October 20, 2014 – Iqaluit, NU – Office of the Minister of the Environment, Minister of the Canadian Northern Economic Development Agency (CanNor), and Minister for the Arctic Council
Today, Minister Leona Aglukkaq announced an increased investment to help create and grow businesses in the Baffin Region. The Government of Canada has provided additional loan capital to the Baffin Business Development Corporation (BBDC) to support the development of small and medium-sized businesses and to create jobs in several sectors of the economy, including: construction, fishing, retail, service, hospitality, and arts and crafts.
With CanNor's investment of $1.5 million, the BBDC is positioned to meet increasing demands for loans to Nunavut businesses in the Baffin region. The funding was placed in BBDC's revolving investment fund, increasing their available loan capital. Businesses may apply for loans directly to BBDC and, if eligible, would receive repayable loans to advance their business development objectives.
This type of loan capital addresses needs not met by regular financial institutions, and serves as a catalyst to foster a diverse and dynamic local economy and create jobs.
For further information please contact:
Office of the Honourable Leona Aglukkaq
Ted Laking
819-997-1441
Canadian Northern Economic Development Agency
Craig Welsh
Communications Advisor, Nunavut Region
867-975-3722
CanNor works to help develop a diversified, sustainable and dynamic economy across Canada's three territories, and delivers on its northern mandate through funding programs, the Northern Projects Management Office and by undertaking policy and research.
Baffin Business Development Corporation
Valerie Kosmenko
General Manager
867-979-1303
For more information:
