Thank you, Mr. Speaker. Welcome back. Mr. Speaker, I would like to bring Members up to date on the status of the Northwest Territories Risk Capital Investment Tax Credit. This initiative was announced in last years' budget, and approved by the House last September. The program allows investors in Northwest Territories and Nunavut businesses a credit of up to 30 percent of the amount of their investment against Northwest Territories income tax payable, to a maximum credit of $30,000 a year.
The purpose of the credit is to encourage Northerners to invest in northern business operations. I am pleased to inform Members that the administration of this program is now in place, and eligible businesses may apply. The government has appointed Carron Business Services as administrators of the program. Northwest Territories businesses interested in raising capital through the plan should contract Carron Business Services directly for information. Information is also available on the Department of Finance Web site.
To date, two businesses have registered to raise a total of about $1.5 million through the program, and several more are working on applications. I am confident this program will encourage new, small and medium-sized northern businesses to start-up, and existing businesses to expand. Smaller businesses create most new jobs for Northerners and contribute to the growth of our economy. Thank you, Mr. Speaker.