Western Arctic Business Development Corporation

WABDC functions through three types of activities. These are as follows: 1. Strategic Planning Activity This activity involves developing a strategic plan for addressing the region’s labour market problems. The plan identifies the causes of the region’s potential for change and recovery, and identifies the immediate and long term employment adjustment needs for the region. The strategic plan is designed to work with other organizations on regional-based development strategies, develop initiatives that build a platform for supporting employment and designing and supporting issues that will result in direct employment and income growth, stabilization, diversification, or downward adjustment, depending upon local circumstances. 2. Small Business Counselling and Advisory Services This activity includes fostering the establishment, expansion and stabilization of small business in the region by a. providing entrepreneurial, commercial, financial, marketing and other business advice and counselling to small businesses, prospective entrepreneurs and persons seeking to establish new businesses; and b. referring clients, where appropriate, to other agencies or programs that provide assistance to small business. 3. Investment Fund Activity This activity includes providing financial assistance in the form of Loans, Loan Guarantee(s), Letter(s) of Credit and Lines of Credit to small businesses in the region by assisting in the creation or maintenance of long-term employment in the region. It is recognized that in the near term, the operation of WABDC will be mainly supported by public funds. Further, the success of WABDC will require it to be both a visible and credible member of the economic community of the Western Arctic region. For these reasons it is essential that WABDC be operated on sound management principles, as follows: a. Regular results-oriented planning for the organization will be undertaken. These activities will direct efforts to ensure that long-term goals and objectives are addressed. b. Physical, human, and financial resources will be effectively organized to ensure maximum efficiency of use. c. Selective mechanisms will be introduced to control resources as a protection from loss, misallocation, or misuse. d. Good human resource management principles will be followed so as to encourage maximum motivation and productivity of staff.