The new fund, created by the BBNC, will invest only in ventures that benefit the Bristol Bay region.
The Bristol Bay Development Fund, a fund created by the Bristol Bay Native Corporation in October 2014, has announced its first investment.
The Bristol Bay Development Fund was set up with a mandate to invest specifically for the benefit of the Bristol Bay region.
This week BBDF announced it's first investment in ADESCO LLC, a marine transportation and general contracting business owned by Randy Zimin of South Naknek. Cameron Poindexter, BBDF’s Manager, explained why BBDF decided to invest in Zimin's company.
“Randy himself is a real go-getter, somebody that is wanting to grow his business to a large level. So we were excited that he had that type of motivation. Additionally, he is a BBNC shareholder, and provides employment to local people.”
BBDF’s investment has allowed Zimin’s company to bring on more staff and purchase a new vessel.
Poindexter says this kind of investment is part of BBNC’s plan, announced 3 years ago to invest 10% of its assets, roughly 30 million dollars, in ventures within the Bristol Bay region.
“We believe that BBDF is a new idea among AK native corporations. We believe that we’re the first to invest in our region in this manner. So we believe that we’re a leader in this area and if we’re successful we feel that other native regional corporations will follow. And will contribute to growth in rural business activity.”
BBDF is willing to invest between 20,000 and 500,000 dollars in any one business, and can partner with other investors, like banks, for larger sums. Poindexter says they are always look for entrepreneurs to support.
“If anybody has a business idea, or is interested in starting a business or growing their current business, they can always give me a call.”
Interested entrepreneurs can contact Cameron Poindexter directly. He says BBDF already has a few other deals pending.
For more information, contact Hannah Colton at hannah@kdlg.org.