Atuqtuarvik
Corporation, the investment and loan company
set up three years ago at the direction
of Nunavut Tunngavik Inc. (NTI) reported
their achievements today at the NTI AGM
taking place in Sanikiluaq.
Vice-Chairperson
of Atuqtuarvik Corporation, Dennis Lyall
and Ken Toner, the President and Chief Executive
Officer presented their report, touching
on results to date as well as the findings
of a mandate review recently carried out
on behalf NTI and Atuqtuarvik Corporation.
“Our Board
of Directors, made up of Inuit business
leaders from across Nunavut, were pleased
with the results of the review”, reported
Vice-Chair Dennis Lyall. “As a report
card, the review told us that we are on
track and performing well against the objectives
established by our shareholders.”
Mr. Lyall went
on to outline some of the specific findings
including the observation that the company
has implemented an effective Inuit Employment
and Training plan and is monitoring its
lending and investment performance through
audits, loan portfolio financial information
and customer satisfaction surveys.
“To date
the Corporation has had no bad debt or write-off
of loans or equity investments”, Mr
Lyall explained. “We’re proud
of that record and also pleased that we
have expanded our total portfolio to just
over $49 million, loans and equity funds
that are now at work and committed to Inuit-owned
businesses throughout Nunavut.”
The President
and CEO Ken Toner, in his portion of the
presentation, stressed the importance of
their “made in Nunavut” approach
to lending to Inuit businesses. “We
are particularly happy that our portfolio
of loans and investments cross all major
sectors of the economy in Nunavut including
Retail and Services, Construction, Housing,
Transportation and Tourism as well as Business
Services, Fisheries and Mining.”
“By providing
important funds both as loans and equity
to small, medium and large Inuit-owned businesses,
we have been able to leverage more than
$96 million in additional investment that
might not otherwise have been made available,” Mr.
Toner said. “And we’re particularly
proud that these investments, in addition
to expanding Inuit ownership of Nunavut-based
businesses have also helped to create 154
full time jobs.”
Since July 2000,
Atuqtuarvik Corporation has been instrumental
in assisting Inuit to start 12 new businesses,
buyout 5 non-Inuit businesses and expand
11 existing Inuit-owned businesses.
“We also
believe that Atuqtuarvik Corporation acting
on behalf of Inuit is in a strong position
to play an important part in helping to
realize the Nunavut Economic Development
Strategy.” Ken Toner explained. The
Strategy is now being implemented through
a broad coalition of government, Inuit organizations
and non-governmental and private sector
groups. “We believe Atuqtuarvik Corporation
is an important player in that process!” |
