BDIC-NWT — Working Capital Guarantee
NT, Canada
Loan guarantee for Northwest Territories businesses
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Expert Advice
Other Support
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Government of the Northwest Territories
- Business Development and Investment Corporation
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get an irrevocable standby letter of credit to help you secure working capital financing from your bank.
grant_single_labels|projects
This grant supports eligible NWT businesses in adopting new digital technologies, enhancing their online presence, or digitalizing their operations.
- Adopting new digital technologies
- Enhancing online presence
- Digitalizing operations
grant_single|admissibleProjectsExample
$14,000
Hay River
Digital transformation of a local bookstore to include online sales and inventory management
$15,000
Yellowknife
Upgrade an environmental organization's data management system for better research and tracking
$14,000
Yellowknife
Digitize physical records for a non-profit organization's historical archives
$14,000
Yellowknife
Implement CRM software to improve customer relationship management at an accounting firm
$14,000
Yellowknife
Automate production scheduling for a local artisanal coffee roaster
$12,000
Inuvik
Develop e-commerce website for a local cooperative selling indigenous crafts
grant_single_labels|admissibility
Eligible businesses in the Northwest Territories can receive up to $15,100 in grants/contributions to adopt new digital technologies, enhance their online presence, or digitalize operations.
- Business must be located in the Northwest Territories
- Must be an eligible business seeking to adopt new digital technologies
- Must be looking to enhance their online presence or digitalize operations
grant_eligibility_criteria|who_can_apply
There are no specific types of companies mentioned as eligible for the grant provided by Prosper NWT for digital projects.
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for this grant. For example, companies engaged in illegal activities or those outside the Northwest Territories may not qualify for funding.
- Companies engaged in illegal activities
- Companies located outside the Northwest Territories
grant_eligibility_criteria|eligible_expenses
The grant supports NWT businesses in adopting digital technologies, enhancing their online presence, or digitizing operations.
- Adoption of new digital technologies
- Enhancement of online presence
- Digitalization of operations
grant_eligibility_criteria|zone
The eligible geographic zones for this grant are businesses located in the Northwest Territories (NWT).
- Northwest Territories (NWT)
grant_single_labels|criteria
There are evaluation and selection criteria for the Prosper NWT grants. Applicants will be evaluated based on the following criteria:
- Relevance of the project to advancing digital technologies or enhancing online presence.
- Demonstrated need for digital support and potential impact on the business.
- Feasibility and sustainability of the digital project.
- Potential for innovation and growth through digitalization.
grant_single_labels|register
- Step 1: Identify Eligibility Criteria
- Review the eligibility criteria for the grant to ensure your business qualifies.
- Step 2: Consult Digital Advisors
- Reach out to Prosper NWT to consult with digital advisors available for guidance on your digital project.
- Step 3: Prepare Project Proposal
- Develop a detailed proposal outlining the digital project you wish to undertake, including objectives, timelines, and budget.
- Step 4: Gather Required Documentation
- Collect all necessary documentation such as business registration, financial statements, and any other required materials.
- Step 5: Complete Application Form
- Fill out the official grant application form provided by Prosper NWT.
- Step 6: Submit Application
- Submit the completed application form along with the project proposal and required documentation to Prosper NWT before the deadline.
- Step 7: Follow-Up
- Monitor the status of your application and be prepared to provide additional information if requested by Prosper NWT.
grant_single_labels|otherInfo
Prosper NWT offers grants up to $15,100 for eligible businesses to advance their digital projects.
- Flexible debt financing options are available for NWT businesses.
- Expert guidance and support are provided for entrepreneurs and business owners.
- Temporary relief and support may be available in response to emergencies.
- Digital advisors are available to assist businesses with their digital projects.
Apply to this program
Digital Edge Support Grant by Prosper NWT
The Digital Edge Support Grant by Prosper NWT offers up to $15,100 in funding to eligible businesses in the Northwest Territories to adopt new digital technologies, enhance their online presence, or digitalize operations. Expert digital advisors are also available to assist businesses in advancing their digital projects.
Understanding the Prosper NWT Digital Edge Support Grant
The Prosper NWT Digital Edge Support Grant, previously known under the banner of the Northwest Territories Business Development and Investment Corporation (BDIC), is a dynamic and transformative funding opportunity aimed at providing necessary financial assistance to businesses within the Northwest Territories (NWT). The name change to Prosper NWT embodies the organization's mission to foster prosperity and growth for NWT businesses and their communities. In this article, we will delve deep into the specifics of the Digital Edge Support Grant, including its purpose, eligibility criteria, funding details, and the application process.
Purpose of the Digital Edge Support Grant
The Digital Edge Support Grant was created to support the digital transformation of businesses operating in the NWT. With the fast-paced evolution of digital technology and its significant impact on business operations, having a robust digital presence and utilizing modern technology are vital for survival and growth. This grant allows businesses to:
- Adopt new digital technologies that can improve business efficiency and outcomes.
- Enhance their online presence to reach a broader audience and boost sales.
- Digitalize operations to streamline processes and increase productivity.
This initiative aligns perfectly with the broader goals of Prosper NWT, which aims to stimulate economic growth and sustainable development within the region. By equipping businesses with the tools they need to succeed in an increasingly digital world, Prosper NWT is effectively preparing the NWT economy for future challenges and opportunities.
Eligibility Criteria
To ensure that the funding is allocated effectively, there are specific eligibility criteria that businesses must meet to qualify for the Digital Edge Support Grant:
- Location: The business must be based in the Northwest Territories.
- Business Type: The grant is open to various types of businesses, including but not limited to small and medium enterprises (SMEs), startups, and established businesses looking to expand their digital capabilities.
- Project Scope: The project for which the funding is being sought should specifically relate to adopting digital technologies, enhancing an online presence, or digitalizing operations.
- Business Status: The business should be in good standing with Prosper NWT and other government bodies, with no outstanding debts or compliance issues.
- Impact: The proposal should clearly demonstrate how the digital project will benefit the business, potentially leading to job creation, increased revenues, and improved operational efficiency.
Funding Details
The Digital Edge Support Grant offers up to $15,100 in funding. The amount received will depend on the specific needs and scope of the digital project proposed by the business. Here are some key aspects to consider:
- Project-Based Funding: The grant is project-based, meaning the funds must be used specifically for the digital transformation project as described in the application.
- Matching Funds: Businesses may be required to contribute a portion of the project's costs, thereby demonstrating their commitment and investment in the digital transformation.
- Reimbursable Expenses: Eligible expenses may include but are not limited to software purchases, hardware upgrades, consulting fees for digital advisors, digital marketing campaigns, and training for employees on new digital tools.
- Payment Schedule: Funds may be disbursed in stages, contingent upon the completion of specific project milestones.
The Role of Digital Advisors
In addition to the financial assistance, Prosper NWT offers access to digital advisors who provide valuable expertise and guidance to businesses throughout their digital transformation journey. These advisors help:
- Identify Needs: Assess the specific digital needs of the business and recommend appropriate solutions.
- Project Planning: Assist in outlining a detailed project plan that includes realistic timelines and resource allocations.
- Implementation Support: Offer hands-on support during the implementation phase to ensure the successful adoption of new technologies.
- Training and Development: Provide training to business owners and employees to effectively use the new digital tools and technologies.
- Monitoring and Evaluation: Help in monitoring project performance and evaluating the impact of digital transformation on business outcomes.
Having access to these digital advisors can significantly impact the success of the digital projects, ensuring that businesses appropriately leverage technology to fulfill their strategic objectives.
Application Process
Applying for the Digital Edge Support Grant is a structured and straightforward process designed to ensure fair and transparent allocation of funds. Below are the steps to follow:
- Pre-Application Consultation: Interested businesses should first consult with a Prosper NWT representative or digital advisor to discuss their project and verify eligibility.
- Application Form: Complete and submit the application form provided by Prosper NWT. The form requires detailed information about the business, the proposed digital project, and a comprehensive budget.
- Supporting Documents: Attach necessary supporting documents, such as business registration certificates, financial statements, and a detailed project plan.
- Review Process: Prosper NWT will review the application and may request additional information or clarification. An assessment committee will evaluate the project’s feasibility, potential impact, and alignment with funding criteria.
- Approval and Agreement: If approved, the business will receive a formal grant agreement outlining the terms and conditions of the funding, including project milestones and reporting requirements.
- Implementation and Reporting: Upon receiving the funds, businesses can commence their digital projects, with periodic reporting to Prosper NWT to demonstrate progress and adherence to the grant terms.
Conclusion
The Prosper NWT Digital Edge Support Grant represents a golden opportunity for businesses in the NWT to advance their digital capabilities, ensuring they remain competitive and resilient in a rapidly evolving digital landscape. By providing both financial support and expert guidance, Prosper NWT is not only helping businesses to thrive but also contributing to the overall economic growth and sustainability of the NWT community. If you are a business owner in the NWT seeking to embark on a digital transformation journey, consider applying for the Digital Edge Support Grant to unlock new potentials and drive your business forward.