Investment will develop and foster business ventures
CAMBRIDGE BAY, NU, May 6, 2016 /CNW/ - Today, the Honourable Minister Navdeep Bains, Minister of Innovation, Science, and Economic Development and Minister Responsible for the Canadian Northern Economic Development Agency, announced an investment to the Kitikmeot Community Futures Inc. (KCFI) for their Business Investment Fund. With this strategic investment of $1 million, KCFI received the loan capital necessary to support the development of small and medium-sized enterprises. Access to this loan capital helps create jobs and grow the economy in sectors including construction, tourism, fisheries and wildlife, retail, and professional services.
Small and medium-sized businesses in the community of Cambridge Bay and others in the Kitikmeot region are seeing potential opportunities with increased development in the region. This investment enables the KCFI to meet the increasing demand for loans to Nunavut businesses in the region. Businesses may apply for loans directly to KCFI and, if eligible, receive repayable loans to advance their business development objectives.
- KCFI was established in 2007 and has provided loans to Kitikmeot entrepreneurs totalling $3.6 million.
- Of the 38 loans issued, 36 supported Aboriginal businesses. This included six loans to retail businesses, three in professional services, three in fisheries and wildlife, 10 in tourism, and 16 in construction.
- KCFI works with new and existing entrepreneurs in exploring business opportunities, proposal development, evaluation, and aftercare and monitoring. KCFI has a 0% loan default rate due to its procedures, client follow-up and mentorship.
"Small and medium-sized enterprises in the North play an important role in creating jobs and economic diversification. With their knowledge and experience KCFI can assist in creating and growing these kinds of businesses in the Kitikmeot region, leading to new job opportunities and economic growth."
Minister of Innovation, Science and Economic Development, and Minister Responsible for the Canadian Northern Economic Development Agency
"KCFI has extensive experience working with businesses in the region and providing loans, client services, and mentorship. It's the reason for their strong history of success and why the Government of Canada is pleased to make this strategic investment to support the organization."
Hunter Tootoo, Member of Parliament for Nunavut
"This timely investment is essential in our ability to continue to support businesses in the Kitikmeot Region. The strong economic growth in the Kitikmeot Region has created a demand that quickly outpaced our resources. I am pleased that we are now able to continue to support new and expanding businesses to further the economic development of our Region."
Marg Epp, Executive Director, Kitikmeot Community Futures Inc.
For more information about CanNor, visit cannor.gc.ca
SOURCE Canadian Northern Economic Development Agency (CanNor)
For further information: Office of the Honourable Navdeep Bains, 343-291-2500; Canadian Northern Economic Development Agency, Craig Welsh, Communications Advisor, Nunavut Region, 867-975-3722; Kitikmeot Community Futures Inc., Marg Epp, Executive Director, 867-983-7383