How much funding can be received?

There is no informations about how much funding can be received.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Baffin Business Development — Financial Assistance?

Baffin Business Development — Financial Assistance is funded by Baffin Business Development Corporation (BBDC)

What are Baffin Business Development — Financial Assistance's eligibility criterias?

The business must be capable of repaying loans. Eligible projects must be commercially viable. The business must be based in the Baffin region.

Baffin Business Development — Financial Assistance

Last Update: January 24, 2025

NU, Canada

Loans for Baffin Island businesses

Baffin Business Development — Financial Assistance at a glance

Eligible Funding

No Condition

Timeline

Continuous Intakes

Financing Type

Expert Advice

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Baffin Business Development Corporation (BBDC)

Status

Open

Overview of the Baffin Business Development — Financial Assistance program

Loans for commercially viable business start-up, expansion and acquisition.

Financing terms and conditions

Baffin Business Development Corporation (BBDC) provides financial assistance to entrepreneurs and businesses in the Baffin region through loans intended to support business ventures. These modalities are designed to stimulate local economic growth by supporting start-up, expansion, and acquisition projects.

Provision of loans for business start-up, expansion, and acquisition purposes.
Support is contingent on the commercial viability of projects.
Loans are specifically aimed at creating tangible benefits, such as job creation and increased business revenue.

Eligible projects & activities

The Baffin Business Development — Financial Assistance program supports various business-related initiatives. The eligible projects are designed to facilitate business growth and economic development in the Baffin region.

Business start-up initiatives.
Business expansion projects.
Business acquisition endeavors that are commercially viable.

Examples of admissible projects:

$ 75,000

Starting a new eco-friendly clothing line focused on sustainable materials

$ 75,000

Opening a new organic grocery store focusing on local produce

$ 100,000

Expanding a digital marketing agency to serve the growing tech sector

$ 120,000

Expanding a local food truck business to include two new trucks

$ 200,000

Acquisition of a local bakery business to modernize equipment and expand product range

$ 160,000

Acquiring an artisanal coffee shop to preserve local business and enhance community

Eligibility criteria of the Baffin Business Development — Financial Assistance program

Eligibility for obtaining financial assistance from the Baffin Business Development Corporation (BBDC) is based on the following criteria:

The business must be either new or existing within the Baffin region.
The business must demonstrate the capability to repay the loan.
The project must be commercially viable.
The project must bring benefits such as job creation and increased business revenues and assets.

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.

Eligibility criteria of the Baffin Business Development — Financial Assistance program

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.

How to apply to the Baffin Business Development — Financial Assistance program

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.

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.

Complete Application

Fill out the application form provided by BBDC accurately and thoroughly.
Attach all required documents and information that support your application.

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.

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.

Additional information

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.