Community Futures Program Northwest Territories
NT, Canada
Northwest Territories business loans and counselling
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
Wage Subsidies And Interns
Expert Advice
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Northwest Territories Community Futures Association (NWTCFA)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a loan or guarantee of up to $200,000, wage subsidies, as well as access to business counselling services, to start or expand a business.
grant_single_labels|projects
This grant is applicable to businesses situated across all 33 communities in the Northwest Territories. These locations are eligible due to their inclusion in the Community Futures Program's target areas.
- All communities within the Northwest Territories, Canada.
grant_single|admissibleProjectsExample
$200,000
Setting up a green energy manufacturing unit focusing on solar panel production
$200,000
Launching a tech startup focused on AI-driven healthcare solutions
$200,000
Opening a specialty coffee shop with premium imported beans and pastries
$200,000
Creating an online mental health platform offering accessible therapy services
$200,000
Expanding a non-profit food bank's services to reach more vulnerable populations
grant_single_labels|admissibility
Eligibility for the Community Futures Program is determined based on the participation and location within the NWT communities.
- The applicant must be an entrepreneur or a business located within one of the 33 communities in the Northwest Territories.
- The applicant must demonstrate a need for economic development support specific to their business goals.
- For wage subsidies, the applicant must be unemployed and intending to start a new business.
- The applicant may need to engage with their regional Community Futures Development Corporation for specific guidance and support.
grant_eligibility_criteria|who_can_apply
The Community Futures Program is available to all 33 communities in the Northwest Territories (NWT), and it is delivered through regional Community Futures Development Corporations. These organizations operate as non-profit entities independent of the government, serving their local areas through volunteer Boards of Directors. Any individuals or entities looking to start or expand a business in these communities can potentially benefit from the services offered, such as business loans, counseling, and wage subsidies for unemployed entrepreneurs.
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for the Community Futures Program grant. Certain industries or businesses that do not align with the economic development goals of the program may be ineligible.
- Businesses involved in illegal activities
- Speculative ventures
- Non-commercial ventures
grant_eligibility_criteria|eligible_expenses
The Community Futures Program is designed to encourage local economic development through a range of supportive services. Eligible activities under this program primarily revolve around providing financial aid and guidance to new and expanding businesses.
- Offering business loans and loan guarantees.
- Providing counseling and assistance for entrepreneurs.
- Administering wage subsidies to support new business initiatives by the unemployed.
- Facilitating access to Canada Business NWT Internet sites and business information services.
grant_single_labels|criteria
The Community Futures Program has evaluation and selection criteria that applicants must meet. The criteria include:
- Demonstrated need for financial assistance
- Viability of the proposed business or project
- Ability to repay the loan
- Potential for economic development impact
grant_single_labels|register
- Step 1: Contact Regional Office
- Identify your regional office from the provided contact list.
- Contact the office using the provided telephone numbers to inquire about the application process and obtain guidance specific to your region.
- Step 2: Gather Required Information
- Collect information about your business idea, including your business plan and financial projections.
- Prepare documentation related to your business’s financial status, if applicable.
- Step 3: Develop Application
- Prepare your application, ensuring you address all required aspects such as business goals, strategic direction, and how the funding will be used.
- Include any additional required information specific to your regional Community Futures Development Corporation.
- Step 4: Submit Application
- Submit your completed application to the regional Community Futures Development Corporation either in person, by mail, or as directed by your regional office.
- Ensure you receive confirmation of receipt of your application, if possible.
- Step 5: Follow Up
- Follow up with your regional office for updates on your application status and any further information or steps required.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The program is delivered through Community Futures Development Corporations which are independent non-profit organizations.
- These organizations are overseen by volunteer Boards of Directors representing their regions and communities.
- Annual funding is sourced from contributions by the Government of the Northwest Territories.
- Contact regional offices for information specific to your community.
- There is an Association representing the seven organizations delivering the programs in NWT.
grant_single_labels|contact
867-587-7171
Apply to this program
Empowering Northern Communities Through Economic Initiatives
The Community Futures Program is a dynamic, community-based economic initiative aimed at fortifying regional economies within the Northwest Territories. Administered by the Community Futures Development Corporations, this program provides critical financial and advisory support to burgeoning entrepreneurs and expanding businesses.
Understanding the Community Futures Program Impact in the Northwest Territories
The Community Futures Program is a transformative initiative that constitutes a cornerstone of economic development in the Northwest Territories. This program is distinctly structured to empower local economic growth by offering invaluable resources to entrepreneurs and businesses within the community. Administered by independent, non-profit Community Futures Development Corporations, which are governed by volunteer Boards representative of the regions they serve, this program operates with the flexibility needed to cater to the unique economic priorities of each community while aligning with broader governmental objectives.
Spanning all 33 communities in the NWT, the program enhances regional self-reliance through a suite of core services. These include business loans and loan guarantees, offering financial support of up to $200,000 to eligible entrepreneurs, facilitating them in executing plans ranging from start-ups to business expansions. Additionally, the provision of wage subsidies serves as a catalyst for unemployed individuals with entrepreneurial aspirations, helping them transition seamlessly into successful business ownership. Moreover, entrepreneurs can avail themselves of extensive business counseling and assistance, which includes strategic advice and planning support to help steer their ventures toward success.
The Community Futures Program also provides crucial access to Canada Business NWT’s Internet sites and business information services, thereby equipping entrepreneurs with the latest market insights, strategic frameworks, and technical know-how required to navigate today's competitive economic landscape. This digital access breaks down geographical barriers, ensuring that entrepreneurs in even the most remote NWT communities are not deprived of vital business knowledge and opportunities.
By fostering robust local economies, the program ensures that the economic development strategies are not just top-down mandates but instead evolve organically from within the community. This community-centered approach highlights the importance of self-determination and tailored economic growth strategies, which are key to sustainable development within these regions.
Over the years, the Community Futures Program has seen success stories emerge, showcasing the potential that such community-driven programs hold in transforming local economies. By leveraging local knowledge and resources, the corporations under this program have not only bolstered economic resilience but have also championed innovations that align with local culture and capacities, encouraging economic diversification and sustaining local economies amidst challenging economic climates.
The value this program adds to the communities of the Northwest Territories is invaluable. By facilitating economic opportunity and offering substantial support and resources, the Community Futures Program cements its role as a crucial catalyst for economic prosperity in the region. It invites stakeholders, potential entrepreneurs, and businesses to be active participants in shaping a vibrant economic future, ensuring that economic growth is inclusive and reflective of the community's diverse needs and aspirations.
As such, the Community Futures Program stands as a testament to the power of community-led economic initiatives. It not only supports current businesses but also lays the groundwork for future enterprises, securing economic sustainability for generations. By investing in human capital and innovative business models, the program sets a compelling precedent for similar initiatives aimed at fostering economic inclusivity and resilience across other regions.
