Minister Wally Schumann delivered remarks celebrating small business in N'Dilo, Dettah, and Yellowknife at the Akaitcho Business Development Corporation Annual General Meeting.
Schumann touched on his own history in business, and the constitution and commitment required by entrepreneurs to strike out on their own.
Full text below.
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Thank you for the invitation to speak to you today, and to celebrate the success and contributions of entrepreneurs and small businesses in N’dilo, Dettah and Yellowknife.
I know that part of our program today will be to recognize some extraordinary achievements and to present a number of awards – but before we get to that, I want to congratulate and salute every individual in this room who has made that decision to own and operate their own business.
It is not easy to take the financial risk and put in the hard work to be your own boss; and – in some cases – to take on the responsibility of being a boss to others.
Most of you are aware that the small businesses sector is one with which I have personal experience and ties. It is the very real and practical background that I bring to my role as Minister of Industry Tourism and Investment.
There is no question that our economy requires resource development and major infrastructure projects. But our communities also need men and women like you who own and operate small and independent businesses.
You are the people that own the stores and service companies that keep our communities alive. You are the ones that take the risks, invest in our local infrastructure and support the local schools, programs and leagues that define the quality of life in our communities. Its been said before – “mines are big – but its small business and diversity that keeps people in town.”
At ITI, we are working to create the economic environment in which people can continue to see an opportunity and make it happen. We are working every day to invest in sectors like tourism, agriculture, film, manufacturing, the traditional economies – and so on.
One of the ways that we do this is in partnership with our Community Futures Organizations.
Through these organizations, we provide NWT businesses across the NWT with access to funding, training, business services, guidance and support. It is through these organizations that we can assist entrepreneurs and business owners with what they need to be successful over the long term.
When it comes to Community Futures Organizations, the Akaitcho Business Development Corporation is one of the best.
Statistics Canada reports that on average, only about 20 per cent of businesses in this country survive the first five years.
Amazingly, an impressive 90% of clients who accessed start-up funding through Akaitcho BDC in 2011 are still in business today. It is a great testament to the level of support and service that is provided year in and year out by the Akaitcho BDC.
A great deal of credit goes to Raymond St. Arnaud (Saint Are-No), for his management leadership and direction.
I also want to recognize the Akaitcho BDC’s Board of Directors - and Darryl for his leadership. Thank you – all - for volunteering your time to help advance economic development in this region.
Since 1998, the Akaitcho BDC has grown its original GNWT investment of $617 thousand dollars into a fund valued at over $1.3 million.
Along the way, it has assisted 181 different businesses.
Almost 9 million dollars has been invested in local businesses. And over 700 full and part time jobs have been created - worth approximately $1.5 million dollars every year for the economy of this region.
Our economy needs successful businesses and entrepreneurs.
Our government needs vibrant successful organizations like the Akaitcho Business Development Corporation who can support them.
Today, we are celebrating success on both counts.
As Minister of Industry Tourism and Investment, it is my distinct pleasure to be a part of this. Thank you for inviting me.