The Chair of
the newly formed Atuqtuarvik Corporation,
Mr. John M. Hickes has announced the first
loan approved by the Corporation.
?The loan will assist Qikiqtaaluk
Corporation with their share of the acquisition
costs of the ship M V Umiavut?, Mr. Hickes
reported. ?This loan is in line with the
criteria set out by our shareholders and
will greatly assist QC in carrying out its?
mandate to promote business opportunities
for the benefit of Baffin Inuit?.
Atuqtuarvik
was established with an initial capital
base of $20 million in June of this year
as a result of decisions taken at the Annual
General Meeting of Nunavut Tunngavik Inc.
in October of 1999. Policy guidelines were
developed under the leadership of the NTI
Board of Directors and representatives of
the Nunavut Trust. The Atuqtuarvik Corporation
will be opening its? offices in Rankin Inlet
later this month and will provide investments
and loans to Inuit owned businesses creating
benefits for Inuit throughout Nunavut.
Investments
and loan from $100,000 to $3 million are
available for commercially viable Inuit-owned
business projects that include start-ups,
acquisitions and expansions in all sectors
of the economy. With its own earnings as
well as additional funds from the earnings
of the Nunavut Trust, Atuqtuarvik is expected
to grow to at least $50 million over the
next three or four years.
The Atuqtuarvik
Board, which recently held its third meeting,
includes John Hickes, of Rankin Inlet as
Chair, Monica Ell, from Iqaluit as Vice-Chair,
Mickey Akavak, now living in Baker Lake
as Secretary Treasurer Simon Merkosak of
Pond Inlet and Dennis Lyall of Taloyoak.
K.J. (Ken) Toner
has been selected by the Board to be the
Chief Executive Officer.
Mr. Toner comes
to Atuqtuarvik following many years of bank
management experience, including three years
as the first Manager of the Bank of Montreal
branch in Iqaluit. During the past two years,
Mr. Toner has been the Regional Superintendent
for the Department of Sustainable Development
based in Iqaluit.
For further
Information:
| Atuqtuarvik Corporation |
|
Atuqtuarvik Corporation |
John M. Hickes
Chairperson
Tel: (867) 645-2650
Fax: (867) 645-2640
|
|
K.J. (Ken) Toner
President and Chief Executive Officer
Tel: (867) 645-2784
Fax: (867) 645-2786 |
| Further
Contact Information |
|
|
|
