Province finally spells out cuts to business grants – The Chronicle Herald

April 29, 2015

It took 20 full days for the provincial government to explain where $17 million in business-related grants cut from the April 9 budget were going to hit.

The biggest single chunk — $8.5 million worth — comes as the province wipes out the Capital Investment Incentive.

This “does not fit the mandate of the (new) Department of Business. As well, government’s approach to economic development no longer includes direct grants to individual businesses,” the department said in a statement Wednesday.

Introduced by the previous NDP government in 2010, the incentive was part of the Productivity Investment Program.  It would allow companies to receive 20 per cent of their investments, up to $1 million, to modernize equipment and upgrade facilities.

Read More: http://thechronicleherald.ca/business/1283450-province-finally-spells-out-cuts-to-business-grants