Baffin Business Development — Financial Assistance

Who is eligible?

The Baffin Business Development Corporation (BBDC) provides financial assistance and business counseling to businesses based in the Baffin region. Eligible applicants must be new or existing businesses capable of repaying loans, and whose projects are commercially viable, contribute to business growth in terms of jobs, revenue, and asset increase.

• New and existing businesses in the Baffin region.
• Projects must be commercially viable and demonstrate potential for repayment.
• Projects should contribute to job creation and business revenue growth.
• Business start-ups, expansion, and acquisitions are considered eligible purposes.
• Partnerships with entities such as Nunavut Business Credit Corporation and Business Development Bank Canada are supported.

Who is not eligible

Some types of companies may not be eligible for this grant:

• Companies located outside the Baffin region
• Non-commercially viable projects
• Projects that do not create benefits such as jobs or increased business revenues and assets

Eligible expenses

Eligible projects for grants from the Baffin Business Development Corporation focus on enhancing the commercial viability and growth of businesses in the Baffin region. These activities are designed to boost job creation and increase business revenues and assets.

• Business start-up initiatives that demonstrate commercial viability.
• Projects aimed at expanding existing businesses to enhance business capacity and reach.
• Business acquisition efforts that create economic benefits within the local community.

Eligible geographic areas

This grant is available to companies located in the Baffin region, as specified by the Baffin Business Development Corporation. The eligible location ensures a focus on regional economic growth and development.

• Businesses based in the Baffin region.

There are evaluation and selection criteria for this grant.

• Projects must be commercially viable and based in the Baffin region.
• Projects must create benefits such as jobs, increased business revenues, and assets.

Here are the steps to submit an application for this grant:

• Step 1: Contact BBDC
  • Reach out to the BBDC by phone at 867.979.1303 to request an application form for the business loan or grant.
  • Inquire about any additional information or documentation that may be needed for your specific application.
• Step 2: Gather Information
  • Collect all necessary business documents, such as your business plan, financial statements, and projections to demonstrate commercial viability.
  • Ensure all your documents reflect how your project will create benefits such as jobs and increased business revenues and assets in the Baffin region.
• Step 3: Complete Application
  • Fill out the application form provided by BBDC accurately and thoroughly.
  • Attach all required documents and information that support your application.
• Step 4: Submit Application
  • Contact BBDC to confirm how and where to submit your completed application, whether by mail, fax, or in-person at their office.
  • Ensure submission before any applicable deadlines and retain a copy for your records.
• Step 5: Follow Up
  • After submission, follow up with BBDC to ensure your application is received and to inquire about the timeline for review and decision making.

BBDC offers additional support and collaborative opportunities that may be beneficial to grant applicants:

• BBDC has established cooperative partnerships with key organizations such as Nunavut Business Credit Corporation, Kakivak Association, the Department of Economic Development & Transportation, Atuqtuarvik Corporation, CanNor, and the Business Development Bank of Canada, which may provide additional resources and support for business projects.
• In addition to financial support, BBDC offers business counseling services to help clients throughout different stages of their business cycle, which includes generating growth strategies and plan development.