Inuit businesses
come in all shapes and sizes. Atuqtuarvik
Corporation helps medium to large size businesses
through loans and equity approvals, so as
to help improve the quality of life in Nunavut
Inuit. “Atuqtuarvik helps eligible
Inuit business access various sources of
commercial finance,” says Chairperson
John Hickes. “We consider loan request
of $100,000 and up, with the understanding
that the businesses have maximize the funding
they can obtain from commercial sources
as well.
As of March
2003, Atuqtuarvik had just over $35 million
in loan and equity approvals on its books:
- $15 million to Nunavut
business
- $4.5 million to Regional
Development Corporations, and
- $15.5 million to health
facilities
“Atuqtuarvik
helps get the ball rolling when it comes
to securing financing,” says Hickes. “We
accept a higher level of risk in providing
loans as an interim step in achieving viability.
As an Inuit lending corporation, we think
we should be doing all we can to support
Inuit enterprises capable of repaying their
loans and equity financing.”
At NIT’s last Annual General Meeting, it was agreed to have an independent
consultant review the mandate of the corporation and what it has achieved to
date. The results of this review are expected later this summer.
“We welcome
the review as it will help clarify Atuqtuarvik’s
role as a lending agency,” says President
and Chief Executive Officer Ken Toner. “We
focus on projects that are commercially
viable, Nunavut based, and create some benefits
for Inuit such as jobs, training or improvements
to social situations.”
Since it began
operating in June 2000, Atuqtuarvik’s
investments in Inuit-owned business have:
- Levered an additional
$75.7 million in loans and/or equity funding,
- Created and/or maintained
80 person years of employment, and
- Generated $5 million
in annual income for Inuit-owned business.
“We are
here to develop self-reliant, viable Inuit-owned
business,” Toner says. “If someone
comes to us with a proposal that requires
less than $100,000, we’ll still work
with them to find the best source of funding
and other resources.”
Atuqtuarvik
Corporation’s seven-member board of
directors meet quarterly to evaluate projects.
The board is appointed by Nunavut Tunngavik
Incorporated. Application forms are available
from the corporation’s office in Rankin
Inlet (867-645-2784), or can be downloaded
from their website at www.atuqtuarvik.com.
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