Thank you, Mr. Speaker. Mr. Speaker, the Business Development Fund is one of many incentive programs offered by the Department of Resources, Wildlife and Economic Development. Later today, I will be tabling the fund's Recipients' Report for 1998-99, as well as the Annual Report.
Members will note that both of these reports cover the time period prior to division. The Recipients' Report identifies the contributions made through the fund while the Annual Report provides analysis of the program.
Mr. Speaker, the Business Development Fund provides assistance to northern businesses to help cover start-up costs, to secure additional investment and to develop business skills, new markets and products. The fund paid out $3.6 million to 274 approved businesses during 1998-99. Funding was provided for a variety of business ventures. For example, a $6,000 contribution to Noda Enterprises Ltd. In Kakisa for marketing and advertising services in support of the community's general store and a $45,000 contribution to Deh Cho Air Ltd., in Fort Liard for the purchase of an aircraft.
Through the community initiatives program of the Business Development Fund, financial assistance is provided to community-based organizations for economic development projects that benefit entire communities. This program is designed to work in partnership with other community development programs. During 1998-99, $5.7 million was distributed among 259 community initiatives. Contributions ranged from $1,000 to Deninu K'ue Development Corporation in Fort Resolution for participation in an economic development conference to $110,000 to the Community Gardening Society in Inuvik to help cover costs involved in converting the arena into an operating greenhouse.
The majority of funding provided through the Business Development Fund went to aboriginal-owned business and communities.
Mr. Speaker, I would like to take this opportunity to commend the spirit and enthusiasm of the business community in the Northwest Territories and extend our commitment for on-going service and assistance. The efforts of the business community continue to play a vital role in the growth of our northern economy. Mahsi cho.