Bethel Native Corp. Reinvesting in Shareholders for Hope-Filled Future.

• Author: KANE, ROGER

According to Bethel Native Corp. President and Chief Executive Officer Marc D. Stemp, there is but one thing shareholders need to keep in mind when considering the corporation's future: Hope.

"Here is an area (Bethel)--the poorest region in the state--and we are succeeding. There are no minerals, there is no timber and the fishing is horrible, yet we have been able to be creative and find some solutions," he said.

Topping the list of BNC's successes in recent years is its computer software design company, McLean Research Corp.

BNC started the information-technology company in 1998 and expanded operations last year to include a branch office in Pembroke, N.C.

"That company was formed to pursue high-tech computer systems design and integration, essentially for the U.S. Department of Defense. And we really took off. We went from $1.2 million in sales (1998) to $7.4 million (1999)," Stemp said. "Surprisingly, in May we received an offer to sell and we took it."

The company will be sold to Chenega Corp., a village corporation in the Chugach Native Corp. region. The sale is pending approval by the Small Business Administration.

The sale price has not been disclosed, but Stemp said the sale will be profitable for BNC.

"We are selling MRC, taking a portion of that gain and investing it back into Bethel. Hopefully we will be able to pay a dividend--a one-time, special dividend," Stemp said.

Reinvestment Pays Dividends

Committed to growth, Bethel Native Corp. is always looking to reinvest in itself and in Bethel, and the corporation is now considering building a hotel in Bethel.

"We've always felt that when the time was right, a hotel would be a good idea. And the time is coming," said Board Chairman Michael Shantz. "It would be a plus for the community and there will be employment opportunities for the shareholders. It's a win-win for everybody, but it must be well thought out and carefully put together."

He said the project will be developed so it's not a burden to the corporation, but the specific details of the plan still need to be worked out.

"Our goal is to give our shareholders profitable operations. We cannot give everybody a job, but we can certainly give them profitable operations and pay them a dividend," Stemp said. "We have paid dividends since 1987 on a consistent basis."

Stemp said BNC also has been improving the quality of life for its shareholders by providing better housing, renewable scholarships and encouraging sobriety.

"In order to improve the quality of life, we must have a successful operation." Stemp said that requires a positive relationship between management, the board of directors and the shareholders. "We are all working together."

Shantz echoes that sentiment.

He said BNC is doing its best to impress upon its shareholders, and the younger generations in the Bethel area, that cooperation and hard work are the best investments they can make in their futures.

Hard work will be rewarded with financial help for those striving for an education.

Currently, the corporation offers renewable scholarships to shareholders who are enrolled full time in a post-secondary institution. To receive the $500 stipend each semester, students must maintain a 3.0 grade point average.

"They must keep their grades up. If they want to put something into their education, we'll help them," Shantz said. "And wherever they go, whatever they do, they'll do better--they'll be better people. And if they do not come back to Bethel, they will do well wherever they wind up."

Shantz said the scholarship...