Metis loan corporation opens business

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Official opening ceremonies for the newly established Settlement Investment Corporation launched its commencement of business on Monday, October 27 in Edmonton.

The new corporation is funded by the Native Economic Development Program (NEDP) and is wholly owned by its parent company, Settlement Sooniyaw Corporation. Settlement Sooniyaw Corporation is responsible for the economic development and training for the eight Metis settlements in Alberta..

The objective of the corporation is to assist in developing and financing businesses on Metis settlements which will provide employment and community services to any one of the recognized Metis settlements: Paddle Prairie, Fishing Lake, Buffalo Lake (Caslan), Gift Lake, Kikino, Elizabeth, Peavine or East Prairie.

Eligibility for loans will be given to either a person residing in a settlement or a partnership or corporation in which at least 50% is owned by a person residing on a settlement.

Loans up to $100,000 per business are available and up to $10,000 for agricultural loans, with repayment terms being flexible and directly related to the ability of the business. Repayment terms will not usually exceed five years.

In August, Settlement Investment Corporation received its first payment of $1.575 million for the first phase of its contributions agreement. One of two small businesses to be financed by the new corporation is a laundromat on the Buffalo Lake Settlement (formerly Caslan). Owner of the new business is Joe Patenaude. Patenaude will employ one part-time worker in the laundromat. "I am very thankful for the Settlement Investment Corporation for making this possible," said Patenaude.

Lawrence Cunningham, chairman of the board for Settlement Investment Corporation says he sees this as a first move in the development of services to his people and "we can all recognize that we have to work together to make this a reality."

Population of the eight settlements in the province is approximately 4,500 and it is expected that the corporation will create more than 500 new jobs over a 10-year period.

In the past, Metis people have had difficulty in obtaining loans from major banks because on the settlement, the lands and the homes cannot be mortgaged. With the corporation they will now have the services of business development, loans and loan guarantees.

"This is an important step in the economic development process for the Metis settlements," said Muriel Stanley-Venne, general manager of Settlement Sooniyaw.

A proposal for the corporation was begun in 1984, "and it means a great deal for me for what we have accomplished so far, and it means even more for what we will now be able to accomplish in the future," said Walter Anderson. Anderson serves on Settlement Sooniyaw Corporation as secretary and is past president.

"Let's work together, let's make this program work for us. Some people have told us it will never work, let's make it work," said Anderson. "So, in the future, 10 or even 20 years down the road, the next generations will still be using this program."

Lawrence Cunningham, chairman of the board of Settlement Investment Corporation, said, "I see this as a first move in economic development for our people, and I think we can all recognize that we have to work together to make this a reality."

Deemed as an important initiative by MP for Edmonton-Strathcona, David Kilgour, he further stated, "this is a result of your determination, your patience and your skills. To see an opportunity and do something about it, you are showing everyone that you intend to be fully and equal participants in Canada's economic renewal," said Kilgour.

"This impressive project demonstrates the great commitment of Alberta Metis to achieve greater economic self-reliance," said Kilgour. "This stands as a testament of what dedicated people can do to work together for a common purpose."

Alberta Municipal Affairs Minister Neil Crawford said he was happy to be at the official openin ceremonies, the commencement of business for Settlement Investment Corporation, "to contemplate the future that this program which is in place now will have for Metis people and the corporation." He saw much hope in the new initiative and "I'm sure there are many prospects for investment and much good will be done."

The first two entrepreneurs to be financed by the new corporation were honoured with plaques for their news businesses. They were Joe Patenaude from Buffalo Lake Metis Settlement and Melvin Anderson of Gift Lake Metis Settlement. Both showed great pleasure in being present and thanked the corporation "for making this possible." Patenaude and Anderson, ironically, will operate laundromats in their respective settlements.

The closing remarks were made by the founder and the first president of the Federation of Metis Settlements, Richard Poitras. A brief history of the federation of the Metis settlements was given by Poitras and he mentioned some names of people who contributed a great deal of their time in forming the federation, including Adrian Hope.

Poitras sees the corporation as a result of "doing our homework. We'd like to see much co-operation from here on in with no stalled tactics," said Poitras. "After all, what we are doing today, we have to live with in the future and the future generations to come."

Poitras, on behalf of the Settlement Investment Corporation presented Alberta Transportation Minister Al "Boomer" Adair; Bernard Valcourt, Federal Minister of State for Small Business; Kilgour; and Crawford with plaques in appreciation of their contributions to the corporation.

Representatives from each of the settlements were in attendance.

For additional information contact: Settlement Investment Corporation, 2nd Floor, 11104 - 107 Avenue, Edmonton, T5H 0X8 or phone 426-5312.