How much funding can be received?

Funds up to 15100% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the BDIC — Standby Letters of Credit?

BDIC — Standby Letters of Credit is funded by Business Development and Investment Corporation, Government of the Northwest Territories

What are BDIC — Standby Letters of Credit's eligibility criterias?

The business must be located in the Northwest Territories. The business must aim to adopt new digital technologies, enhance their online presence, or digitalize operations.

BDIC — Standby Letters of Credit

Last Update: January 24, 2025

NT, Canada

Contract security and security of payment for Northwest Territories companies

BDIC — Standby Letters of Credit at a glance

Eligible Funding

Max. $15,100

Timeline

Continuous Intakes

Financing Type

Grant and Funding

Eligible Industries

All industries

Grant Providers

Business Development and Investment Corporation
Government of the Northwest Territories

Status

Open

Overview of the BDIC — Standby Letters of Credit program

If your business bids on contracts that require contract security or if your suppliers require security of payment, these standby letters of credit can provide the necessary assurance to third parties.

Eligible projects & activities

This grant facilitates the growth and digital advancement of businesses in the Northwest Territories through the adoption of new technologies. It includes funding and advisory support focused on enhancing digital capabilities.

Adoption of new digital technologies to improve business operations.
Enhancement of online presence for improved market reach and engagement.
Digitalization of operational processes to increase efficiency.
Access to digital advisors for guidance on digital projects.

Examples of admissible projects:

$ 36,000

Introduce new digital billing system in a dental clinic

$ 54,000

Develop a mobile app for a food delivery service

$ 30,000

Implement a digital customer management system at a local bakery

$ 24,000

Enhance online presence for a non-profit theatre group

$ 45,000

Upgrade e-commerce platform of an independent bookstore

$ 56,000

Digitalize operations of a community cooperative farm

Eligibility criteria of the BDIC — Standby Letters of Credit program

Eligibility for Prosper NWT's digital support grants requires meeting distinct criteria based on business location and project focus.

The business must be located in the Northwest Territories (NWT).
The grant is available for projects aimed at adopting new digital technologies, enhancing the online presence, or digitalizing operations.

Who is eligible?

Prosper NWT offers digital support grants to businesses located in the Northwest Territories, but specific eligibility criteria for types of companies or industries are not provided. Therefore, the detailed eligibility requirements are not explicitly stated.

Nothing

Who is not eligible

This grant does not specify any exclusions based on company type, industry, status, or main activity within the provided context. Eligibility criteria should be reviewed to ensure alignment with the program's objectives.

Eligible expenses

This grant aims to support digital transformation efforts for businesses in the Northwest Territories. Eligible projects include adopting new digital technologies, enhancing online presence, and digitalizing business operations.

Adoption of new digital technologies.
Enhancement of online presence.
Digitalization of business operations.

Eligible geographic areas

This grant is specifically available for businesses located in the Northwest Territories. The eligible geographical area ensures that the funding supports local economic development.

Businesses operating within the Northwest Territories of Canada.

Eligibility criteria of the BDIC — Standby Letters of Credit program

Prosper NWT uses specific evaluation and selection criteria to assess grant applications:

Alignment with program objectives
Demonstrated need for digital support
Feasibility and potential impact of the digital project
Evidence of capacity to implement the project successfully
Potential for growth and innovation through digitalization

How to apply to the BDIC — Standby Letters of Credit program

Obtain Information about Grant Programs

Visit the Prosper NWT website to review available grant programs focused on digital projects.
Identify which grant(s) your business qualifies for.

Create an account on the Prosper NWT online portal if required.
Ensure you are eligible for the digital grant program before commencing your application.

Gather Necessary Documentation

Prepare a project proposal detailing how your business will use digital technologies to improve operations.
Compile financial statements and any supporting documents required by the application guidelines.

Complete Application

Fill out the online application form provided by Prosper NWT.
Ensure that all sections are completed accurately and thoroughly.

Submit Application

Upload all necessary documents to the Prosper NWT portal.
Review your application one last time to ensure completeness.
Submit the application before the specified deadline.

Confirmation and Follow-up

Receive a confirmation email from Prosper NWT acknowledging receipt of your application.
Follow up with Prosper NWT if you haven’t received a confirmation within a few days.

Additional information

Here are additional relevant details for this grant:

The maximum grant contribution available for digital projects is $15,100.
Digital advisors are available to assist businesses in advancing their digital projects.

Apply to this program

Funding for economic initiatives in the Northwest Territories