The government of New Brunswick has launched a business initiative which welcomes and promotes joint funding opportunities to immigrant entrepreneurs with their new pilot program, “Succession Connect.”
For business-minded immigrants, New Brunswick’s “Succession Connect” program offers newcomers the chance to match with local industries and its aging workforce. Initiated in October of 2016, the Fredericton Chamber of Commerce and provincial government are working in unison to encourage retaining and settling a new generation of entrepreneurs within the broader New Brunswick region. In this fresh dynamic, regional business owners seeking to sell their companies aim to attract immigrant entrepreneurs with both investment and economic prospects of continuing the legacy of established businesses.
According to Fredericton CEO Krista Ross, potential candidates for “Succession Connect” have a far greater success rate of taking over or purchasing an existing business as opposed to building one from the ground-up. Not only will the “Succession Connect” program offer a helping hand to business newcomers in the area, but will serve as an integral instrument to incorporate the valuable skills of immigrant entrepreneurs, all the while adding to the cultural diversity of the community. Moreover, foreign investors looking for lasting economic success in joint funding enterprises will play a crucial role in creating and/or sustaining local jobs as well as encourage the overall growth of local economies. Since the advent of “Succession Connect,” connecting newcomers to neighborhood businesses has and will continue to gain momentum for New Brunswick’s civic and economic future.
Indeed, provincial and municipal support for “Succession Connect” continues to build as an enthusiastic and upward undertaking: via efforts by the Atlantic Canada Opportunities Agency (ACOA), federal investments have currently totaled $259,224, the New Brunswick Department of Post-Secondary Education and Training and Labour have contributed $102,820, and commercial sponsors have allocated a generous $65,720 to the program’s anticipated success. As Fredericton’s Mayor Mike O’Brien stated, “We need more people in our city to support everything that’s going to happen and this is a tremendous way to bring them in.”
For business men and women who wish to explore economic and social opportunities abroad, New Brunswick’s “Succession Connect” program serves as a sensible springboard into a brighter future.
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