Current Press Releases

YELLOWKNIFE (June 19, 2009) - New Government programs and changes to existing programs will stimulate investment and job creation while addressing the impacts of current economic conditions on NWT businesses.

Minister of Industry, Tourism and Investment (ITI), and Responsible for the Northwest Territories Business Development and Investment Corporation (BDIC), Bob McLeod says he’s confident new initiatives introduced by the GNWT this month will help small businesses weather tough times and position themselves for future growth.

“NWT small and medium sized businesses are the cornerstone of the NWT economy,” he noted.
In addition to strong ongoing investment through grants and contributions programs, the GNWT has introduced the following new initiatives in support of NWT business:

• BDIC Variable Interest Rate Financing, a flexible loan that allows clients to take advantage of a lower borrowing rate during times of falling interest rates. Clients have the option of locking in the lower rate at their convenience. A variable interest rate fluctuates with the BDIC Prime Rate for the term of the loan.
• Industry, Tourism and Investment Capital Expansion Incentive is a Sector Support Program within the Support to Entrepreneurs and Economic Development Policy, which has been expanded to cover all economic sectors until March 31, 2010. The Program provides an interest rebate of up to $15,000 annually to eligible businesses to offset incremental loan interest associated with new capital purchases for expansion of businesses.
• BDIC Interest Rate Reduction, in which clients who are not in arrears can renew their loans at BDIC’s lowest available rate.
• BDIC Winter/Summer Re-Supply Financing which offers a short-term loan for clients to take advantage of the most cost-effective way to re-supply their inventory (by winter road or summer barge). Businesses have one year to re-pay the loan.
• BDIC Seasonal Production Financing is a short-term loan for artists, craft-makers and harvesters who need to buy supplies so they can make or harvest products to sell (maximum of $25,000).
• BDIC Working Capital Guarantee Program includes an Irrevocable Standby Letter of Credit that guarantees a business working capital arrangement with its bank (working capital includes lines of credit and overdraft arrangements).

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For more information, contact:

Drew Williams
Press Secretary
Office of the Premier/Cabinet
Government of the Northwest Territories
Phone: (867) 669-2304