Thank you, Mr. Speaker. Mr. Speaker, I want to pick up where I left off with some questions on the future of business-related support here in the Northwest Territories. I want to just pick up where I left off again. We talked a little bit earlier about SEED. The average SEED contribution, Mr. Speaker, is only $6,000. You wonder how can we expect much in the way of business and employment creation when the average is $6,000 and the majority of that SEED funding, Mr. Speaker, appears to be for community events and ongoing subsidies like tools and snow machines and things like that. So I want to ask the Minister what are we doing in thinking larger picture on real job creation and business start-ups here in the Northwest Territories. What support is there for that, Mr. Speaker? Thank you.
Thank you, Mr. Ramsay. The honourable Minister of Industry, Tourism and Investment, Mr. Bob McLeod.
Thank you, Mr. Speaker. We have a tool kit of programs that can be accessed for a number of different programs. Through our loans programs, we can make business loans up to $2 million and we do have some grants and contribution programs. On an ad hoc basis, we can go approach FMB to see if there is funding that falls outside the different programs that can be used to promote development. Thank you, Mr. Speaker.
The Minister talks about the departmental contributions. Like I said in my statement earlier today, just last year 15 of these clients received more than $100,000 in contribution financing. That’s two-thirds of the entire value of ITI’s contributions and not one of them, zero, was a private business. I would like to ask the Minister how do we get more funding in the hands of private business so we can create jobs and diversify our economy here in the Northwest Territories? Thank you.
I think it was two years ago when we went to establish the SEED program. We consulted with various committees and at that time, everyone agreed that we needed to get more funding into the level II communities and I think we’ve been very successful in doing that. The larger businesses can approach the banks or they can approach the BDIC for loans. Thank you, Mr Speaker.
That last question, that was about departmental contributions, it wasn’t about SEED, but I’ll take the answer for what it’s worth.
I want to talk about manufacturing and I talked about that as well being in serious decline. We’re losing value-added opportunities such as Fortune Minerals. We’ve got other opportunities on the horizon and I would like to ask the Minister why doesn’t the government of the Northwest Territories have an industrial development strategy. Thank you.
Perhaps if the federal government would devolve the responsibility for mining and oil and gas to the Government of the Northwest Territories, we would have an industrial strategy. Right now, all of the royalties go to the federal government. Thank you, Mr. Speaker.
Thank you, Mr. McLeod. Final supplementary, Mr. Ramsay.
Thank you, Mr. Speaker. That is an excuse, I guess, but we could use it as an excuse or we could use it as an opportunity. We have opportunities, Mr. Speaker, especially in the value-added side of things. I would like to ask the Minister again where is the department and the government when it comes to an industrial strategy so we can attract value-added opportunities here in the Northwest Territories to diversify our economy. Thank you, Mr. Speaker.
I guess in the fact that the federal government has responsibility for oil and gas and mining and they collect all the royalties, we have been able to get through the back door through the environmental assessment process to promote value-added. I am pleased that the Member is supportive of value-added, because in Yellowknife when we set up the secondary diamond industry, we put a lot of money into it and we had a lot of pushback on it. To this date, we are reviewing our Diamond Policy and it’s something that’s tentative out there. I think everybody here wants to see value added. To date that’s the best way we’ve found to take advantage of development and certainly it’s something that’s probably, until such time as devolution and resource revenue sharing occurs, one of the only ways where we can get benefit from development.
Thank you, Mr. McLeod. The honourable Member for Weledeh, Mr. Bromley.
