Thank you, Mr. Speaker. October 21-15 this year is Small Business Week across Canada and as the Minister responsible, I wish to acknowledge this occasion, and salute the many entrepreneurs and small business people who make their living in this sector across the North.
As Minister of this Portfolio, I have the privilege to meet with many small business people on a regular basis and to learn first hand about their ideas, their challenges and their aspirations.
As a group, small business people tend to be tenacious in pursuit of their enterprise. This quality, I believe, is critical, given the current economic climate and the challenging environment we have here in the North. To prosper and survive in this environment, small business people must be resourceful, they must be visionary and they must live their business 24 hours a day.
Apart from the skills and determination which small business people require, they also need access to capital, information, and marketplaces. There are many agencies and financial institutions where small business people can acquire loans or contributions. Our own Business Development Fund provided some $3.1 million in contributions in 1995/96 alone to some 246 applicants, and the Business Credit Corporation provided $8.0 million in loans.
There are new efforts as well to establish improved ways of accessing capital. I am speaking here about our Government's efforts to work with the Federal Government to establish a New Immigrant Investor Fund which will provide new sources of offshore capital for investment into the Northwest Territories. This Government is acutely aware of the frustrations which small business people face in their efforts to acquire sources of capital and we are making efforts to improve this situation.
The key to business prosperity in the future will be information. As we enter the 21st century, a new age of business enterprise is emerging characterized by global markets, new technologies and a new and heightened competition. To remain competitive, the small business person in the North will require information. This information will be the currency of the future.
Recently I signed an agreement with Industry Canada to establish a new Canada/NWT Business Service Centre. This new centre, which is currently in operation on a trial basis, houses some very advanced computer equipment and will connect the North to a wide range of business oriented databases, both public and private. I invite Members of this Assembly to an open house scheduled for the 17th and 18th of this month to see this centre and to develop an appreciation of its capabilities so that you can better advise your constituents about the services which it has to offer. The centre I believe, will be a valuable aid to small business people who can call in on a 1-800 line and seek information about products, markets and Government services.
Mr. Speaker, I appreciate the work that small business people do across the North. On behalf of the Government, I offer our recognition to this key group of Northerners who continue to contribute so much to our growing economy. I invite you to join me in extending our support on the occasion of this upcoming Small Business Week to this key sector in our economy.
Thank you very much.