SYDNEY, Nova Scotia, September 12, 2006 The Honourable Maxime Bernier, Minister of Industry, today announced a $2 million contribution to Ulnooweg Development Group, based in Truro, Nova Scotia, and applauded the organization's growing role in assisting Aboriginal enterprise in Atlantic Canada.
The contribution was provided through Industry Canada's Aboriginal Business Canada (ABC) program. It will enable Ulnooweg to enhance its current lending capacity and meet increasing demand for developmental financial services for Aboriginal business clients throughout the region.
"Aboriginal financial institutions such as Ulnooweg are playing an important role in the development and growth of a key driver in Canada's economy -- small and medium-sized enterprises," said Minister Bernier. "This investment will help to generate new Aboriginal-owned businesses and fuel further job creation across the region."
"This funding has enabled Ulnooweg to ensure it continues to meet the demand and opportunities emerging from Atlantic Canada's dynamic Aboriginal business sector," said Todd Hoskin, Chief Executive Officer of Ulnooweg.
ABC provides financial assistance and business information to majority-owned Aboriginal enterprises on and off-reserve, in urban, rural and remote areas. The program supports clients of all Aboriginal heritage groups across all parts of Canada, as well as Aboriginal financial institutions and development corporations. The program's reach is extended through a network of Aboriginal-owned and controlled business organizations that deliver financial assistance and services on ABC's behalf. For more information, visit http://www.abc-eac.ic.gc.ca or call 1 800 O Canada
(1 800 622-6232).
For more information, please contact:
Media Relations
Industry Canada
613-995-2502
Chris Googoo
General Manager
Ulnooweg Development Group
Cell: 902-899-0137
Toll free: 1-888-766-2376
Backgrounder
Aboriginal Capital Corporations
Aboriginal capital corporations (ACCs) are loan corporations owned and operated by Aboriginal people. As part of a network of 58 Aboriginal Financial Institutions, ACCs play a key role in providing commercial financing and business services to Aboriginal firms.
There are 30 active ACCs in Canada. These organizations concentrate on providing developmental loans, such as loans to enterprises that may not yet be ready to secure business loans from banks. Some ACCs also provide business services, and have diversified their operations in order to house external delivery programming for Industry Canada's Aboriginal Business Canada (ABC) program, as well as for other government departments and private sector organizations.
ABC has contributed to the creation and support of ACCs since they originated in the mid-1980's. From inception to March 31, 2005, this network loaned out over $650 million to Aboriginal businesses across Canada. They currently lend $40-$50 million annually to approximately 1 300 businesses. ABC continues to work with these organizations to improve access to loan capital for Aboriginal firms.
Ulnooweg Development Group
Established in 1985, Ulnooweg Development Group is the only Aboriginal capital corporation in the Atlantic region and is considered unique in terms of the geography it covers. Its clientele include Status Indians and Members of the Federation of Newfoundland Indians, the Labrador Métis Nation and the Labrador Inuit Association living in the Atlantic provinces.
In July 2006, Ulnooweg further strengthened its partnership with ABC by becoming part of ABC's third party, Aboriginal-operated service delivery network. Ulnooweg now offers ABC's highly successful contribution programming to clients in New Brunswick through a local office at Saint Mary's First Nation, near Fredericton. Previously, ABC clients in New Brunswick were served through ABC's Halifax office.
In addition to its lending services and business programming, the organization hosts the annual Atlantic Aboriginal Entrepreneur Awards. Created in 2005, the event celebrates Aboriginal business successes throughout Atlantic Canada. Awards reflect achievements in several categories including: Business of the Year for each province; Youth Entrepreneur of the Year; Woman Entrepreneur of the Year; Band Enterprise of the Year; and Export Business of the Year.
Robert Gloade, G&G Home Heating
Winner, Business of the Year, Nova Scotia
1st Annual Atlantic Canada Aboriginal Entrepreneurship Awards, 2005
An excellent example of Aboriginal entrepreneurship and the role played by Ulnooweg Development Group (UDG) in the Atlantic Region is Robert Gloade of G&G Home Heating, based in Nova Scotia. This firm was awarded the 2005 Business of the Year Award in the First Annual Atlantic Canada Aboriginal Entrepreneurship Awards Ceremonies held last October.
"With Ulnooweg's financial support in the beginning, we were able to establish some credit worthiness with our business," says Gloade. "We established our relationship with Ulnooweg seven years ago and continue to do business with them today."
G&G Home Heating has been able to remain competitive within its trading area, serve two First Nations communities, and grow its client base by ten times, including expanding into the Colchester area to meet growing demand. Robert Gloade has also focused on innovation -- enhancing operations by installing an onboard computer system to help improve G&G's reporting, delivery time, accuracy, and inventory system.
"This is a solid example of entrepreneurship at its best," said Todd Hoskin, Chief Executive Officer of UDG.
