SOMBA K'E/YELLOWKNIFE - The Akaitcho Business Development Corporation had another successful year to report to its board of directors and attendees at its annual general meeting, held last week in Yellowknife.

During the 2008-2009 fiscal year (ended March 31, 2009), Akaitcho BDC gave out $1.4 million in business assistance loans to 43 businesses in Yellowknife, Ndilo and Dettah.

None of the loans were bad, said Raymond St. Arnaud, general manager, adding, "We don't even have any that are 30 days late."

The total number of loans requested increased by 45 per cent from the previous year, and Arnaud said he expects that trend to continue.

"A lot of people think that due to the fact that we're in a recession, and (with) the economy the way it's going on in the world, that it's really affected everyone," he said. "It hasn't. Not in the small businesses in Yellowknife.

"I think I'm going to do a little bit more in loans this year than I did last year."

As a result of the loans, Akaitcho BDC created 130 new jobs and "maintained" another 19, added Arnaud.

"'Maintain' is someone that comes in and says, 'Listen, I'd like to buy a piece of equipment. If I don't buy that piece of equipment, I'd be laying off people.' I'll say: 'Okay. How many people are going to be laid off if you don't get these funds for the equipment?' They'll tell me and that's where we get the main (figure)."

In addition to financing, Akaitcho BDC - which borrows its operating money from the Business Development and Investment Corporation - provides advisory services like helping with business plans.

"I run this like if it was my own business," said Arnaud.

Doug Doan, deputy minister of industry, tourism and investment with the GNWT, was among attendees of the meeting and congratulated the corporation for its "fine work."

"As a government, we often highlight the big business opportunities that we have here in the Northwest Territories: the non-renewable resource sector, the oil and gas file," said Doan. "What we probably do not do enough of is recognize the accomplishments of our Northern entrepreneurs and small business operators - the people that have big dreams.

"Helping entrepreneurs to be the best that they can be is a central function of the Community Futures organizations such as Akaitcho Business Development Corporation. By providing these services, they're helping these entrepreneurs on the path to success."