Kakivak Association — Economic Opportunity Fund

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.

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?

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

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

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.