The problem was access. For businesses and entrepreneurs in Nunavut, access to economic tools and banking infrastructure was a barrier to entry. Access to ATM machines, bank branches, and credit systems are imperative to participate in Canada’s economy, all things that for many years were unavailable to Nunavut residents. This is where Atuqtuarvik Corporation (Atuqtuarvik) steps in. Seeing that there was a need to support Nunavut businesses, Atuqtuarvik was established by Inuit leaders in 2000 to provide vital financing to Inuit businesses so that they could be involved in the mainstream Canadian economy to the same extent as other businesses. The new accessibility to commercial financing would enable Inuit businesses to play a direct role in economic development throughout the territory and in communities by providing their services and products. Another important aspect of Atuqtuarvik’s mandate from the outset was improving social conditions. Through the financing of Inuit businesses, jobs would be created for local community members, which would build capacity and help communities to become more self-sufficient. 33 APR 2023 | BUSINESS ELITE CANADA
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