The Canadian Northern Economic Development Agency (CanNor) has invested close to $300,000 to support the start-up, development, and growth of four business ventures in the Northwest Territories. With additional contributions from project proponents, private investors and the Territorial Government, the projects have a total value of over $850,000. These projects include:
Aurora Research Institute Seed Commercialization
CanNor Funding: $48,000
Total Project Value: $75,325
Between 2005 and 2008, Aurora Research Institute (ARI), the research division of Aurora College, partnered with local governments and Aboriginal groups to gather 400 seed collections from 65 plant species native to the NWT. One hundred of these collections demonstrated high seed viability suitable for use in reclamation and re-vegetation projects within the Northwest Territories. ARI will use a $48,000 contribution from CanNor's Strategic Investments in Northern Economic Development Program (SINED) to develop a native seed commercialization model that will outline commercial feasibility, market potential, and next steps for a business to locally grow and sell these regionally adapted seeds.
Nextreme Steel Manufacturing and Construction
CanNor Funding: $75,000
Total Project Value: $446,000
CanNor has contributed $75,000 through its Aboriginal Business Development Program (ABDP) to help establish a steel manufacturing and construction company in Yellowknife that will provide steel frame design, fabrication, manufacturing, and construction services. Nextreme will use the funds to build a metal frame shop building and purchase manufacturing machinery and equipment. The new business will provide products and services to local construction and mining companies. There is potential to supply and service oil and gas companies operating throughout the Mackenzie Valley as well. The business will create two full-time jobs at the outset and anticipates creation of at least two more full-time positions within three years.
NWT and Nunavut Construction Association Cold Weather Conference
CanNor Funding: $60,000
Total Project Value: $228,000
Canada's North presents many unique and significant challenges for the construction industry, including extreme temperatures, permafrost, limited accessibility, high costs for material and labour, a small workforce, and a short construction season. Rising to these challenges, northern builders lead the world in innovative construction solutions, from implementing energy efficient practices to dealing with permafrost issues. The Northwest Terrirories and Nunavut Construction Association will use the $60,000 investment from CanNor's Strategic Investments in Northern Economic Development (SINED) program to deliver sessions on: cold weather design and construction, challenges in logistics and operations, human resources capacity building in the north, and contract and tendering challenges. This conference provides an opportunity for participants to share expertise and information on new technologies and best practices, and to forge new partnerships and joint ventures.
Metis-Dene Development Fund Ltd.
CanNor Funding: $100,000
Total Project Value: $134,000
CanNor has provided $100,000 through the Aboriginal Business Development Program (ABDP) to the Northwest Territories Metis-Dene Development Fund to help cover salary and operational costs related to the employment of a Business Services/Loans Officer (BSO) for one year. This funding aligns with the ABDP mandate to support Aboriginal institutional development, including the provision of financial business services offered by business development organizations and associations plus related operating costs, business support, training, and development required for these organizations or associations to carry out these activities.
Funding for these projects originates from two programs delivered by CanNor in Yukon, the Northwest Territories, and Nunavut. The Strategic Investments in Northern Economic Development (SINED) program provides funding for northern projects contributing to long-term economic growth, economic diversification, and capacity building. The Aboriginal Business Development Program provides financial assistance for aboriginal organizations and individuals to start or grow a business in the North.
