Canada's New Government increases access to capital for small and medium-sized businesses in Yukon



    WHITEHORSE, June 22 /CNW Telbec/ - The Honourable Gerry Ritz, Secretary
of State (Small Business and Tourism), on behalf of the Honourable Jim
Prentice, Minister of Indian Affairs and Northern Development and Federal
Interlocutor for Métis and Non-Status Indians, announced today a $2.45 million
contribution to assist new and developing Aboriginal and non-Aboriginal
businesses in Yukon.
    "By increasing access to capital for small and medium-sized businesses in
Yukon, Canada's New Government reinforces its commitment to support northern
regional economies," said Mr. Ritz. "Business dreams can become reality and
contribute to a sustainable and diversified economy, while generating
employment opportunities for Yukoners."
    This contribution, part of Indian and Northern Affairs Canada's Targeted
Investment Program, will create the new dana Naye Ventures Canada Loan Fund.
Administered by dana Naye Ventures, the fund will provide loans to a maximum
of $100,000 each. These loans will help fund individuals and businesses having
difficulty accessing financing through conventional means.
    "This investment will help businesses overcome challenges they are faced
with because of a limited access to capital," said Elaine Chambers, General
Manager of dana Naye Ventures. "We now have the opportunity to meet the need
for general-application loan funding to both Aboriginal and non-Aboriginal
Yukon businesses."

    dana Naye Ventures is a non-profit, Yukon based, Aboriginally-controlled
institution that encourages successful business development by providing
developmental finance and business training to entrepreneurs. Financing is
available through independently-owned and managed loan funds. In order to
qualify for a loan, an entrepreneur must apply for support and demonstrate,
amongst other things, the financial viability of the proposed business.




For further information:

For further information: Indian and Northern Affairs Canada: Yukon
Regional Office - Communications, Line Gagnon, (867) 667-3315; dana Naye
Ventures: Elaine Chambers, (867) 668-6925; Industry Canada: Secretary of State
for Small Business and Tourism, Communications and Parliamentary Affairs, Todd
MacKay, (613) 943-6183; This news release is also available in electronic
format at www.ainc-inac.gc.ca or at www.dananaye.yk.net.


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