The McNeil government is giving the arms-length agency responsible for business development in Nova Scotia more power to approve bigger deals.

Nova Scotia Business Inc. will no longer have to ask for ministerial approval on deals worth more than $3 million.

Instead, the minister responsible will only sign off on agreements that commit the province to between $5 million and $10 million.

Deals worth more than $10 million will need full cabinet approval.

Payroll rebates which have needed cabinet approval until now, will also fall under the new thresholds.

The minister responsible for business, Mark Furey, said the move will streamline the process and ensure that companies needing money aren't waiting inordinately long for government approvals.

"They were time consuming," he said. "I think that's what we recognize. Both in the preparation and timing to get on the cabinet agenda."

The change will mean NSBI will handle most future transactions in house without cabinet oversight.

If the new rules had been in effect during the last two fiscal years, cabinet would have only dealt with nine of the 16 Nova Scotia Business Fund transactions and five of the 28 payroll rebate deals reached during those years.

Although NSBI will have greater autonomy, Furey retains the power to veto any deal he doesn't like.

"We can't micromanage," he said.

"But at the same time the crown corporation has to recognize that government has a responsibility to ensure that the investment of taxpayers's dollars are in the best interests of residents and Nova Scotians."

The minister said that would likely only happen in "exceptional" circumstances.