“Put simply, the situation was that there were viable business ideas being put forward by Inuit entrepreneurs; however, they did not necessarily meet banking criteria such as the required equity or financial ratios,” says Rod Hick, President and CEO of Atuqtuarvik. “As well, the cycle of seasons (extreme weather) and the time and cost of the proposed business ideas became barriers to getting commercial bank loans. To solve this dilemma, money from the Nunavut Lands Claims Agreement (Nunavut Agreement) was used to capitalize a new corporation that could provide the financing needed for business start-ups, expansions and acquisitions. With $70 million capital, the vision was that Atuqtuarvik would operate just like a bank in providing loans and equity investments to Inuit businesses—except that it would accept greater risks. To help mitigate these risks, a cornerstone of Atuqtuarvik’s credit process was to provide exceptional customer service by developing close working relationships with clients and offer ongoing advice to help them meet the challenges they faced. For instance, during the pandemic, Atuqtuarvik worked directly with clients to assist them in navigating cashflow issues and other problems. As a result, none of Atuqtuarvik’s clients’ businesses failed despite the difficulties they encountered. Board and Staff Group Picture – 2023 34 APR 2023 | BUSINESS ELITE CANADA
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