NWT Metis Dene Development Fund

The NWT Metis Dene Development Fund Ltd. (MDDF) is an Aboriginal Capital Corporation that has been providing financial services in the Northwest Territories since 1991. During this time, MDDF has established a reliable reputation for serving Metis and Dene small and medium-sized enterprises in the NWT, with above average performance as measured against other Aboriginal Capital Corporations across the country. The MDDF's current portfolio is $3.25 million, and due to its success, the loan fund is fully loaned out at a time when the regional economy is healthy and there is increasing demand for developmental capital. The NWT Metis Development Corporation and the Denendeh Development Corporation each hold 50% of MDDF's shares. The NWT Metis Development Corporation is a widely held private corporation with shareholding restricted to Metis individuals. The shares of Denendeh Development Corporation are held by the 27 First Nations of the NWT. These shares are held in trust and voted by the Tribal Councils to which each First Nation belongs. The original mandate of MDDF was to provide financial and related advisory services to Aboriginal businesses on an ongoing basis. The NWT Metis Dene Development Fund is expanding its client base to include all small and medium-sized enterprises in the territory, and to develop its portfolio to a point where it can achieve financial sustainability. The loan fund will be delivered and administered as a subset of NWT Metis Dene Development Fund's existing loan portfolio (currently serving the Metis and Dene populations of NWT) according to established policies and procedures. A panel will be established to review all approved and declined applications to ensure that the fund is accessible to all clients. The committee will consist of three people, including a designated Aboriginal member of the organizations' Board of Directors, its General Manager, and an independent appointee chosen by the Yellowknife Chamber of Commerce. The Review Committee will respond to any questions which may arise with respect to access, and will provide oversight and guidance on marketing and other issues. The Strategic Investment in Northern Economic Development (SINED) focuses on strengthening the NWT's economic foundations and the driving sectors of the economy. Enhancing the developmental lending capital gap has been identified as a strategic investment area under the Targeted Investment Program (TIP).