The Department of Industry, Tourism and Investment (ITI) is contributing $86,000 to Northwest Territories (NWT) Community Futures Development Corporations (CFDC) to allow them to defer loan payments for their clients in the same way that the Business Development and Investment Corporation has done.
The one-time contribution by the Government of the Northwest Territories (GNWT) will cover the interest costs that would otherwise be incurred by these organizations.
CFDCs support community and business development through the creation and expansion of small and medium sized enterprises, and the creation and maintenance of employment opportunities in NWT communities. Investment and loan funds administered by these corporations are designed to complement conventional funding provided by other financial institutions, the Business Development Bank of Canada, or other territorial and federal funding programs.
“Our Community Futures Partners provide crucial small business advisory and credit services in the smaller communities of the NWT. They have very lean budgets and do not have the capacity to defer the interest costs associated with their loan portfolios. The Department of Industry, Tourism and Investment is committed to ensuring that all NWT business have access to the tools they need to survive this time of crisis and are positioned to recover post COVID-19.
-Katrina Nokleby, Minister of Industry, Tourism and Investment
· CFDCs granted 51 loans totalling $1.97 million during the 2017-2018 fiscal year;
· In 2017-2018, CFDC activity supported businesses that created or maintained 91 full-time and 112 part-time jobs in the NWT.
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Government of the Northwest Territories