Mr. Speaker, our government’s new Support to Entrepreneurs and Economic Development Policy officially took effect on September 2, 2008. This policy, which is known as the SEED policy, was developed in response to a major review of the department’s business programs completed in 2006.

One of the key themes that emerged from our review was that GNWT business programs should provide a chance for growth, employment and self-sufficiency to a wider scope of businesses outside of the Northwest Territories’ major centres.

We heard that our programs should focus on the needs of our clients, work more effectively with banks and other partners, and incorporate a streamlined and simple approach. I can assure you today, Mr. Speaker, that the SEED policy meets all these challenges.

This program will better serve the needs of prospective businesses in smaller communities where funding contributions are often difficult to attain through normal banking channels. It allows for support in specific sectors and continues to provide support to those self-employed in the traditional economy, arts and film sectors. It also provides for economic development on an individual community level and includes support for related activities and initiatives such as arts festivals or community economic promotions.

I would like to take a moment to thank the Standing Committee on Economic Development and

Infrastructure for the guidance they have provided through our extensive review and consultation process.

Mr. Speaker, the SEED policy, which replaces the Business Development Fund and Grants to Small Business programs, reflects our Assembly’s goal to promote a diversified economy that provides all communities and regions with opportunities and choices. In particular, it responds to our stated priorities: to promote development that reduces regional and community disparities and to support the development of sustainable local economies through small business and community based sectors.