Atuqtuarvik Corporation Financing
NU, Canada
Financing for Nunavut start-ups and expansion
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Atuqtuarvik Corporation
grant_single|status
grant_card_status|open
grant_single_labels|preview
Access loans and equity investments ranging between $150,000 and $3,000,000 for your Inuit-owned business.
grant_single_labels|projects
This grant is designed to support businesses that are based in Nunavut. The funding aims to foster economic development within this geographical area by ensuring local participation and benefits.
- Businesses must be Nunavut-based.
grant_single|admissibleProjectsExample
$800,000
Acquisition of a local Inuit-owned bakery to preserve traditional recipes
$1,500,000
Acquisition of a competitor Inuit-owned technology consultancy
$800,000
Launching a new Inuit-owned dental clinic with comprehensive services
$400,000
Setting up an Inuit-owned e-commerce platform for handmade crafts
$1,000,000
Expansion of an Inuit-owned wholesale distribution business
$1,000,000
Expanding an Inuit-owned organic farm with new greenhouse facilities
grant_single_labels|admissibility
Eligibility for financing from Atuqtuarvik Corporation requires businesses to meet certain criteria regarding their ownership and projected impact.
- The applicant must be an Inuit-owned business.
- The project must be located in Nunavut.
- The proposed project should be commercially viable.
- The project must create benefits for Inuit, such as jobs, training, and social improvements.
- Applicants must demonstrate the ability to provide their own equity.
grant_eligibility_criteria|who_can_apply
Atuqtuarvik Corporation targets Inuit-owned businesses looking to start, expand, or acquire operations based in Nunavut, with the aim of benefiting Inuit communities through job creation, training, and social improvements.
grant_eligibility_criteria|who_cannot_apply
In the context provided, there are no explicit details about specific companies or industries that are not eligible for this grant. The focus is primarily on eligibility criteria rather than exclusions.
grant_eligibility_criteria|eligible_expenses
The Atuqtuarvik Corporation grant program focuses on enhancing economic opportunities for Inuit in Nunavut by supporting business initiatives that are both viable and beneficial to the community. The eligible projects contribute to business start-up, expansion, and acquisition, thereby fostering Inuit job creation and social improvements.
- Initiatives aimed at starting new businesses in Nunavut.
- Projects focused on expanding existing Inuit-owned businesses.
- Acquisition projects that enhance Inuit business ownership and participation in economic activities.
grant_eligibility_criteria|zone
The financing is meant for expenses directly related to starting, expanding, or acquiring Inuit-owned businesses in Nunavut.
- Business start-up costs.
- Business expansion costs.
- Acquisition costs for existing businesses.
- Costs associated with creating benefits for Inuit, such as jobs and training.
grant_single_labels|criteria
The evaluation and selection of projects for financing by Atuqtuarvik Corporation are based on specific criteria to ensure projects are aligned with their objectives of economic participation for Inuit in Nunavut.
- The financial viability of the project.
- The percentage of Inuit ownership and participation in management.
- The benefits of the project to the Inuit of Nunavut, such as jobs, ownership, housing, language, and cultural preservation.
- Financial resources from other sources, including banks and government programs.
grant_single_labels|register
- Step 1: Initial Preparation
- Determine if your business qualifies as an Inuit-owned business and meets the project eligibility criteria of being Nunavut-based and beneficial to Inuit.
- Review the financial range and terms available for financing from Atuqtuarvik Corporation.
- Step 2: Compile Documentation
- Gather verification of Inuit Firm status.
- Prepare resumes for key individuals within your business.
- Organize information about the ownership and management structure of your business.
- If applicable, prepare valuations and/or appraisals for shares or assets to be purchased.
- Collect administrative documents such as business licenses, proof of insurance, and WSCC coverage, as well as proof of enrollment under the Nunavut Agreement.
- Write a description of the proposed business activity and articulate the investment requested from Atuqtuarvik Corporation.
- Conduct and document an analysis of the market and clientele your business serves or intends to serve.
- Develop financial projections and compile financial history.
- Detail proposed financing from all sources available to your business.
- Draft a strategic plan and project implementation plan for your initiative.
- Secure letters of intent or documents indicating required regulatory approvals.
- Identify the anticipated benefits of the project to the Inuit of Nunavut.
- Prepare any applicable environmental assessments.
- Complete a Personal Net Worth Statement.
- Step 3: Authorization and Fees
- Provide written authorization to Atuqtuarvik Corporation to verify the information through contact with bankers, accountants, creditors, etc.
- Ensure authorization is provided on your CRA account as per the CRA guidelines.
- Pay the required administrative fee needed to process your application.
- Step 4: Submit Application
- Complete and sign the application form.
- Submit the application with all required documents to Atuqtuarvik Corporation.
- Ensure submissions are sent either via mail, email, or any specified delivery method to the contact information provided on Atuqtuarvik Corporation's website.
- Step 5: Confirmation and Communication
- Await communication from Atuqtuarvik Corporation confirming receipt of your application.
- Retain any confirmation or reference numbers provided.
grant_single_labels|otherInfo
Here are additional relevant details for the Atuqtuarvik Corporation grant application process:
- Applicants must provide written authorization for Atuqtuarvik Corporation to verify the information provided through contact with bankers, accountants, and other third parties.
- The application process requires the payment of an administrative fee before the due diligence can be completed.
- Authorization may also be required for Atuqtuarvik Corporation to access the applicant's CRA account for verification purposes.
- Applications are processed by the Credit Department before a recommendation is made to the Board of Directors.
- Application evaluations consider both minority and majority Inuit ownership stake when assessing loan and equity investment amounts.
grant_single_labels|contact
contact@atuqtuarvik.com
867-645-5900
Apply to this program
Empowering Inuit Economic Participation through Strategic Financing
Atuqtuarvik Corporation's financing opportunities enable Inuit entrepreneurs to access loans and equity investments tailored to support business start-ups, expansions, and acquisitions, significantly contributing to Nunavut's economic landscape. By facilitating projects that are grounded in commercial viability and social equity, Atuqtuarvik aims to promote sustainable economic growth and workforce development for Inuit communities.
In-depth Examination of Atuqtuarvik Corporation's Financing Details
Atuqtuarvik Corporation stands out as a pivotal financial institution committed to bolstering the economic advancement of Inuit-owned businesses in Nunavut through its strategic financing programs. This commitment is reflected in its unique offering of loans and equity investments ranging from $150,000 to $3,000,000, specifically targeting business start-ups, expansions, and acquisitions. These financing solutions are not just financial transactions; they are dynamic instruments designed to unlock economic potential and ensure the active participation of Inuit in major economic opportunities availably primarily within their region.
Central to Atuqtuarvik's mandate is the prioritization of projects that demonstrate commercial viability while explicitly generating substantial benefits for the Inuit community, such as employment creation, training opportunities, and broader social improvements. The strategic focus on Nunavut-based projects means that all supported initiatives must directly respond to and integrate the unique cultural and environmental aspects of Inuit communities, reinforcing the Corporation’s mission to stimulate regional economic development while preserving the cultural heritage.
The evaluation process for accessing these financial opportunities is rigorous, emphasizing the financial health and sustainability of proposed projects. Applicants are assessed primarily on their financial viability, the level of Inuit ownership and management involvement, the projected economic and social benefits for the Inuit of Nunavut, and the ability to secure complementary financial resources. This thorough assessment criterion ensures that the projects funded are not only viable but are also aligned with the socio-economic goals of strengthening Inuit governance and participation.
Financial terms are adaptable, with interest rates pegged to the bank prime rate while reflecting the specific risk profile of each project. Loan terms are flexible, spanning from one to five years with amortization periods extendable up to 25 years. Such flexibility in terms and rates underscores Atuqtuarvik’s commitment to enabling long-term business growth and sustainability, accommodating the diverse financial needs and timelines of different projects.
In ensuring robust due diligence, Atuqtuarvik requires comprehensive documentation from applicants, which includes proof of Inuit Firm Status, detailed business plans, market analyses, strategic project implementation plans, and financial projections. Moreover, applicants must facilitate thorough assessments by providing necessary authorizations for background checks and verifications involving various financial entities, ensuring transparency and integrity in the evaluation process.
The transparent evaluation process culminates in recommendations to Atuqtuarvik's Board of Directors, who ultimately decide on the approval of financing applications. This structured approach not only maximizes the probability of successful project outcomes but also nurtures a connective business ecosystem in which Inuit enterprises can thrive.
Through these thoughtfully designed financial programs, Atuqtuarvik Corporation plays a crucial role in nurturing the economic fabric of Inuit communities. By promoting projects that foster jobs, enhance skills, and enable social progress, the Corporation not only empowers individual entrepreneurs but also contributes significantly to the socio-economic resilience and prosperity of Nunavut as a whole.
