(Aboriginal entrepreneurs) loan program announced.By Paul Sinkewicz Windspeaker Contributor SASKATOON Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River.
A new program is aiming to make the dreams and schemes of would-be Aboriginal entrepreneurs a reality. The First Nations Bank of Canada First Nations Bank of Canada (or FNBC) was established in 1996 after receiving Letters Patent from the Government of Canada. It began as a venture between TD Bank (now TD Canada Trust) and Saskatchewan Indian Equity Foundation in 1993-94. (FNBC FNBC First National Bank of Chicago FNBC Four Nations Beef Conference FNBC First National Bank of Crossett (Crossett, Arkansas) ) recently announced a small loan program to help new Aboriginal businesses get off the ground in Western Canada
Western Canada, commonly referred to as the West . The program was announced jointly by FNBC and Western Economic Diversification Canada Western Economic Diversification Canada is a Canadian government agency responsible for improving the economy of Western Canada both locally and nationally. The Minister of Western Economic Diversification is the Honourable Rona Ambrose. (WEDC WEDC Water, Engineering and Development Centre (Loughborough University) WEDC Water Engineering Development Centre (Leicestershire, UK) WEDC World Economic Development Congress ) July 1 in Saskatoon. WEDC will provide $2 million to establish a loan loss reserve, which will then allow the bank to provide up to $10 million in loans to small businesses. Loans can range up to $25,000, with repayment up to five years. "The Aboriginal community in Western Canada has a great potential as a work force, as a market and as owners and operators of small business in the Western Canada region," said Keith Martell, chair of the board of directors of FNBC. "This new program will help more people access financing to start and expand small business opportunities." Speaking on behalf of WEDC, Ralph Goodale Ralph Edward Goodale, PC , MP, BA , LL.B (born October 5, 1949, in Regina, Saskatchewan) was Canada's Minister of Finance from 2003 to 2006 and continues to be a Liberal Member of Parliament. He was named Opposition House Leader by Bill Graham. , minister of natural resources and federal interlocutor in·ter·loc·u·tor n. 1. Someone who takes part in a conversation, often formally or officially. 2. The performer in a minstrel show who is placed midway between the end men and engages in banter with them. for Metis Metis (mē`tĭs), in astronomy, one of the 39 known moons, or natural satellites, of Jupiter. Metis goddess of caution and discretion. [Rom. Myth.: Wheeler, 242] See : Prudence and non-status Indians, said the program is consistent with the aims of both the development agency and the federal government. "The program will help both Aboriginal and non-Aboriginal people with good business ideas across Western Canada get some of the financing they need to make those good business ideas into a reality," Goodale said. "All of it fits within the Gathering Strength: Canada's Aboriginal Action Plan, which we announced at the beginning of 1998. Gathering Strength talked about partnerships, building stronger people and communities based on stronger economies. "WEDC is working with the First Nations Bank of Canada to fit all those pieces together by providing a package of financing options, business counselling and entrepreneurial training to help Aboriginal businesses take the first best steps to ensure the success of their proposed business ventures." Goodale said less than one per cent of all Canadian businesses are owned and operated by Aboriginal people, accounting for about 20,000 Aboriginal businesses across the country. But he noted about half those on reserves and serve only a local market. "WEDC wants to encourage businesses into regional, national and perhaps even international markets while continuing to support the grassroots entrepreneur," he said. Goodale said the strength of the new program was in helping people with a lack of collateral to secure a loan, or who might otherwise fall outside the boundaries of mainstream banking procedures, to secure financing. "WEDC is no longer in the business of giving out outright grants, but it still wanted to have a vehicle to be of assistance to these kinds of enterprises," he said. "For a whole variety of reasons there are worthy endeavors that need to have access to capital but conventional financing arrangements simply make that prohibitive or unlikely. "This is focusing on modest amounts of capital, but strategically placed to make a real difference to people who have a good business idea, want to get it off the ground." |
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