Business Development and Investment Corporation

The Corporation is a Crown Corporation established by the Business Development and Investment Corporation Act in 2005.  It is owned by the Government of the Northwest Territories.  The business of the Corporation is directed by a Board of Directors that is appointed by the Executive Council.

Eligibility Criteria

There are no formal eligibility criteria.

Each proposal is considered on its own merits by the Corporation's board of directors.

Summary

The Corporation was created to assist businesses in overcoming obstacles to development in small northern communities.  These include problems associated with high operating costs, a lack of outside investment, limited administrative capacity, a shortage of skilled labour, limited access to markets, as well as a shortage of equity capital.  

The Corporation is uniquely positioned to respond to economic development opportunities that require management services as well as equity investment capital.

Objectives

In accordance with its legislation, the objectives of the Corporation are:

• To incorporate, establish and carry on the business of companies or corporations and to develop, establish, operate, manage and carry on the business of projects, directly or indirectly, within the Corporation in order to create employment and income for residents of the Northwest Territories, primarily in small communities; stimulate growth of businesses in the Territories; and promote economic diversification and stability.

• To invest in business enterprises in order to stimulate growth of businesses in the Northwest Territories, and promote economic diversification and stability.

• To promote the economic objectives of the Government of the Northwest Territories.

Types of Economic Involvement

To accomplish its objectives, the Corporation provides direct investment and operating subsidies to companies.  This is done through various types of economic involvement:

• Subsidiary companies -- companies which the Corporation has majority ownership (51% common shares or more).  Subsidies and capital investments may be provided to these subsidiaries in order to maintain meaningful employment.

• Joint ventures -- the Corporation injects capital funding into a business in return for preferred shares.  The Corporation's investment is subject to annual dividend payments at a rate determined and agreed to by both parties.  Investment decisions are guided by investment guidelines.

• Projects and business development -- the Corporation will occasionally assist businesses, often on a cost shared basis, to finance projects for feasibility assessments, development of new products and management of pilot projects.

Northwest Territories Contact(s):
Business Development and Investment Corporation
#701, 5201-50th Ave
7th floor, NorthwesTel Bldg.
Yellowknife, Northwest Territories  X1A3S9
Telephone: (867) 920-6455
Fax: (867) 765-0652
Hours of operation: 8:30 - 5:00 Monday - Friday