CanNor-10-063
Yellowknife (Northwest Territories) February 2, 2011 - Four business-related initiatives in the Northwest Territories have been advanced thanks to investments by the Canadian Northern Economic Development Agency (CanNor).
The Honourable John Duncan, Minister of the Canadian Northern Economic Development Agency, today announced close to $300,000 to help fund start up costs, educational workshops, and operational work to support business development and diversification in the Northwest Territories. With additional contributions from project proponents, private investors and the Territorial Government, the projects have a total value of more than $850,000.
“These strategic investments will create jobs, stimulate business growth, help communities and individuals secure reliable sources of ongoing revenue,” said Minister Duncan, who is also Minister of Indian Affairs and Northern Development and Federal Interlocutor for Métis and Non-Status Indians. “The wide variety of these initiatives illustrates CanNor's commitment to promote economic diversification and to support participation of Northerners in the economy.”
”The Government of Canada recognizes that small and medium-sized businesses are vital to northern prosperity, providing essential support services to larger companies and supplying many of the jobs and much of the revenue that flows to smaller communities,” said the Honourable Leona Aglukkaq, Member of Parliament for Nunavut, Regional Minister for the North and Minister of Health.
CanNor's funding will support development of a business model to commercialize local seeds, establish a steel manufacturing company, deliver education workshops on cold weather construction, and provide operational costs for the provision of Aboriginal financial business services.
Funding for these projects came 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.
Please visit these web sites to learn more about Canada's Economic Action Plan and Canada's Northern Strategy.
For further information, please contact:
Office of the Honourable John Duncan
Michele-Jamali Paquette
Press Secretary
(819) 997-0002
Canadian Northern Economic Development Agency (NWT Regional Office)
Petra White
Communications Advisor
(867) 766-8435
