Yellowknife (May 31/04) - A high rate of growth in aboriginal businesses has one national board smiling.

"Aboriginal businesses are growing at a rate 10 times faster than non-aboriginal businesses," said Martin Kline, chair of the National Aboriginal Business Board.

Close to $40 million a year is invested into aboriginal companies by aboriginal credit corporations, he said.

Kline was giving these numbers to a group gathered in Yellowknife last week as the Aboriginal Business Canada NWT office officially opened.

With all the opportunity happening in the North, Moore is hopeful Aboriginal Business Canada will be able to help entrepreneurs tie into ventures which could service the oil and gas and mining industry.

"It's a small step, but a significant one," said Moore.

He expects good things to come in the near future.

"I can tell you the next five years the yield will be far greater if we work together," said Moore.

Western Arctic MLA Ethel Blondin-Andrew was among the politicians and business leaders gathered for the occasion.

"This is the beginning of a new and stronger partnership. It will create opportunities for Northerners," she said.

" Opening this office is something that I strongly support," said Blondin-Andrew.

A big part of the office's work will involve outreach to the various communities of the Northwest Territories, said Jeff Moore, executive director for Aboriginal Business Canada.

Business development officer, George Gottschall, will lead that charge.

Gottschall, who was working in Cambridge Bay prior to this posting, will travel to close to 30 communities to promote the new office and new opportunities for aboriginal entrepreneurs.