Mr. Speaker, on Wednesday we acknowledged the important role small business plays in our lives. Business people and their employees represent just over half of our northern workforce. It is within the mandate of the Department of Resources, Wildlife and Economic Development to provide financial assistance and support to aid in the expansion of this essential part of our economy. Mr. Speaker, I would like to highlight what we are doing
with respect to financial support to stimulate the small business sector.
In the last six months, the department has approved 147 grants to small businesses totalling $300,000. Eligible businesses are small and include arts and crafts producers, commercial renewable resource harvesters and other businesses, most of which would be considered "cottage industry."
The Business Development Fund offers larger sized contributions to businesses for such purposes as business plans, start up costs, market and product development and improving business skills. Since April 1996, 208 contributions, total $2,682,561, have been awarded to some 200 northern businesses. Through this program Wha Ti Development Corporation has purchased surveying equipment and will offer survey training to local residents. An Aklavik resident is establishing a local tourism venture. A Pangnirtung resident is starting a welding business and Pelly Bay businessman is attending a financial business management workshop.
As Minister of Resources, Wildlife and Economic Development, I am also responsible for two corporations that are important players in stimulating economic development. The NWT Business Credit Corporation provides loans to territorial businesses, In 1995 the Corporation provided 85 loans for a total of $8 million, so far this year, 49 loans totalling $3,900,000 have been approved.
The Northwest Territories Development Corporation manages businesses in 19 of the smaller communities. About 400 people are employed through these operations.
Mr. Speaker, our Government knows that growth of our economy depends upon the private sector. The Northwest Territories is rich with natural resources. With their knowledge of the land, northerners have some special abilities that can be applied to mineral exploration. One of our small but successful programs, has been providing grubstakes and training for potential prospectors. This year, training courses were held in Arviat and Kimmirut and $90,000 have been provided to 22 prospectors.
The last area I would like to highlight is the traditional economy. This is the oldest sector in our economy, so I suppose we could say that the men and women operating in this sector are the longest established independent business persons in the Northwest Territories. They harvest the bounty of the land and waters using the results of their labour and experience to feed themselves and their families. They manufacture products for their own use and to sell to others. Some of their effort may generate some seasonal income. The work these people do is not always recorded in the employment and income statistics, but it is an important part of our economy. The estimate value of the wildlife harvest alone, excluding commercial operations, is over $35,000,000 a year. We know that over 90% of Aboriginal households participate in these activities and this work fulfils the same basic needs for food, clothing and shelter as wages and profits do in the wage economy. As well, these activities maintain the traditions and skills of our northern cultures.
To support the traditional economy, approximately $1,000,000 has been provided this year to purchase equipment, access harvesting areas, encourage trappers to produce well-handled, high quality furs, teach harvesting skills and conduct organized hunts for communities. For seven years, the Department has also provided funding for projects that demonstrate new ways to use renewable resources or promote environmental protection. Since the beginning of the fiscal year 30 projects have received a total of $80,000 to test outpost camp incinerators in Southern Baffin, to test a heater that will use waste oil in Inuvik, and to conduct salt water fishery tests for cod in Hudson Bay. Regional land claim organizations and communities are also developing their harvester support initiatives by matching funds with the $5 million they will receive from the Department.
Mr. Speaker, this government is committed to expanding and strengthening the northern economy. These are a few examples of how public funds are working to benefit our residents and economy. Thank you.