Canada Supports Nunavut's economy through the Baffin Business Development Corporation

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Iqaluit (Nunavut), April 1, 2010 – The Canadian Northern Economic Development Agency (CanNor) boosts small and medium-sized business development in Nunavut by investing in the Baffin Business Development Corporation (BBDC) as part of Canada's Economic Action Plan.

The Honourable Chuck Strahl, Minister of the Canadian Northern Economic Development Agency (CanNor), announced the two-part investment today.

CanNor will provide over $1.25 million to BBDC through the Community Adjustment Fund (CAF) and an additional $410,000 from the Strategic Investments in Northern Economic Development (SINED) program. This funding will increase the BBDC's revolving loan fund, and support hiring a Business Services Officer.

"These funds will encourage the development of small- to medium-sized businesses in the Qikiqtaaluk region, leading to job creation at the community level," said Minister Strahl, who is also Minister of Indian Affairs and Northern Development and Federal Interlocutor of Métis and Non-Status Indians. "Canada is proud to be working with our Nunavut partners to help stimulate and diversify their local economy."

"A strong, diverse economy in the Qikiqtaaluk region will lead to healthier and more prosperous communities," said the Honourable Leona Aglukkaq, Minister Responsible for the North and Minister of Health. "We're happy to support Nunavut residents and the continued work of the BBDC."

"The Baffin Business Development Corporation is pleased to receive the financial support from CanNor, which will assist in ensuring the future of our capital programming and business support activities," said Valerie Kosmenko, General Manager of BBDC. "The recognition that Community Futures is valued by the newest regional development agency in Canada is a tribute to the success of BBDC and Community Futures nationally."

CAF and SINED form part of a suite of economic development programs that fall under the mandate of CanNor in Nunavut, the Northwest Territories and Yukon.  CanNor is responsible for coordinating and delivering federal economic development activities in the territories, and for policy, research and advocacy. Promoting social and economic development in the North is one of the four pillars of the Government of Canada's integrated Northern strategy.

 

Backgrounder - Support for Baffin Business Development Corporation

For further information please contact:

Office of the Honourable Chuck Strahl
Michelle Yao
Press Secretary
(819) 997-0002

Canadian Northern Economic Development Agency (CanNor)
Karen MacKenzie
Communications Advisor
Nunavut Regional Office
867-975-4537

Baffin Business Development Corporation
Valerie Kosmenko
867-979-1303