Released on June 2, 2005
Saskatchewan's Northern Development Fund has marked its tenth anniversary. Since 1995 until the end of the 2004-2005 fiscal year, the Fund has provided almost $16 million in loans and $5.7 million in grants, assisting northern residents to more fully participate in the northern economy."The Northern Development Fund has supported the development and expansion of a broad range of commercial enterprises located in the Northern Administration District," Northern Affairs Minister Buckley Belanger said. "It has also assisted hundreds of northerners to continue traditional economic activities such as commercial fishing and trapping and providing short-term loans for equipment and supplies."
One of the original objectives of the Northern Development Fund was to help northerners take advantage of business opportunities associated with northern mining.
"The Fund has been successfully used by many companies, from catering to trucking, that service northern mine sites," Belanger said. "It has meant the creation of jobs in northern communities with northern residents providing goods and services that otherwise would have been supplied from elsewhere."
In addition to transportation and other enterprises related to mining, forestry has been the economic sector most directly supported by the Fund. Loans for northern-owned companies involved in forestry operations have totalled $5 million.
The Northern Development Fund also includes a grant program. $2.5 million has been provided to cost-share marketing, research and development, and business skill development initiatives undertaken by northern entrepreneurs, companies and co-operatives. A further $3.2 million has assisted regional economic development organizations to provide business advice, promotion and investment attraction services in the North.
In an area of the province with relatively few commercial banking services, the Fund provides an alternative source for northern residents who might not be able to obtain financing elsewhere. To qualify, individual applicants must have been resident in the Northern Administration District for at least ten years. The Northern Development Fund is administered by Saskatchewan Northern Affairs.
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For More Information, Contact:
| Gerald DesRoches Northern Affairs La Ronge Phone: (306)425-4275 | Brian Cousins Northern Affairs Regina Phone: (306)787-5061 |