Aboriginal Entrepreneurs in Labrador to Benefit from Federal Contribution to Ulnooweg Development Group

HAPPY VALLEY-GOOSE BAY, NL, July 18 – Aboriginal entrepreneurs in Labrador can now access Indian and Northern Affairs Canada’s (INAC) Aboriginal Business Canada (ABC) program through a new delivery arrangement with Ulnooweg Development Group. “Ulnooweg has made an enormous contribution to Aboriginal businesses throughout the region, including as a delivery partner for the ABC program in New Brunswick,” said the Honourable Jim Prentice, Minister of Indian Affairs and Northern Development and Federal Interlocutor for Métis and Non-Status Indians. “The organization is well positioned to assume this responsibility in Labrador and continue to build on its success in promoting opportunities for Aboriginal people.”

“We’re very excited to develop closer ties with our brothers and sisters, the Innu, Inuit and Métis in Labrador,” said Chief Terry Paul, Chairman of the Board of Ulnooweg Development Group. “As an added benefit, this arrangement provides ABC clients throughout Labrador with convenient access to other Ulnooweg services, including lending and business services. While our efforts increase to strengthen our economy, we must also strengthen our relationships with all stakeholders involved in servicing the Aboriginal communities.”

Situated at 2 Hillcrest Road in Happy Valley-Goose Bay, the new office is co-located with the offices of Atlantic Canada Opportunities Agency and the provincial Department of Innovation, Trade and Rural Development. This location will provide clients with convenient access to a range of business and financial services.

Minister Prentice announced a contribution of $140,600 to Ulnooweg Development Group to deliver ABC programming in Labrador until March 31, 2008. He also acknowledged the work of the Labrador Native Friendship Centre in delivering the ABC program to Labrador clients from 1999 to March 2007.

INAC’s ABC program provides financial assistance and business information to majority-owned status and non-status Indian, Métis and Inuit enterprises, whether on or off-reserve, in urban, rural or remote areas.

The program supports clients across Canada, as well as Aboriginal financial institutions and development corporations. The program’s reach is extended through a network of Aboriginal-owned and controlled business organizations that deliver financial assistance and services in partnership with ABC.

For more information, visit www.ainc-inac.gc.ca/eac-abc or call 1 800 O Canada (1 800 622-6232).

Established in 1985, Ulnooweg Development Group is the only Aboriginal Capital Corporation in the Atlantic region.
Backgrounder attached.

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Aboriginal Capital Corporations

Aboriginal Capital Corporations (ACCs) are loan corporations, owned and operated by Aboriginal people. As part of a network of 58 Aboriginal Financial Institutions, the corporations play a key role in providing commercial financing and business services to Aboriginal firms.

There are 30 active Aboriginal capital corporations in Canada. These organizations focus on providing developmental loans, such as loans to enterprises that may not yet be ready to secure business loans from banks.

Some ACCs also provide business services, and have diversified their operations in order to house external delivery programming for government departments and private sector organizations.

The Government of Canada has contributed to the creation and support of these corporations since they originated in the mid-1980’s.

As of March 31, 2006, this network loaned out over $680 million to Aboriginal businesses across Canada. They currently lend $40 to $50 million annually to approximately 1,300 businesses. INAC continues to work with these organizations to improve access to loan capital for Aboriginal firms.

For further information: Minister’s Office: Deirdra McCracken, Press Secretary, Office of the Honourable Jim Prentice, (819) 997-0002; Ulnooweg Development Group: Christopher Googoo, General Manager, 1-888-766-2376; Media Relations, Indian and Northern Affairs Canada, (819) 953-1160; This release is also available on the Internet at www.inac.gc.ca