Norton Sound Economic Development Corp. is giving each of its 15-member communities a mid-year share of $133,333 to meet significant current needs.
The announcement May 15 from NSEDC board chairman Dan Harrelson of White Mountain came as a result of SIU Alaska Corp. issuing a $2 million dividend to NSEDC earlier in the week.
Siu is NSEDC’s wholly owned for-profit subsidiary, established in 2008 to manage and hold assets. NSEDC is one of six members of the Western Alaska Community Development Quota Program associated with federally managed fisheries in the Bering Sea and Aleutian Islands. Regulations implementing the CDQ program designate apportion of fishery quotas for exclusive use by eligible western Alaska villages. The CDUs have partnered with commercial fishing entities to harvest, process and sell their catch, to provide economic benefits to their communities. Since the program was established, NSEDC has shared $30.2 million through its community benefit shares with member communities.
Along with the mid-year share, the NSEDC board approved 18 community-level grants totaling $668,000 and two regional grants totaling $92,000. Earlier in May the NSEDC awarded its first Growing Our Own Teachers Discretionary Grant of $20,000 to Kawerak’s Head Start Program to fund studies for up to 10 Head Start teachers to earn a credential or degree in early childhood education.
The board also voted for a $10,000 increase in funds available to Norton Sound commercial fishermen through its revolving loan program, boosting the cap on a revolving loan from $25,000 to $35,000. That fund is designed to assist resident commercial fishermen in purchasing fishing equipment including vessels, vessel upgrades, fishing permits, motors and gear. The program requires a 10 percent down payment and seven-year payback.
