Increased investment will help grow local businesses and create jobs
IQALUIT, Oct. 20, 2014 /CNW/ - Office of the Minister of the Environment, Minister of the Canadian Northern Economic Development Agency (CanNor), and Minister for the Arctic Council
Today, Minister Leona Aglukkaq announced an increased investment to help create and grow businesses in the Baffin Region. The Government of Canada has provided additional loan capital to the Baffin Business Development Corporation (BBDC) to support the development of small and medium-sized businesses and to create jobs in several sectors of the economy, including: construction, fishing, retail, service, hospitality, and arts and crafts.
With CanNor's investment of $1.5 million, the BBDC is positioned to meet increasing demands for loans to Nunavut businesses in the Baffin region. The funding was placed in BBDC's revolving investment fund, increasing their available loan capital. Businesses may apply for loans directly to BBDC and, if eligible, would receive repayable loans to advance their business development objectives.
This type of loan capital addresses needs not met by regular financial institutions, and serves as a catalyst to foster a diverse and dynamic local economy and create jobs.
Quick Facts
- BBDC has provided more than 767 loans to Baffin entrepreneurs, totalling over $43 million in the past 25 years. Loans are typically used to support the creation of new businesses or the expansion of existing ones.
- These loans have helped to create and maintain more than 3,000 jobs in 13 communities.
- This most recent investment has already supported eight loans to businesses in Iqaluit and Pangnirtung. Of these loans, 50% were to Aboriginal businesses. The loans supported three sectors of the economy: cultural, professional services and retail.
Quotes
"Our Government is proud to make investments that will assist entrepreneurs with starting new businesses and help existing companies expand their operations in Canada's North. By working with our partners in the Nunavut business community, we continue to increase economic growth and create good, well-paying jobs in the Qikiqtaaluk Region."
Leona Aglukkaq
Minister of the Environment, Minister of the Canadian Northern Economic Development Agency, and Minister for the Arctic Council
"The Baffin Business Development Corporation is pleased to receive the financial support from CanNor. This capital injection will assist in ensuring the future of our lending programming and support to entrepreneurs and businesses in the Qikiqtaaluk Region of Nunavut. CanNor has been an important partner to BBDC and the Community Futures program in Nunavut and we look forward to continued support and positive relations"
Valerie Kosmenko
General Manager
Baffin Business Development Corporation
Associated Links
CanNor Supports Economic Development in Nunavut - http://www.cannor.gc.ca/eng/1385149620322/1385149684460
SOURCE: Canadian Northern Economic Development Agency (CanNor)
please contact: Office of the Honourable Leona Aglukkaq, Ted Laking, 819-997-1441; Canadian Northern Economic Development Agency, Craig Welsh, Communications Advisor, Nunavut Region, 867-975-3722; CanNor works to help develop a diversified, sustainable and dynamic economy across Canada's three territories, and delivers on its northern mandate through funding programs, the Northern Projects Management Office and by undertaking policy and research. Baffin Business Development Corporation, Valerie Kosmenko, General Manager, 867-979-1303; For more information about CanNor, visit cannor.gc.ca; For more information on Canada's Northern Strategy, visit: northernstrategy.ca
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