In a bid to attract new investment that supports innovation, economic development and diversification, the province has announced details of a new Job Accelerator and Growth Program. The program will incentivize qualified, established, profitable companies to establish and grow in Newfoundland and Labrador.

“We welcome investments and incentives that help businesses in our province build and grow. This program will provide support to businesses who are already contributing significantly to our economy and community by giving them additional support to expand and attract talent,” says AnnMarie Boudreau, CEO of St. John’s Board of Trade. “Whether it’s investing in new technologies, recruiting, developing new products and services, or expanding to new markets – we hope this program gives NL-based businesses an advantage they need to compete and succeed.”

The application-based program provides qualified companies with a payroll rebate of 10 per cent for each incremental job created. A further five per cent is added for the hiring of a recent graduate in the province or a new resident to the province from another jurisdiction with priority skills that are in limited supply in Newfoundland and Labrador.  In return, the applicant must agree to create at least 20 incremental jobs over a three-year period with a minimum average salary of $50,000, and must demonstrate a long-term commitment to the province in the form of capital or other investment.

The Job Accelerator and Growth program provides Newfoundland and Labrador with a competitive advantage compared to other jurisdictions offering similar incentives to attract companies and investments.

This program is in alignment with the provincial government’s population growth strategies and will help to attract and retain companies that employ recent graduates, individuals with priority skills, and newcomers to increase the magnitude and capabilities of the local labour force.

NTV’s Bailey Howard is covering the story and will have more on the NTV Evening Newshour.