The Nova Scotia government is further distancing itself from corporate support programs.
In the last election, the Liberals promised to end corporate handouts.
Now the government is transferring responsibility and jobs that are currently within the bureaucracy to two arm's length business groups —Nova Scotia Business Incorporated and Innovacorp.
In the process the Nova Scotia's governing Liberals are nixing the Nova Scotia Jobs Fund, a controversial business loan program created by the previous New Democratic government, in favour of a new program to aid Nova Scotia businesses.
Economic and Rural Development Minister Michel Samson made the announcement to Thursday at Innovacorp headquarters.
He said it's not government's job to dole out taxpayers' money based on what will give the party in power the biggest political benefit.
Samson said there will be no more running to Cabinet when a business is turned down for a government loan or support.
“There is no fund that exists for Cabinet to be able to make those types of decisions,” he said.
“The Invest Nova Scotia Board will have a fund. N.S.B.I will have its own funding and so will Innovacorp. Cabinet doesn’t," he said.
The minister is also promising a new venture capital fund will be created this fall to help fledgling companies with good ideas.