The province is partnering with credit unions across Newfoundland and Labrador with the introduction of a two-year pilot program to help small business.

The Small Business Loan Guarantee Pilot Program will provide loan guarantees for term loans issued by credit unions under their existing loan programs.

The province will issue guarantees of up to a total of $5 million dollars for the pilot.

Participating credit unions will provide the Department of Industry, Energy and Technology with activity reports on a quarterly basis.

Commercial loans will be subject to standard audit and examination by the Credit Union Deposit Guarantee Corporation.