Province Reducing Northern Lending Activity

Province Reducing Northern Lending Activity

Thursday, March 19, 2009 at 14:47

The Northern Development Fund was cut by 58 per cent in yesterday’s provincial budget.

Northern Development Fund Loan Loss provisions were also chopped by 25 per cent.

That’s because northerners weren’t applying for funds, according to First Nations and Metis Relations Minister June Draude.

She says that doesn’t mean the government won’t be lending out money to northerners.

She says it just means the funds that are provided will be available for traditional land users, but not entrepreneurs.

Draude notes one area of the loan program didn’t have any loan applications last year.

Funds for policy co-ordination and support for Aboriginal organizations were also reduced.