Building Community Futures in Nunavut - $1,000,000 investment fosters business development in the territory

IQALUIT, Dec. 19, 2017 /CNW/ - Small to medium-sized enterprises (SMEs) play a significant role in the growth and prosperity of the northern communities where they operate and provide job opportunities to Nunavummiut. To ensure entrepreneurs and small business owners in Nunavut have the resources to succeed, CanNor invested $1,000,000 to the Capital Loan Fund operated by the Nunavut Community Futures Association (NCFA).

The funding was announced today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Canadian Northern Economic Development Agency (CanNor).

With the economic activity generated by, for example, the opening of the new Canadian High Arctic Research Station in Cambridge Bay, the discovery of the Franklin ships and increased mining opportunities, the NCFA is now well positioned with this added funding to meet the higher demands for business services and loans, including assisting start-ups and SMEs that face challenges getting assistance from traditional lending institutions.

Quotes

"Our government is committed to working collaboratively with organizations on projects that benefit Nunavut communities. By helping the Nunavut Community Futures Association better serve their clients' needs we are providing new opportunities for local businesses. Entrepreneurs will be able to launch new enterprises and existing businesses will have the chance to grow and expand to take advantage of the opportunities such as the tourism potential around the Franklin ships discovery."
-       The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CanNor

"This capital injection of $1 million dollars to Nunavut Community Futures Association will enable its three member organizations to finance more businesses and more efficiently, in the Territory thus creating jobs, wealth and providing much needed services to Nunavummiut."
-       Ike Haulli, Chairperson, Nunavut Community Futures Association

Quick Facts

• Nunavut Community Futures Association members, Baffin Business Development Corporation, Kivilliq Business Development Centre, and the Kitikmeot Community Futures Incorporated are Aboriginal Community Futures organizations with the Community Futures Network of Canada and are recognized as Aboriginal Financial Institutions with the National Aboriginal Capital Corporations Association.
• These three organizations provided over 3.7 million dollars in loans to Nunavummiut in 2017, the majority of which were to Inuit-owned businesses.

Associated Links

• Increased investment will help grow local businesses and create jobs
• Federal and Territorial Representatives to Announce Support for Small Businesses in Yukon
• CanNor Supports Growth of Indigenous Northern Business in the Northwest Territories

Follow Minister Bains on Twitter: @ISED_CA

For more information about CanNor, visit cannor.gc.ca.

SOURCE Canadian Northern Economic Development Agency (CanNor)