Gov't allocates monies to improve economic development

The non-profit organization, Prince George Aboriginal Business Development Association received $750,000 in Government funding.
The Association will receive $250,000 each year for three years.
The funding includes $412,500 from the Federal Government and $337,500 from the B.C. Provincial Government.
President of the Association, Roy Gerow, said that it is nice to receive funding over three years because it saves a lot of time in writing the proposals and going through the application process which is very time consuming and it allows the staff more time to focus on economic development in their community.
"I spend half of my time applying for funding," Roy said. For the next three years he can dedicate his time to the other demands of his position as president.
Gerow is also pleased that the funding has allowed them to secure staffing costs for the non-profits small payroll and they can harbor their successes over the next three years without having to worry about "where the next buck is coming from, " said Roy.
It is also the first time in the Associations 11 year history that they have received funding voluntarily from the governments.
This funding is a great indication of the success of the group and that it is becoming more apparent that associations like this are needed in communities.
The money will be used for their core operations that include conducting workshops, mentoring for potential, new and existing business owners and helping entrepreneurs to obtain capital for their ventures.
The Association operates the Aboriginal Business Development Centre that provides entrepreneurs with business advisory services. This includes business plan writing, cash-flow forecasts, pro-forma financial statements and also helping to find financing.
The Association began 11 years ago with a group of Aboriginal Leaders that recognized the need for a support system for First Nation entrepreneurs in the area. The Association is targeted at the large population of First Nations in Prince George and the 14 or so reservations in the North Central region of B.C.
Roy said that the First Nation community of Prince George has always been very forward thinking and is progressively securing economic development in the surrounding rural areas.
Prince George is also home to the Nechako Aboriginal Employment & Training Association (PGNAETA) and many initiatives through the Prince George Friendship Center that are targeted at the areas First Nations youth.
The Prince George Chamber of Commerce is having their 23rd Business Excellence Awards in September and there will be a ceremony to recognize the companies, organizations and/or individuals for outstanding business achievement. The nomination deadline for the awards is August 20, 2008.
Roy said that between five and 10 per cent of their client's startup a business. Most of the economic development in the North Central region of B.C. is based in rural areas and creating new businesses and training people how to be business owners creates sustainability in these areas.
Roy also stated that they do not provide financial lending but they are able to help their clients to obtain capital from lending institutions by teaching them the importance of careful financial planning and record keeping and through strong proposal writing.
And while the goal of the Association is to create economic opportunity and to encourage and support entrepreneurs, the support system that they uphold is not just trying to push entrepreneurship on people.
"It's more then just thinking out business plan," said Roy." "We are trying to help people make sure they are making the right choice for themselves and for their families and their community."
The know how of starting a business is not the only thing required to successfully start one up and the association really wants to ensure that they are setting people up for succes.
"We want to continue doing what we are doing and doing it well," said Roy.