Kakivak Association — Economic Opportunity Fund
NU, Canada
Money for tourism-based businesses in the Qikiqtani Region, Nunavut
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
grant_single|grantors
- Kakivak Association
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get up to $10,000 in grant funding for new equipment, safety gear, and marketing initiatives for your tourism-based business.
grant_single_labels|projects
This funding is specifically available for tourism-based businesses operating in designated communities within the Qikiqtani Region. These areas have been identified due to their proximity to National Parks, offering unique business opportunities.
- Grise Fiord
- Resolute Bay
- Arctic Bay
- Pond Inlet
- Qikiqtarjuaq
- Pangnirtung
grant_single|admissibleProjectsExample
$9,000
Non-profit to upgrade office equipment for tourism information center
$10,000
Develop a strategic business plan for Arctic Adventure Co to attract international tourists
$10,000
Set up a cultural heritage center with interactive exhibits
$10,000
Purchase new adventure sports equipment to expand service offerings for EcoTour Tours
$10,000
Implement a specialized culinary tourism program
grant_single_labels|admissibility
The eligibility criteria for Kakivak's business development grants focus on the ownership and location of the businesses as well as the type of project or purchase being proposed.
- The business must be Inuit owned.
- The business must be located in the Qikiqtani Region.
- For Makigiaqvik Loans and Sivummut Grants, the purpose must be to establish or expand a business.
- For Small Tool Grants, the applicant must be an artist or craftsperson.
- Small Tool Grants are available once every five years for carving tools or once per lifetime for sewing machines.
- For Economic Opportunity Fund (EOF) grants, the business must be tourism-based and located in one of the six specific communities adjacent to the National Parks in the Qikiqtani Region: Grise Fiord, Resolute Bay, Arctic Bay, Pond Inlet, Qikiqtarjuaq, and Pangnirtung.
- EOF projects can include new equipment, safety gear, and marketing initiatives.
grant_eligibility_criteria|who_can_apply
Inuit individuals or organizations owning businesses within the Qikiqtani Region are eligible to apply for various funding programs offered by Kakivak's Business Services Department. These programs include support for business start-up, expansion, and tool acquisition, aimed at creating successful Inuit-owned enterprises. Specific programs also cater to tourism-based businesses in certain communities for economic opportunities related to national parks.
grant_eligibility_criteria|who_cannot_apply
This context does not provide specific exclusions or restrictions regarding which types of companies or industries are not eligible for the grants offered. It focuses on supporting Inuit owned businesses in specific regions.
grant_eligibility_criteria|eligible_expenses
This grant supports economic development projects and business growth within the Inuit owned businesses in the Qikiqtani Region. Eligible activities cater to various business needs, from startup costs to industry-specific tool acquisition.
- Financing for business start-up or expansion.
- Assistance for artists and craftspeople to purchase carving tools.
- Support for acquiring sewing machines for craftspeople.
- Funding for tourism-related businesses in proximity to National Parks for equipment, safety gear, or marketing.
grant_eligibility_criteria|zone
The grant covers expenditures that are essential for starting, expanding, or maintaining business operations, as well as supporting artistic initiatives.
- Financing for business pre-start up, start-up, and expansion activities.
- Purchase of carving tools for artists or craftspeople.
- Purchase of sewing machines for qualified applicants.
- New equipment acquisitions for tourism-based businesses.
- Safety gear for operational needs in tourism sectors.
- Marketing initiatives to promote business activities in eligible regions.
grant_single_labels|criteria
The evaluation and selection criteria for this grant are not explicitly mentioned in the application document.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Determine Eligibility
- Review the grant programs offered by Kakivak to ensure eligibility.
- Identify which program suits your business needs (e.g., Sivummut Grants, Makigiaqvik Loans, Small Tool Grants, Economic Opportunity Fund).
- Step 2: Prepare Documentation
- Gather necessary documents such as business plans, financial statements, and any other supporting information needed for your selected program.
- Download the PDF application form relevant to your program from Kakivak's website.
- Step 3: Complete Application Form
- Fill out the application form carefully, ensuring all sections are completed accurately.
- Make sure to include detailed information about your business, the intended use of funds, and expected outcomes.
- Step 4: Contact Business Development Officer
- Schedule an appointment or call Kakivak to consult with a Business Development Officer.
- Seek advice or support on finalizing your application if needed.
- Step 5: Submit Application
- Submit the completed application form along with all required documentation to Kakivak.
- Ensure submission is done before any specified deadlines and in the format required.
- Step 6: Follow-Up
- Wait for confirmation from Kakivak regarding the receipt of your application.
- Follow up with your Business Development Officer for any updates or further information required.
grant_single_labels|otherInfo
This application for business funding from the Kakivak Association targets Inuit-owned businesses in the Baffin Region of Canada and mandates several requirements for submission, including financial and legal documentation.
- Applicants must provide a minimum of 10% equity toward total project costs.
- The Kakivak Association may conduct credit checks and inspect the applicant's financial records.
- Annual financial statements for the previous three years must be submitted for existing businesses.
- A letter of support from the local Hamlet or Hunter and Trappers’ Association is recommended.
- Applications for different project cost ranges require varying levels of business plan detail.
grant_single_labels|contact
867-979-0911
Apply to this program
Supporting Inuit Business Growth in the Qikiqtani Region
Kakivak’s Business Services Department is dedicated to aiding Inuit entrepreneurs to establish, manage, and expand viable businesses through a series of targeted grant and loan programs. Offering financial support and expert guidance, this initiative aims to foster economic development and create employment opportunities within the Qikiqtani Region.
Detailed Insights into Kakivak's Business Support Programs
Kakivak has developed a suite of financial support and advisory services to empower Inuit entrepreneurs in the Qikiqtani Region. These programs are designed to meet various business needs, from start-up assistance to expansion projects, thus nurturing a thriving economic ecosystem rooted in Inuit ownership and management. The offerings include the Makigiaqvik Loans, Sivummut Grants, Small Tool Grants, and the Economic Opportunity Fund, each tailored to distinct areas of business development.
The Makigiaqvik Loans are designed to help Inuit-owned businesses secure the necessary capital to initiate or expand their operations. With up to $50,000 available in secured term loans and repayment periods extending up to seven years, these loans provide a substantial financial foundation for business growth. The fixed interest rate of 8.5% ensures predictable repayment terms, which is beneficial for financial planning and stability.
Complementing the loan offerings, the Sivummut Grants provide non-repayable financial assistance to Inuit entrepreneurs. These grants are versatile, supporting various stages of business development such as pre-start-up preparations, start-ups, and expansions. With a maximum grant limit of $25,000, businesses can access funds for crucial development activities without the pressure of repayment, allowing for a greater focus on long-term business sustainability.
For artists and craftspeople, the Small Tool Grants offer specialized support. Recognizing the importance of traditional arts and crafts in the region, these grants help cover the costs of essential tools and supplies. With provisions for carving tools and sewing machines, these grants ensure that cultural talents are preserved and enhanced, contributing to the economic diversity and cultural richness of Inuit communities.
Furthermore, the Economic Opportunity Fund (EOF) targets tourism-based businesses in communities adjacent to National Parks in the Qikiqtani Region. Providing up to $10,000 annually, these grants can be used for purchasing new equipment, safety gear, or launching marketing initiatives. This support helps capitalize on the growing tourism potential in these unique communities, encouraging sustainable development and promoting regional attractions to a broader audience.
Kakivak’s approach is holistic, combining financial resources with expert guidance from Business Development Officers who work closely with applicants. This integrated support system ensures that Inuit entrepreneurs not only receive the funds they need but also the strategic advice necessary to make informed business decisions and achieve success. This commitment to community development and economic empowerment underscores Kakivak’s mission to foster a robust network of Inuit-owned businesses across the Qikiqtani Region, thus enhancing the economic landscape and providing meaningful employment opportunities for Inuit people.
Through Kakivak's comprehensive programs, Inuit business owners are given a valuable opportunity to explore and fulfill their entrepreneurial potential. These initiatives not only bolster individual businesses but also drive broader socio-economic progress, reinforcing the importance of resilient and self-sustaining communities based on Inuit cultural values and economic aspirations.
