatchewan. In many communities, the credit union is the only financial institution, providing a vital service to Saskatchewan people and acting as a stabilizing force for the rural economy. Credit unions remain in the community, because that’s where their customers and member-owners are. As locally-owned financial institutions, they take pride in investing in the dreams that help our members and communities succeed. Although decisions are made locally, credit unions work together co-operatively and use their cross-country network to enhance their operations and provide members with a full range of financial products and services. Through this network, members have access to commercial leasing, corporate banking and a diverse portfolio of insurance and non-financial products. Credit unions are a major contributor to Saskatchewan’s economy by providing employment and by having a presence in communities. They employ more than 3,000 people. Credit union employees are participants in their community, contributing thousands of hours of volunteer time to community causes. And through their donations, sponsorships, scholarships and bursaries, credit unions contributed over $5 million back into their local communities in 2004. SaskCentral SaskCentral is a democratic financial co-operative that provides liquidity management, trade association and consulting services to credit unions. SaskCentral also acts as a representative for the provincial credit union system and is controlled by its member credit unions. SaskCentral has always been dedicated to strengthening the community of Regina where we live and work. We share our financial success and put our co-operative values into practice by contributing to the people, culture and quality of life in our city. |
