Yellowknife (Oct 20/04) - Since the Akaitcho Business Development Corporation came into being six years ago, it has lent out $1.6 million in loans to small business ventures.

That surprising note, delivered by Akaitcho Business Development Corporation (ABDC) chairman Darrell Beaulieu at the organization's annual general meeting on Friday, was followed by another surprising announcement.

Resources Wildlife and Economic Development deputy minister Peter Vician said the formation of the territorial government's new Business Development Investment Corporation could be largely modelled on the success of the ABDC.

The ABDC helps small businesses with start-up capital and also provides capital for businesses looking to expand.

Loans, loan guarantees or equity financing up to $125,000 is available to applicants.

The organization's loan requests over the past six years total $2.9 million, states the organization's 2004 annual report.

"No community organization can exist without the benefit of strong partnerships," said ABDC chair Darrell Beaulieu of his organization, which serves the communities of Ndilo, Dettah and Yellowknife.

During the annual general meeting, the ABDC provided four awards: an award for youth in business, another for most jobs created, a third for most innovative and a final award for most creative business. Lina Ball, owner of the Bella Dance Academy, won for the youth entrepreneur award. Ball's company was created this past September and already sports 25 classes and 100 students.

Russell Anderson with Reynolds Technical Services works in the job creation category. The company employs six full-time employees, three part-time and three university students.

The company was formed in the spring of 2003 and in June 2004, Reynolds became the authorized dealer for Nelson Homes in Yellowknife. The company has intentions to employ two new crews.

The Most Innovative award went to Arctic Wild Harvest. This company was created in 1998 initially as a Web site: www.arcticharvest.com.

Initially, the company was receiving 100-200 orders per week through its Web page. Total sales in 2000, primarily through the Internet, were $86,000.

In 2003, Arctic Wild Harvest owner Karen Howlett further expanded the business through the creation of a commercial kitchen and opening a small retail shop in Centre Square Mall. Revenue in the past 12 months has totalled close to $200,000 and the company is presently entertaining thoughts of further expansion.

The final award, in the creative category, went to the Internal Health Clinic. Owner Norah Higden is a certified colon hydro-therapist. She started in business in June 2004 and already boasts 42 clients.