Business Development

The purpose of Community Economic Development Opportunity (CEDO) funding is to: increase regional competencies and help communities and local businesses identify and take advantage of existing and potential economic development activities in their regions; encourage groups to work together for their mutual benefit; and create the necessary conditions and environment in the community so it can seize and sustain socioeconomic opportunities.

At the annual community Economic Development Officers (EDO) workshop sponsored by INAC, participants share information and experiences, learn about other funding providers, program availability and requirements, and discuss changes to, and the direction of, federal economic development programs. The exchange of ideas, formation of partnerships and willingness to maximize resources has enabled communities to capitalize on economic development opportunities that produce multiple benefits.

Rick Phaneuf, General Manager of the Sambaa K'e Development Corporation in Trout Lake explains that Trout Lake used its CEDO funding, and monies from other sources, to make improvements to the guest house in Trout Lake. “With better accommodation, official representatives are staying overnight and we are attracting more tourists. Revenue from tourism so far this year exceeds the total amount for the whole of last year and we are only half-way through the year,” says Rick.

The Inuvialuit CEDO, which includes the communities of Sachs Harbour, Ulukhaktok (Holman), Paulatuk, Aklavik, Inuvik and Tuktoyaktuk, uses CEDO funding to support community driven enterprises such as a muskox harvest on Banks Island. Funds are used to hire a project manager and, using a hands-on approach and ongoing mentoring, develop community management capacity to eventually run all aspects of the project.

“The muskox harvest is a $1 million business that generates jobs and business opportunities throughout the high Arctic,” says Murray Arsenault, Manager, Inuvialuit CEDO. “This economic development project will benefit the Inuvialuit in the region for generations.”

 By working together and leveraging funds and resources, Aboriginal organizations are able to undertake larger scale projects and experience a greater return on their investment.