October 20, 2009
SIDIT completes its $2 million investment in the Southern Interior Innovation Fund as per its Agreement previously announced February 13, 2008.
Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), is pleased to announce that it has invested its full $2 million in the Southern Interior Innovation Fund (SIIF) to support economic development in the Southern Interior.
SIIF reached its milestone of raising at least $5 million fulfilling a requirement for SIDIT’s investment. As recently announced, SIIF now has $6.2 million in capital with $3.6 million invested by five Southern Interior based Credit Unions; Kootenay Savings & Credit Union, Nelson and District Credit Union, Interior Savings Credit Union, Salmon Arm Savings Credit Union, and Columbia Valley Credit Union.
“We are pleased to see local Credit Unions investing back into their communities and even more pleased that they have chosen to partner with us and SIIF”, explained Jim Thomson, Chair of SIDIT. “Our objective is to help grow and diversify the economy of the Southern Interior of British Columbia and we would encourage additional institutions that have the same objective to invest alongside us in the new fund.”
Stafford McKergow, Chairman of the Southern Interior Innovation Fund commented, “We are pleased to have exceeded $5 million in capital raised and now have the full amount of SIDIT’s commitment. We can now start the process of conducting due diligence on companies that require debt or equity financing throughout Southern Interior while we continue to work towards a second round of financing for the fund.”
SIDIT is a Public Trust created by the Province of British Columbia with a $50 million allocation to support economic development in the Southern Interior. Governed by a 13 member Board of Directors representing local government and the private sector, SIDIT is focused on supporting opportunities demonstrating measurable and sustainable economic benefits.
In existence for three years SIDIT has concentrated on developing the processes and strategic alliances necessary to truly make a difference in the economic well being of communities in the Southern Interior.
