ACOA, Fillmore announce $3m for two local businesses

The federal government is aiming to accelerate growth in Nova Scotia’s small and medium business through investing in mentoring programs.

Halifax MP Andy Fillmore announced Monday $3 million, through the Atlantic Canada Opportunities Agency (ACOA) Business Development Program to help two organizations continue to offer services to the region’s small and medium sized business.

LearnSphere Canada Inc. will receive up to $1.98 million over three years, while Propel ICT, an Atlantic Canadian business accelerator, will receive up to $1.1 million over two years.

LearnSphere’s Commercialization Consulting and Mentoring (CCM) Program enables Atlantic companies access funds to hire consultants and mentors, while Propel ICT’s accelerator programs offers training delivered by some of the region’s top minds in business and technology.

“The investments announced today are turning the creativity and ingenuity of Atlantic Canadian people and companies into new solutions for everyday challenges – creating and maintaining jobs for the middle class in the process,” Navdeep Bains said in a press release.

According to the release, since 2008, LearnSphere’s CCM Program has helped provide mentorship and expertise over 300 small and medium sized businesses, and between 2011 and 2015, Propel ICT graduates created over 390 jobs, and had a 74 percent first-year survival rate.