The Terrace Standard, Wednesday, October 16, 1996 - Ag BUSINESS REVIEW Out & About Construction to crack record ANOTHER $2.7 million worth of building permits were issued by the Cily of Terrace in September. That brings the year’s construction value ta date up to $24.2 million — on the verge of surpassing the $24.8 million worth of — construction carried out in all of 1995. Single family house: construction was the single largest area of devel- opment in September, with seven new homes: started worth a total $1.17 million, New commercial development added $680,000 while commercial additions and renovations were worth another $640,000. The current pace of development is 12 per cent ahead of last year — which was the strongest year on record — and construction is now expected to crack the 95 number by a few million by year’s end. Commerce up ANOTHER indicator of local eco- nomic health is the number of city business licences. That number has steadily in- creased in the last several years and how stands at 1,278 licences. . Sixteen new businesses took out licences here in September, a sub- slantial number of which are build- ing contractors, subcontractors or mushroom buyers. That’s about an average number for a month, says building inspector Paul Gipps. “Every month there’s another 15 or 20 new ones,’’ he says. ‘‘Il’s steady,’’ Among the new businesses: Good- night Moon Family Daycare at 4635 Soucie Ave., Island Dental Lab on - Lazelle Ave., Nyce Lady Dress and Bridal Shop, Strictly Flagging” professional flag services, and Thunderbolt Computers home-based business, and Marsha Bimm Profes- sional Temp Service, Barley business THE PRINCE RUPERT port is the shipping point for barley heading toward a brewery in Brazil. Brahma of Brazil received a 10,000 tonne shipment of barley and was salisficd enough to order anoth- er’ 22,000 tonnes. The barley originated with Continental Grain. Port officials anticipate more of this kind of specialty shipping effort will continue, Newcomer raids bank business Competition spurs growth for credit unions THE UPSTART Northern Savings Credit Union appears to have raided the business of the banks — and not the city’s original credit union. A year afler beginning operations in Terrace, Northern Savings Credit Union has cracked the 1,000 member milestone. The Prince Rupert-based credit union broke even on the operating ex- peases for the Terrace branch in Av- Bust — just five months after opening the plush new Lazelle Ave. outlet April 13th. The staggering success of the branch has forced it to draw up a new busi- ness plan, says branch manager Ken Earl, who came to Northern Savings from the Royal Bank. “We estimated it would be three years before we broke even,”’ Earl ex- plained. The credit union has averaged more than 100 new accounts in Terrace 4 month since opening the outlet. “We've gota chart on the wall in the back room and we keep adding numbers to it,’ says Earl. ‘It just keeps skyracketing,”’ Northern Savings began life here last October in an upstairs office on Lakelse doling out mainly business loans and residentiat mortgages. Earl said that gave them a solid grounding in the business conumunity, but memberships didn't take off until the permanent location was opened in the spring, The new credit union has amassed $19 million in assets, Earl says the branch’s unique fea- tures — the only coin counting ma- chine in town, the only drive-through aviomated teller machine, and the longest hours in town —- have also at- tracted members, “We're probably riding on the coat- tails of a very strong economy in Ter- race,” he added. Earl said they've had significant “business” from Terrace-area forestry contractors — in particular in the sil- viculture and consulting areas — and from retail merchants. Northern Savings is already becom- ing a leading provider of retail point- of-sale terminals that allow consumers to pay for purchases with debit cards. They’re providing the machines to nearly 30 local merchants so far. It was also a good time to start a new credit union given the mounting cynicism of consumers toward banks, ““We just lucked out — it was just the way the fortunes go,”’ Earl said. Asa former bank employee, he feels much of the criticism of banks today is unjustified, but says he’s happy to be involved in an alternative, closer- to-home financial institution, NORTHERN SAVINGS has al- ready amassed $19 million in as- sets in Terrace, That’s teller Kam Siemens at the counter, “We've fed off of it,” Earl ad- mitted. “I think we can still improve in a lot of areas but we know where we're going and we're providing a more community-based organiza- tien.” Most of the dozen employees are long-time Terrace residents and Earl says there are plans afoot to get some Terace representatives appointed to Northern Savings’ board of directors, "We've submitted some names and we're looking at them,’' he said of possible Terrace directors. Both doing well Northem Savings’ success does not appear to have come at the expense of the original Terrace and District Credit Union. Manager Dennis Brewer estimates membership has grown five per cent so far this year, and says the strong growth of last year — a 30 per cent increase in loans and 20 per cent in- crease in deposits — is continuing. Terrace and District Credit Union new has close to $40 million in assets and around 5,000 members. *T’ve just hired five more people,” Brewer said Friday. ‘We're just swamped here.”’ Brewer said the outlet has added more tellers, undergone extensive renovations and carried out aggressive advertising this year, lt looked like direct competition for Terrace and District when Northern Savings opened its doors just down the sirect. But both appear to have distinct markets, and Brewer says more people seem to be choosing local alternatives to national financial in- stitutions. BUSINESS TO BUSINESS Directory of Services _ * email “web pages Ph.: 635-3444 Fax: 635-9727 www. "kermode. net * internet access * training Terrace's only locally owned full service internet provider. 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