Corporation ‘finding its feet’
The Canterbury Development Corporation is gradually finding its feet as an information centre for those seeking to establish businesses in the region, the organisation’s annual report shows. Management fees more than trebled from $31,181 to $102,337 in the year to June 30, compared with the previous corresponding period. The big rise in fees helped the corporation increase its net surplus of the year 46.7 per cent to $134,896. The corporation was started three years ago
with the help of a $500,000 grant from the Christchurch City Council, and additional money from other firms, bringing the total to almost $600,000. The corporation’s chairman, Sir James Stewart, said yesterday it would be unlikely that the organisation would have to return to such firms for further funds.
The corporation is now considered to be commercially viable with fee income covering running costs. The organisation now has the small business advisory services of the City Council and the Development Finance Corporation in Christchurch. It handled 212 projects in the final six months of its year.
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Press, 7 October 1987, Page 2
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175Corporation ‘finding its feet’ Press, 7 October 1987, Page 2
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