Just imagine how wealthy you could be if taxpayers could be forced to pony up most of your investment capital. The sky’s the limit when it comes to ventures with unpronounceable names.
The money is going to Lil’wat Business Group to help it build Tseqwtsúqum, a housing and commercial space planned for the Function Junction neighbourhood of the mountain town.
The federal agency agreed last year to put up to $100 million to support the program, which provides below-market rate loans to help Indigenous communities realize their development goals.
That buys a lot of pickups and big screens.
Five years from now:
Where’s the building?
Where’s the money?
100 mill? jeepers. teepees are expensive. anything else is cultural appropriation
“The federal agency agreed last year to put up to $100 million to support the program, which provides below-market rate loans to help Indigenous communities realize their development goals.”
That’s a weird way to say Subsidization of the loans on the backs of taxpayers.
They get the government of Canada to borrow $100 million at 3.25% for 10 years, and give it to this “bank”, who then lend it out to various companies at less than 2.75%, and as with many of these “investments” the government of Canada never gets paid back.