Volume 1, Issue 3: October 24, 2008
Southern Interior Development Initiative Trust (SIDIT) Announces new CEO
Jim Thomson, Chairman of the Southern Interior Development Initiative Trust, (SIDIT), announced Mrs. Luby Pow as SIDIT’s new CEO effective September 22, 2008.
Mrs. Pow, a resident of Vernon, previously Chief Credit Officer with VantageOne Credit Union, has over 32 years experience as a banking and Business Development professional. In her capacity as Chief Credit officer of VantageOne Credit Union Luby was accountable for managing the risk of a diversified portfolio of $225 Million. Since joining Vantage one in 1994 Mrs. Pow developed and implemented commercial lending processes, trained administrative staff and developed products and services growing the Commercial Loan, mortgage and Leasing Portfolio from $0 to $85 million. Read more
Recent Project Announcements
Christina Lake Ecological Centre for the Arts - $150,000 Grant announced September 2008. Read more
Venture Kamloops Business Development Society - $15,000 Grant awarded September 2008.
SIDIT provides financial boost to Okanagan Business Incubator
The Southern Interior Development Initiative Trust (SIDIT) announces major contribution September 2008 towards a new high-tech business incubator to be opened in Kelowna and operated by the Okanagan Research and Innovation Centre (ORIC).
ORIC's mission is to seek out promising start-up companies, and support them as grow into successful businesses providing high-paying jobs, and helping create a stronger economy for the Okanagan region. Read more
In the photo above: Attending (from left to right) Jason Richards President Vineyard Networks, Gary Symons, President and CEO of VeriCorder Technologies Inc., SIDIT Director, Mayor Sharon Shepherd and ORIC President, Peter Haubrich
SIDIT supports Kootenay Aboriginal Business Advocates Society (KABAS) with $75,000 grant
In presenting the first instalment to KABAS Manager, Patti Phillips in Cranbrook on September 15, SIDIT Director Cindy Popescul stated that “SIDIT is pleased to support KABAS with a $75,000 grant which will be paid in three annual instalments of $25,000. SIDIT’s decision to fund KABAS was based on our view that KABAS has demonstrated the ability to diversify the regional economy and its assistance of Aboriginal business supports sustainable economic development.” Read more
In the photo above: Cheque presented to Patti K. Phillips, Manager, Kootenay Aboriginal Business Advocates Society (left) by SIDIT Director Cindy Popescul.
Community Futures (CF) and the Southern Interior Development Initiative Trust (SIDIT) partner in community business development.
SIDIT and 13 CFs operating in the Southern Interior of British Columbia have signed an agreement to provide small business loans that will help strengthen the economy in the Southern Interior of British Columbia. Loan amounts will range up to $1 million. Read more
Education Awards
Payments of $196,000 to College of the Rockies, $316,000 to Okanagan College, $196,000 to Selkirk College and $250,000 to Thompson Rivers University have been made under the Education Awards Program announced in March 2008.
Under this program SIDIT committed $5.4 million over 3 years to support trades, technology, innovation and entrepreneurship awards delivered through Thompson Rivers University, Okanagan College, Selkirk College and College of the Rockies as well as BC Innovation Council. Read more
Funding Approvals
To date, SIDIT has approved $1.2 million grants for projects valued at $8.1 million, $5.4 million Education Awards (3 year commitment) and $4.7 million Business Development Partnerships, loans or Equity Investments for projects valued over $18 million.
