Mr. Speaker, I have a return to Written Question 7-16(3) asked by Mr. Ramsay on March 11, 2009, regarding the Activities of the Northwest Territories Business Development Investment Corporation.
1. Are Industry, Tourism and Investment (ITI)
delivery agents working closely with the Business Investment Development Corporation (BDIC) to help promote BDIC programs in the regions according to the service agreement established with ITI in 2005?
The April 1, 2005, agreement for services between BDIC and ITI engages the department as an agent of the BDIC for the delivery of programs and services in accordance with the NWT BDIC Accountability Framework, which addresses the roles and responsibilities of the BDIC and ITI in delivering the BDIC’s financial (loan and bonds) programs.
Regional ITI staff attend conference and tradeshows and, when in smaller communities, meet with community leaders and businesspeople to promote the services of the BDIC.
2. From April 1, 2008, to present, what is the
number in total dollar amount of BDIC loans processed by ITI and approved in accordance with the agreement for services in the current fiscal year?
Under the April 1, 2005, agreement for services between BDIC and ITI, all loan applications are received and evaluated by ITI’s regional offices. Based on the amount requested and the amount of existing loans to the client and/or related parties, the decision on the request is made by either:
•
The regional superintendent (ITI) (amounts up to $200,000) or
•
The BDIC (amounts over $200,000).
From April 1, 2008, to March 13, 2009, loan requests worth $12,757,270 were received. Of the loans requested:
•
$3,648,926 worth are pending the completion of the application package or a decision;
•
$450,000 worth were withdrawn by the client before a decision was made,
•
$845,960 worth were declined, and
•
$7,812,384 worth were approved. Of the loans approved:
o
$901,545 worth were approved by the
regional superintendents (ITI), and
o
$6,910,839 worth were approved by the
BDIC.
3. What are the BDIC loan balances for March
31, as of 2006, 2007 and 2008?
On March 31, 2006, the BDIC’s loan portfolio totaled $47,090,539.
On March 31, 2007, the BDIC’s loan portfolio totaled $46,112,577.
On March 31, 2008, the BDIC’s loan portfolio totaled $41,704,940.
Thank you, Mr. Speaker.