Daniel MacIsaac
Northern News Services

NNSL (Aug 27/99) - A successful business investment in Tsiigehtchic recently drew praise from the NWT Development Corp.

The Dev Corp originally invested $100,000 in preferred shares in January, 1994 to kickstart the construction and development of the town's community store facility. Tsiigehtchic's Community Council redeemed those shares two weeks ago, effectively paying off the loan.

Stephen Kakfwi, the territorial minister responsible for the corporation, said that's the way Dev Corp investments are designed to work.

"The NWT Development Corp. should come in as an equity participant early in the development of viable business," he said. "When things are going well and better financing can be arranged, it's only sensible that the NWT Development Corp.'s investment is bought out -- that money then becomes available to invest in other businesses."

It was Chief Grace Blake, on behalf of the council, who sent the cheque to Dev Corp president Fred Koe. She said the investment had given Tsiigehtchic a head start on building sound financial base for the community store.

"Our community is now in a position where we are able to obtain financing at more competitive rates from conventional sources," she said.

Speaking in her office, Blake said that while there is no specific project in the offing, the council now knows it further development is realistic.

"If there's a viable project, we would consider another loan," she said, "and maybe look at ventures."

Tsiigehtchic's community store facility houses the Trapper's Super A convenience store, a Canada Post outlet, a hotel, the cable office and the income support and employment centre.