News Archive
October 1, 2008Community Futures and 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...
September 17
SIDIT provides financial boost to Okanagan Business Incubator
The Southern Interior Development Initiative Trust (SIDIT) announces major contribution towards a new high-tech business incubator to be opened in Kelowna and operated by the Okanagan Research and Innovation Centre (ORIC). Read more...
September 17, 2008
SIDIT supports KABAS with $75,000 grant
In presenting the first installment 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 installments 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...
September 8, 2008
SOUTHERN INTERIOR DEVELOPMENT INITIATIVE TRUST (SIDIT) ANNOUNCES NEW CEO
Jim Thomson, Chairman of the Southern Interior Development Initiative Trust, (SIDIT), today announced that Ms. Luby Pow will take over as CEO of the organization as effective September 22, 2008. Read more...
September 5, 2008
SIDIT supports Christina Lake Ecological Centre for the Arts project with $150,000 grant
In making the announcement from the Community Futures Development Corporation offices in Grand Forks on September 5th, SIDIT Director Josh Smienk stated that “SIDIT’s objective is to help grow and diversify the economy of the Southern Interior of British Columbia through economic development initiatives in 10 key sectors. The Christina Lake project will make a significant contribution to the sustainability and diversity of the local economy.” Read more...
September 4, 2008
Community Futures (CF) and the Southern Interior Development Initiative Trust (SIDIT) partner in community business development.
SIDIT and 12 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...
May 27, 2008
Southern Interior Development Initiative Trust (SIDIT) provides $20,223 grant to Myra Canyon Tourism Promotion Project
Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), announced today SIDIT’s investment by way of a $20,223 grant to the Myra Canyon Tourism Promotion Projectto help fund information kiosks, signage and brochures. Read more...
May 26, 2008
Southern Interior Development Initiative Trust (SIDIT) provides $30,000 grant to Kettle Valley Railway Society
Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), announced today a $30,000 grant to the Kettle Valley Railway to assist in facility upgrades. Read more...
May 22, 2008
Southern Interior Development Initiative Trust (SIDIT) partners with credit unions for commercial loans
KAMLOOPS -- Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), announced today that the Trust has signed a historic agreement to work with credit unions operating throughout the southern interior of British Columbia, including the Thompson Okanagan and Columbia Kootenay regions. Read more...
March 28, 2008
Education Awards Programs - Students in Southern Interior to share $ 6.94 million
KAMLOOPS - Students from communities across the Southern Interior of B.C., entering a wide range of trades, technology and academic programs at four institutions will have access to $6.94 million in support over the next three years, as the result of the single largest donation for student awards in the history of Thompson Rivers University, Okanagan College, Selkirk College and College of the Rockies. Read more...
March 25, 2008
Southern Interior Development Initiative Trust (SIDIT) partners with Okanagan Innovation Fund Inc. (OIF) to invest in Southern Interior based RFind Systems Inc. and Waveteq Communications Inc. Read more...
February 13, 2008
Pilot Funding Program launched with Community Foundations
Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), is pleased to announce the launch of a new funding program with the Cranbrook & District, Central Okanagan and Phoenix (Grand Forks and area) Community Foundations.
Under these partnerships SIDIT funding by way of grants will be made to community based not-for-profit and charitable organizations undertaking initiatives that deliver economic development benefits to the Southern Interior. Issuance of proposal calls and administration of each $25,000 fund will be the responsibility of the Community Foundations.
This pilot project will be evaluated in early 2008 and, if successful, SIDIT intends to expand it to all Community Foundations within the Southern Interior later in the year. Read more...
February 13, 2008
SIDIT and Private Investment Fund reach Terms of Agreement:
Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), is pleased to announce an agreement with the Southern Interior Innovation Fund Inc. (SIIF) for up to $2 million to support economic development in the Southern Interior.
Stafford McKergow, Chairman of the Southern Interior Innovation Fund commented, “We are excited to be partnering with SIDIT. The $2 million commitment from SIDIT to our new Private Equity Fund will help SIIF with our goal of raising $10 million. With an expanded geographic reach to include the entire Southern Interior, this new fund will build on the success of the original Okanagan Innovation Fund by continuing to invest in, mentor, and help grow the most promising Southern Interior companies.” Read more...
Operations Update:
SIDIT began accepting Stage 1 Applications in early June and by mid July had received 8 applications representing $5.4 million of potential funding.
The Stage 1 Application review process seeks input from the Regional Advisory Committee before projects are referred to the Board for determination of funding eligibility. This process is anticipated to take 6-8 weeks after which the applicant will be notified of the Board’s decision.
Proponents of eligible projects will be invited to submit a Stage 2 Application which will ultimately determine the amount and type of funding to be committed by SIDIT.
Disbursement Allocation:
In setting a disbursement schedule of $7.5 million in each of its first four years of operations, SIDIT will seek funding opportunities that deliver long term measurable benefits and which will collectively return the majority of SIDIT funding back to the Trust in order to support future initiatives. Of the $7.5 million annual funding, 10% ($750,000) will be allocated to grants with the balance committed as loans or equity.
1st Annual General Meeting
Interested parties are invited to attend the Southern Interior Development Initiative Trust’s 1st Annual General Meeting to be held at
the Penticton Convention Centre, 273 Power Street, Penticton on May 10th, 4:00 - 5:00 PM. Read more...
Southern Interior Development Initiative Trust Strategic Plan Released
February 27, 2007
Southern Interior, B.C. – The Southern Interior Development Initiative Trust (SIDIT) today released its first, 3 year Strategic Plan which was developed at a strategic planning session held in January.
Jim Thomson, SIDIT Chairman, believes that completion of the 3 year Strategic Plan represents a critical milestone in the Trust’s evolution into a fully functioning funding agency. Read more...
