04/14/2014 05:16 EDT | Updated 06/14/2014 05:59 EDT

Nova Scotia government increases guarantees for credit union business loans

HALIFAX - Nova Scotia's government is increasing the provincial guarantee on loans made through the credit union small business loan guarantee program.

The government says it will provide guarantees of up to 90 per cent, up from a previous high of 75 per cent.

The province says it will also double the total amount of money available in the program from $25 million to $50 million.

Credit unions administer the program and provide loans to small businesses and social enterprises, while the province partners with the Nova Scotia Co-operative Council to provide the guarantee.

Over the past 10 years, credit unions have approved loans worth $56 million to about 1,200 small businesses.

The government says 95 per cent of the loans have been repaid in full.