Thank you, Mr. Speaker. My questions today are for the Minister of Industry, Tourism and Investment. As the Minister well knows, the government crafts many different policies that help it achieve its goals. One of the stated goals of this government is to have viable and strong communities and regions, and as I’ve stated in my Member’s statement, there is a growing disparity amongst the regions in the Northwest Territories when it comes to their economic well-being.
One vehicle or tool which this government has at their disposal to assist with this would be greater access to funding, to loans by businesses in the regions. I would like to ask the Minister what is the current amount of money that the Business Development and Investment Corporation has at its disposal to lend within the Northwest Territories.
Thank you, Mrs. Groenewegen. The Minister of Industry, Tourism and Investment, Mr. Ramsay.
Thank you, Mr. Speaker. Currently, the total credit facility portfolio for the BDIC is just under $50 million at $49.6 million. Approximately $7.6 million approved in credit facilities and $257,000 approved in contributions for this past fiscal year.
The lending limit of the Business Development and Investment Corporation, I believe, is currently $2 million. When is the last time that that cap was reviewed and considered?
The timing of the Member’s questions is good. We’re currently putting together a terms of reference for review of the BDIC and the programs that are there. The hope is that those terms of reference will be established sometime this summer so that the review – and it’s being conducted by the program review office of the GNWT – will be underway this fall. I certainly look forward to working with the Regular Members as that program review plays itself out. Certainly, the limit on lending at $2 million is something that will be in the mix.
The Minister did give me the full amount of the lending portfolio, but how much room is there left that is not fully subscribed? I didn’t do the math. I didn’t write it down in time to do the math here. What avenue does the BDIC have to come back to the government to expand on the amount of money that they have to loan out to NWT businesses?
I don’t have that exact figure but I would be more than happy to get that for the Member.
Thank you. Final, short supplementary, Mrs. Groenewegen.
Thank you, Mr. Speaker. Would it be possible to include within the terms of reference of the review of the Business Development and Investment Corporation, the possibility of a policy that would recognize, as I referred to, the economic disparity which would look at the way that this government could help businesses in the regions at this current time who have viable business plans and proposals that could help them employ and expand on the employment they have within their communities?
We know that the Yellowknife economy is doing well. It’s healthy. What have we got that we could do for the regions by way of policy that could be included in those terms of reference?
That certainly would be a possibility, and I believe as the Minister responsible for economic development here in the Northwest Territories, it’s important that we’re not duplicating our efforts, that it’s seamless, that we’re getting capital into the hands of those folks who can do something with it, that can grow our economy, especially out in the regions where we are seeing high unemployment and we need those types of investments in the regions that will grow the economy here in the Northwest Territories. I certainly look forward to the discussions as the terms of reference are established and we get to work with the committee on next steps of that review.
Thank you, Mr. Ramsay. The Member for Hay River North, Mr. Bouchard.
