April 01, 2010

Iqaluit (Nunavut) – The Canadian Northern Economic Development Agency (CanNor) boosts small and medium-sized business development in Nunavut by investing in the Baffin Business Development Corporation (BBDC) as part of Canada's Economic Action Plan.

The Honourable Chuck Strahl, Minister of the Canadian Northern Economic Development Agency (CanNor), announced the two-part investment today. 
CanNor will provide over $1.25 million to BBDC through the Community Adjustment Fund (CAF) and an additional $410,000 from the Strategic Investments in Northern Economic Development (SINED) program. This funding will increase the BBDC's revolving loan fund, and support hiring a
Business Services Officer. 

"These funds will encourage the development of small- to medium-sized businesses in the Qikiqtaaluk region, leading to job creation at the community level," said Minister Strahl, who is also Minister of Indian Affairs and Northern Development and Federal Interlocutor of Métis and
Non-Status Indians. "Canada is proud to be working with our Nunavut partners to help stimulate and diversify their local economy."

"A strong, diverse economy in the Qikiqtaaluk region will lead to healthier and more prosperous communities," said the Honourable Leona Aglukkaq, Minister Responsible for the North and Minister of Health. "We're happy to support Nunavut residents and the continued work of the BBDC." 

"The Baffin Business Development Corporation is pleased to receive the financial support from CanNor, which will assist in ensuring the future of our capital programming and business support activities," said Valerie Kosmenko, General Manager of BBDC. "The recognition that Community Futures is valued by the newest regional development agency in Canada is a tribute to the success of BBDC and Community Futures nationally."
CAF and SINED form part of a suite of economic development programs that fall under the mandate of CanNor in Nunavut, the Northwest Territories and Yukon.  CanNor is responsible for coordinating and delivering federal economic development activities in the territories, and for policy, research and advocacy. Promoting social and economic development in the North is one of the four pillars of the Government of Canada's integrated Northern strategy.


Backgrounder - Support for Baffin Business

Development Corporation 
The Canadian Northern Economic Development Agency (CanNor), on behalf of the Government of Canada, will provide Baffin Business Development Corporation with over $1.6 million to support its activities in Nunavut. BBDC is a business service, lending and counselling agency whose goal is to provide support to develop and foster self-reliant, viable businesses.  It recognizes the importance of both traditional and non-traditional economies and the value of community involvement in improving the quality of life for Baffin residents.

It is a Community Futures organization and is also recognized as an Aboriginal Financial Institution by National Aboriginal Capital Corporation Association (NACCA).  

This two part investment includes the following:

•  BBDC will receive just over $1.4 million to increase its revolving loan fund, which supports small and medium-sized business development and job creation in the Qikiqtaaluk region of Nunavut.
  
  
•  A further $225,000 over two years will allow BBDC to hire a Business Services Officer. This staff member will work with new and existing clients in proposal development, evaluation and other services.

BBDC serves 13 communities throughout the Qikiqtaaluk region, and has provided over 600 loans totalling $27 million since its inception. BBDC has previously received funds from Indian and Northern Affairs Canada through the Targeted Investment Program (TIP).

This investment will directly support one full-time position within BBDC, and indirectly support a number of other new and existing businesses and jobs throughout the region.