Business loans accessible

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Management consult Matt Vickers has dissolved his firm in order to form a partnership with his artist brother, Roy Henry Vickers.

To finance the new venture, called Eagle Dancer Enterprises, the two borrowed money through the Bank of Montreal under the previously inaccessible Small Business Loans Act.

"The legislation reads that every Canadian citizen shall be able to participate in this program, except for Indians living on reserves," said Ron Jamieson, vice president of Aboriginal Banking for the Bank of Montreal.

Ten months ago, the bank started negotiations with Industry Canada to get around the act, which has been in place since 1961. Finally, the federal government agreed to loan Indians money for equipment, but not for real estate.

The equipment is the collateral, Jamieson explained.

The Vickers brothers have restructured Eagle Dancer Enterprises, an Aboriginal art and publishing company which has consistently grossed more than $1 million in sales annually through the Eagle Aerie Gallery in Tofino, B.C.

The two consolidated their debts, using Roy Henry's art as collateral.

"To the best of my knowledge, this is the first time any lending institution has used fine art as collateral," said Matt Vickers.

The brothers recently opened Eagle's Moon Gallery in Victoria, their second gallery on Vancouver Island. Expansion plans include galleries in Vancouver, Toronto, Seattle and Los Angeles.