22 Daily Herald-Tribune • Tuesday, March 8, 2011 22 Grande GrandePrairie Prairie Daily Herald-Tribune • Tuesday, March 8, 2011
AIIC having an impact helping Aborginals make financial decisions QMI Agency
Formed in 1987, the Alberta Indian Investment Corporation (A IIC) is owned by all First Nations in the province of Alberta. Throughout its history AIIC has provided First Nation-owned businesses an unparalleled source of loan and equity financing and has been instrumental in entrepreneurial development activities throughout the province, within the First Nation’s economic development sector. It is in the area of business finance that AIIC is a industry leader. Its innovative approach to providing financing for on and off reserve business have assisted many individuals in their efforts to become successful business people in the working world. AIIC provides interest-bearing loans to First Nation entrepreneurs for the purpose of starting, purchasing or expanding a business. In some cases, equity financing may also be available. Interest rates are competitive. Applicants for financial assistance must:
• Have a business plan which shows that their business will be profitable; • Contribute their own equity as a portion of the total financing of the business; • Have adequate collateral security; • Have acceptable credit rating. To be eligible for AIIC services, applicants must meet the following criteria: • Must be a Status Indian who has resided in Alberta for at least one year; • If a corporation or partnership, the Status Indian must own at least 51% of any shares, participate more that 51% in profits, and above all, must be active in managing the business; • The applicant’s head office must be in Alberta and the majority of business activities take place in Alberta. AIIC’s business services are primarily focused on counselling and mentoring clients at all stages of business development; whether it be at the pre-business planning stage, business start up phase, or the operational stage of business.
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In all stages, an attempt is made to have the client participate in the cost of the business services. In addition AIIC business services is also involved in organizing business workshops throughout the province on topics such as business planning, growing the business, and basic accounting. Furthermore, AIIC is very interested in developing initiatives for First Nation youth that will create an awareness of entrepreneurship as an option in career planning.
AIIC Scholarships S e n a t o r Ja m e s G l a d s t o n e Memorial Scholarship to two First Nations persons whom are post secondary students enrolled fulltime in a college or university program of Business, Finance or Economics. Sam Bull Memorial Scholarship to a First Nations person whom are post secondary students enrolled full-time in a university program of Law & Political Science. Visit our website www.aiicbusiness.org for more information.
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The oil and gas industry in Northern Alberta is looking up after a few slow years.
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