Terrace Standard, Wednesday, March 4, 1992 — Page A7 USINESS REVIEW Small guys get boost Business centre thriving TERRACE —A federally- financed business loans organization here is slowly working toward becoming self sufficient, The business . development centre. of 16-37 Community Futures has generated close to $126,000 of its own from in- terest payments on loans, and from providing financial ser- vices over the last two years. Financing for the loans comes from a federal commitment to provide up to $1.55 million over five years, “Our goal is to get rid of the government — to keep making loans and selling services to enlarge our our investment fund,’’ says centre official Joe Whitney. As of Dec, 31, the centre had loaned about one-third of the federal commitment, making for an investment portfolio of $701,000 once its own money is added. Whitney estimates the centre will need to build up an invest- ment pool of $1.1 million to become self sufficient. It's also receiving a federal subsidy in excess of $150,000 a year to meet operating ex- penses. The centre is one of 210 in Canada and 27 in B.C. started by the federal government as a way of financing new or existing small businesses. It’s regarded as a lender of last resort and also acts to help businesses secure other govern- ment money programs and bank financing. But where other institutions rely on hard assets as collateral, business development centres look at the potential of a business, said Whitney, He does admit the centre operates at the riskier end of the loans industry but adds, ‘‘We look at need, at viability ~ are people being put to work.” The centre has been involved in 198 businesses over the past two years in its area covering Terrace, Kitimat, the Hazeltons, Moricetown and up to Stewart, the Nass and Telegraph Creek and Iskut. Its $701,000 in loans has been augmented by securing $5 million from financial institu- _ tions “and. other government organizations. The centre also acts as the clearing house for a federal pro- : gram which provides people with $240 a week for 52 weeks to start their own businesses. That self employment incen- tive program worth $112,000 made up 93 of the centre’s port- folio of 198 businesses. In its two years. of operation, Whitney says it has created or secured 383 full time jobs. and 139 part time ones. The centre has suffered two business losses — Terrace Taco and Star Stationery. OF its loans, less than three per cent are in arrears of more than:30 days. One of the business losses resulted in the centre losing money on its investment. “For a lender of last resort, the figures. are well within the guidelines put forward by any lending. institution,’’ said Whitney. In addition to lending money and selling some of its services, the centre puts together business plans al no charge, Handcrafted from 32% Full Lead Austrian Crystal APPROACHING SPRING means reviving heavy machinery that's sat idle over the winter. Frank Dvorak of Rudon Enter- prises spent a part of last week getting this Hydro-Ax in shape. It has a blade-like device on front that clears power line rights-of-way. (yUT AND ABOUT TERRACE —The parent com- pany of the Sandman hotel here is spending $750,000 to convert its Hearttand restaurant to a Denny” S operation. ‘Construction will start this _ summer and will be done by the fall, ' smpany spokesman Tom j- ‘Gagiard said last week, “etl have 125° seats and he open 24 hours a day, he said. --The- conversion is part of arge scale move by Sandman to place Denny’s operations in its hotels. Part of the construction work -will involve. putting a new facade on the front of the restaurant. , kkk kkk Local physician Dr.. Francis ‘Osei-Tutu is the guest speaker at a chamber of commerce evening - Meeting March 10. ‘.. His topic is the B.C. Medical Association’s views on the re- cent royal commission into health spending and related matters. This is a dinner meeting and takes place at the Inn of the West. Td “bodk; ~cahesthe achamber-officé at 6352063 2. kak ‘kh The Canada Mortgage and Housing Corporation wants to cut waste from construction sites. It says 16 per cent of garbage dunzps are taken up with debris from residential construction sites. ’ A. program started by. the federal crown corporation em- phasizes re-using what was once considered waste. - And it says better planning and design of buildings can cut down on material that is now thrown away. CHOOSE TO CRUISE TRAVEL TALK. Se ‘“LOTS TO DO IN PORT”’ Think of a cruise as a magic carpet, whisking you lo all the corners of the world. You'll discover that you can see as much of more by ship as you would on a land tour. in port you can go it ‘alone or join an organized tour. Taday’s shore excursions avold road-weary paths in lavour of active programs that stimulate the senses. : Here's a whirlwind sample of what you can see and do ashore: Inthe Caribbean, snorkel along an underwater nature trail off St. John ar learn to windsud Antigua’s challenging crystal ¢- ‘waves. Sample the latest perfumes at the French boutiques are St: Martin then stroll aver to Sint Maarten, tha Dutch half of the. * = “Island, for great buys In cameras. Hf your cruise takes you to Alaska, you can swoop aver the -magpilicent Mendanhall glacier in a small plana and step back in tima at Gold Rush cities ke Juneau with its froticking Red Dog Saloon. Or go fishing for salmon in a pristine mountain stream. "Hf your cruise follows the sun to Mexico, you'll be thrilled by ports like Acapuico with its breathtaking clit divers and fun- fillad dining serenaded by strolling mariachls. On the Gulf coast you can brave the jungles of the Yucatan to explore spectacular Mayan ruins. A Mediterranean cruise might give you the chance to spin the wheel of fortune at Monte Carlo or revel with the jetselters an. the chic isle of Capri, Hop a gondala in Venice. Wander the ex-. Clic markets of istanbul. Ancient Athens is a wealth of living ; history, where you can study the classic lines of the Parthenon before heading for a taverna. _ Sydney's famed Qpara House, glide in a catamaran over the -Great Barrier Reet or explore the Gutback. Canoe down a tiverin “L: the wilds of Fiji or coast down the slopes of Maut's Haleakala -— volcano on a bicycle. Feeling breathlass? 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