To ensure that our businesses can take full advantage of the opportunities generated by economic growth, we need to ensure they have access to adequate levels of investment capital. The GNWT has invited a number of Canadian bankers and representatives from the northern business community to review this issue. The Bankers' Commission will identify gaps in service and provide practical recommendations aimed at improving access to capital for northern businesses.
Healthy local businesses support strong communities. We are providing $275,000 in new funding for new investment and economic initiatives to complement current government initiatives that support local businesses. This new funding will be focused on development of the arts and crafts industry, promotion of the tourism industry and participation in trade shows.
As well, the NWT Development Corporation will receive $750,000 in additional funding to meet increased demand for financial support for small businesses. These and other initiatives will maximize business opportunities for northern communities. We expect this to provide spin-off benefits for northern communities.