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the winnipeg sandbox » winnipeg sandbox.. » politics... » and this ladies and gentlemen is EXACTLY why most lenders wont deal with reserves anymore

and this ladies and gentlemen is EXACTLY why most lenders wont deal with reserves anymore

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Deank

Deank
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contributor eminence

grumpy old man

grumpy old man
administrator
administrator

Yup. Why this dude did what he did is beyond me. We have a hard and fast rule: X% up front on any project on a reserve. Usually 100%.

Deank

Deank
contributor eminence
contributor eminence

I wonder just how the reserve was "allowed" to use transfer money as a guarantee in the first place? But to then cry.. OMG... he cant have that money... we wont be able to pay for stuff for the people!!


But even worse... lets do some math on it.

3.7 million to build. 3900 people. Every single person would have to purchase enough gas to give $900 profit... not taking into account the interest on the loan

whats the profit on a litre of fuel? 20 cents at most? IF the operation is run properly? Thats a FRUCK load of fuel that needs to be purchased to pay that loan off. Considering an unemployment rate of 25% and kids under 16 make up 40% of the community.

Stonekiller

Stonekiller
contributor
contributor

And some wonder why a lot of Canadians are fed up with the first nation communities in this country. If I were this guy I would be spreading the word to not do business with these people.

Deank

Deank
contributor eminence
contributor eminence

I cant for the life of me imagine why he thought it was a good idea in the first place.

A pretty good development rule to follow is that if the banks refuse to loan someone money at a 10% interest rate, its probably not a good idea.

grumpy old man

grumpy old man
administrator
administrator

Stonekiller wrote:And some wonder why a lot of Canadians are fed up with the first nation communities in this country. If I were this guy I would be spreading the word to not do business with these people.

It is generally well known that one uses the utmost of care when extending credit to a reserve. The options to collect are extremely limited.

I suspect dude was blinded by dollar signs considering the interest rate he charged.

grumpy old man

grumpy old man
administrator
administrator

Deank wrote:I wonder just how the reserve was "allowed" to use transfer money as a guarantee in the first place? But to then cry..
Those are typically the source of funds when capital construction projects proceed. We insist on money up front. Dude was not very smart...

Deank

Deank
contributor eminence
contributor eminence

well sure..capital construction for schools, legitimate government buildings and the like

not for a money making venture though.

Freeman

Freeman
uber-contributor
uber-contributor

Interesting article in today's FP about the Birdtail band and how they manage to work within the system.

Deank

Deank
contributor eminence
contributor eminence

indeed.

unfortunately even though the "reserve" is doing great and they live in "southern" Manitoba near two other populated centres.... they still somehow have a 80% unemployment rate.


WTF is up with that?

grumpy old man

grumpy old man
administrator
administrator

That's the culture reserves tend to create Deank. Kudos to the Birdtail chief for his efforts to turn that reserve around. They have a ways to go but seem to be on the right path.

Outsider

Outsider
contributor plus
contributor plus

The part which I find facinating is the Russel Inn in Russel, Manitoba had to go all the way to the Phillipines to get workers.

http://www.winnipegfreepress.com/local/building-a-bridge-to-kids-overseas-147422835.html

Deank

Deank
contributor eminence
contributor eminence

awesome story.

But yes indeed, why do we need to have people immigrate here if we already have tons of workers?

grumpy old man

grumpy old man
administrator
administrator

Yes, nice story.

outsider, that same dynamic is played out all over Manitoba, including areas such as Thompson and The Pas which have huge aboriginal populations and high unemployment. Yet workers must be brought in from the Philippines to fill jobs.

Deank

Deank
contributor eminence
contributor eminence

When you are used to working for $133 per month with very little in the way of social services such as education and healtcare... coming to MB and making $1600 per month only working 40 hours per week AND YOU CAN MAKE MORE!!!.. is a freakin dream

People are usually willing to work very hard to achieve their dreams... some peoples dream are more then simply subsisting.

grumpy old man

grumpy old man
administrator
administrator

I am always impressed with the work ethic of immigrants. I work with several and they are a pleasure to work with.

I guess the work culture of immigrants comes form a don't work - starve philosophy. Our charitable handouts have turned into a lifestyle for many generations of people.

Workfare instead of welfare might begin changing that culture. On and off reserve.

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the winnipeg sandbox » winnipeg sandbox.. » politics... » and this ladies and gentlemen is EXACTLY why most lenders wont deal with reserves anymore

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