How much funding can be received?

Funds up to 25000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Kakivak Association — Economic Opportunity Fund?

Kakivak Association — Economic Opportunity Fund is funded by Kakivak Association

What are Kakivak Association — Economic Opportunity Fund's eligibility criterias?

Tourism-based businesses operating in Grise Fiord, Resolute Bay, Arctic Bay, Pond Inlet, Qikiqtarjuaq or Pangnirtung. Projects must relate to new equipment, safety gear, or marketing initiatives. Eligible applicants can receive a grant each year.

Kakivak Association — Economic Opportunity Fund

Last Update: January 24, 2025

NU, Canada

Money for tourism-based businesses in the Qikiqtani Region, Nunavut

Kakivak Association — Economic Opportunity Fund at a glance

Eligible Funding

Max. $25,000

Timeline

Open Date : July 9, 2024

Financing Type

Grant and Funding

Eligible Industries

Retail trade
Arts, entertainment and recreation
Accommodation and food services
Other services (except public administration)

Grant Providers

Kakivak Association

Status

Open

Overview of the Kakivak Association — Economic Opportunity Fund program

Get up to $10,000 in grant funding for new equipment, safety gear, and marketing initiatives for your tourism-based business.

Financing terms and conditions

The Economic Opportunity Fund (EOF) provides annual grant funding to support tourism-based projects in specific communities within the Qikiqtani Region. EOF grants can be used independently or in combination with other financing to support larger initiatives.

Annual grant funding of up to $10,000 available for each eligible applicant and project.
Grants can be combined with other financing options to fund larger projects.

Eligible projects & activities

The Economic Opportunity Fund grant focuses on supporting tourism-based businesses in communities adjacent to National Parks in the Qikiqtani Region. The eligible activities include acquiring new equipment, improving safety measures, and enhancing marketing efforts to boost local tourism businesses.

Purchase of new equipment needed for tourism-related activities.
Acquisition of safety gear to ensure the safety of operations and clientele.
Development and implementation of marketing initiatives to attract more visitors.

Examples of admissible projects:

$ 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

Eligibility criteria of the Kakivak Association — Economic Opportunity Fund program

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.

Who is eligible?

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.

Who is not eligible

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.

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.

Eligible geographic areas

This grant is designated for tourism-based businesses operating in specific communities adjacent to the National Parks in the Qikiqtani Region. The identified areas ensure support for economic development within these strategic locations.

Grise Fiord
Resolute Bay
Arctic Bay
Pond Inlet
Qikiqtarjuaq
Pangnirtung

Eligibility criteria of the Kakivak Association — Economic Opportunity Fund program

The evaluation and selection criteria for this grant are not explicitly mentioned in the application document.

How to apply to the Kakivak Association — Economic Opportunity Fund program

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).

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.

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.

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.

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.

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.

Additional information

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.