Doug Ashbury
Northern News Services

Iqaluit ( Jun 05/00) - Nunavut Tunngavik Inc. expects its Inuit Investment and Loan Company to be incorporated by the end of the week, and the loan company's board members have already been selected.

"We are well aware that there are a number of projects that Inuit businesses are currently planning and the new investment company will no doubt be seen as one of the key sources of funds," said NTI president Paul Quassa.

NTI is responsible for implementing the Inuit obligations of the Nunavut Land Claims agreement.

At a recent NTI meeting in Pangnirtung, Mickey Akavak of Kimmirut, John Hickes and Jose Kusugak of Rankin Inlet, Dennis Lyall of Taloyoak and Simon Merkosak of Pond Inlet were selected as the company's first board.

"I would expect the new Inuit Investment and Loan Company to hold their first board meeting shortly after (June 9). We have a lineup of interested proponents at the door before the company has started."

The company will loan from $100,000 to $3 million. But the company may decide to go beyond the $3- million limit, adds Quassa.

At the board meeting, NTI agreed to create a steering committee to oversee final arrangements for the fund's commencement of operations.

The steering committee includes NTI's president and vice-president of finance, the three regional Inuit association presidents and the Nunavut Trust chair. On Thursday, an interim CEO was selected.

Quassa said the new company -- capitalized with $20 million from Nunavut Trust profits -- will not only loan money to Inuit, but also be an investor. Quassa said one goal of the company is to make a profit.

Over the next two years, NTI anticipates lifting the company's capitalization to about $50 million.

The five directors of Inuit Investment and Loan Company have extensive business and community service experience.

Mickey Akavak is mayor of Kimmirut, and Dennis Lyall is mayor of Taloyoak.

John Hickes is chairman of the Nunavut Development Corp. and a former board member of Aboriginal Business Canada.

Jose Kusugak is past president of NTI. Pond Inlet's Simon Merkosak, a former mayor, recently served as acting chairman of the NWT Power Corp.

NTI chose the board members from about 20 Inuit businesspeople.