Doug Ashbury
Northern News Services

NNSL (Nov 30/98) - The Business Development Fund spread $12.3 million among over 600 businesses, in fiscal 1998, according to the BDF's recently released annual report.

The fund, part of Resources, Wildlife and Economic Development, is aimed at stimulating employment and economic development throughout the NWT.

Recipients must show the project cannot economically proceed without financial assistance and that there is long-term viability.

Of the 625 applicants, 576 were approved.

Since 1991, when the fund was set up, approvals have increased 16 per cent.

The fund's annual report and recipient documents were recently tabled in the legislature.

They followed the tabling of the NWT Business Credit Corporation annual report.

The BCC lends where conventional sources are unwilling to participate.

In fiscal 1998, the fund approved 119 of 142 applications. Loans this year were worth $14.7 million compared to $9.0 million in the prior year.

"As a provider of loans, the BCC recognizes the diverse needs of its Northern clients and tailors financing as much as possible to meet their needs and expectations," RWED Minister Stephen Kakfwi said.

Loan increases show continued economic growth and the important partner role government plays, he also said.