How much funding can be received?

Eligible projects and activities for this grant include the development of a business plan, and various projects with different total costs. Each category has specific requirements and documents to be submitted along with the application.

Development of a business plan
Projects under $5,000
Projects $5,000 - $20,000
Projects over $20,000

grant_single|admissibleProjectsExample

$9,000

Quebec City

Non-profit in Quebec City to upgrade office equipment for tourism information center.

$10,000

Vancouver

Purchase new adventure sports equipment to expand service offerings for EcoTour Tours.

$10,000

Iqaluit

Develop a strategic business plan for Arctic Adventure Co. to attract international tourists.

$10,000

Toronto

Set up a cultural heritage center with interactive exhibits in Toronto.

$10,000

Montréal

Implement a specialized culinary tourism program in Montréal.

grant_single_labels|admissibility

The eligibility criteria for this grant include individual, partnership, or corporate ownership requirements specific to Inuit beneficiaries residing in the Baffin Region for at least six months, as well as ownership percentage conditions for partnerships and corporations.

The individual applying is Inuk and has lived in Baffin Region for 6 months or more.
The partnership applying is at least 51% Inuit owned and controlled.
The corporation applying is at least 51% Inuit owned and controlled.
The corporation applying is an Inuit firm certified by Nunavut Tunngavik Inc. for inclusion on the Inuit Firm Registry under Article 24 of the Nunavut Land Claims Agreement and has its principal place of business in Nunavut, Canada.

grant_eligibility_criteria|who_can_apply

Yes, there are eligible types of companies for this grant. These companies must be at least 51% Inuit owned and controlled or certified by Nunavut Tunngavik Inc. for inclusion on the Inuit Firm Registry.

Inuk individuals who have lived in Baffin Region for 6 months or more
Partnerships that are at least 51% Inuit owned and controlled
Corporations that are at least 51% Inuit owned and controlled
Corporations certified by Nunavut Tunngavik Inc. for the Inuit Firm Registry with their principal place of business in Nunavut

grant_eligibility_criteria|eligible_expenses

The grant application specifies several eligible expenses that can be covered by the funding. These expenses include costs related to setting up the business, asset costs, inventory costs, and operating costs.

Set-up Costs
Asset Costs such as buildings, machinery, vehicles, tools, computers, and office equipment
Inventory Costs including component parts
Operating Costs including telephone fees, insurance, office supplies, utility costs, and rent
Business Plan Costs

grant_eligibility_criteria|zone

The eligible geographic zone for this grant is the Baffin Region, specifically within Nunavut, Canada. Applicants must have lived in the Baffin Region for six months or more to qualify.

Baffin Region
Nunavut, Canada

grant_single_labels|criteria

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

grant_single_labels|register

Step 1:
Complete the "Application for Business Funding" form with all required details about the applicant and the business.
Step 2:
Check your eligibility by selecting the appropriate category under Part 2 of the form.
Step 3:
Identify the type of project funding you are applying for in Part 3, and ensure you have the relevant documents and quotes as per the project cost.
Step 4:
Complete the Job Creation Statistics in Part 4, stating the number of jobs created or maintained.
Step 5:
Fill out the required Financing details in Part 5, including setup costs, asset costs, inventory costs, operating costs, and other relevant expenses.
Step 6:
Prepare all required documents as listed in Part 6, including identification, business licenses, support letters, and financial statements.
Step 7:
Submit the completed form and all other required documents to the Kakivak Association for review.
Step 8:
Wait for Kakivak Association to verify the applicant’s credit history and inspect financial accounts, if necessary.
Step 9:
Upon approval, sign any agreement or contract provided by Kakivak Association, agreeing to the terms and conditions for the funding.

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

Kakivak Association Business Funding Grant Overview

The Kakivak Association offers various business funding options aimed at supporting Inuit entrepreneurs and businesses in Nunavut, encouraging economic growth and stability within the Baffin region. This grant provides financial assistance for multiple projects including business planning, asset acquisition, and operational costs.

Comprehensive Guide to the Kakivak Association Business Funding Grant

The Kakivak Association, based in Iqaluit, Nunavut, is dedicated to fostering economic development and employment opportunities within the Inuit communities of the Baffin region. Recognizing the unique challenges faced by businesses in the Arctic, the association provides various financial assistance programs tailored to meet the needs of both aspiring and established Inuit entrepreneurs. This detailed guide will explore the intricacies of the Kakivak Association Business Funding Grant, covering eligibility criteria, application process, funding categories, and essential documentation.

1. Understanding the Grant

The Kakivak Association Business Funding Grant is designed to support Inuit-owned businesses either starting up or aiming to expand. It offers financial assistance for various business needs such as business plans, inventory acquisition, operational costs, and more. With a focus on sustainable economic development, the grant aims to create and maintain jobs within the community, promoting long-term economic stability.

2. Eligibility Criteria

To qualify for the business funding grant, applicants must meet specific criteria: a) The applicant must be an Inuk residing in the Baffin region for at least six months. b) Partnerships applying must have at least 51% Inuit ownership. c) Corporations must be at least 51% Inuit-owned and could be certified by Nunavut Tunngavik Inc. (NTI) for inclusion on the Inuit Firm Registry. d) The main commercial activity of the business must align with the economic priorities set out by the Kakivak Association.

3. Application Process

The application process for the grant involves several key steps: a) Complete the "Application for Business Funding" form available on the Kakivak Association website. b) Provide all relevant eligibility documentation, including NTI Beneficiary cards and business licenses. c) Submit detailed project descriptions and financial projections depending on the funding amount requested. d) Ensure all required signatures and declarations are completed.

4. Categories of Funding

The grant covers a variety of funding categories, each suited to different business needs and stages of development: - **Business Plan Funding**: Supports the creation of comprehensive business plans. Applicants must submit at least one quotation from a reputable business planning consultant. - **Small Projects (Under $5,000)**: Suitable for modest projects not exceeding $5,000. No business plan is required, but quotations confirming prices from suppliers must be included. - **Medium Projects ($5,000-$20,000)**: For more substantial projects, a brief business plan with financial projections is necessary. This includes pro forma statements of income, monthly cash flow projections, and an annual balance sheet for the forthcoming year. - **Large Projects ($20,000 and over)**: Furnishing funding for large-scale projects, this category necessitates a comprehensive business plan covering monthly cash flow projections and annual balance sheets for the next three years.

5. Job Creation and Maintenance

The Kakivak Association places a significant emphasis on job creation and preservation. Applicants must provide detailed information about: a) The number of new full-time and part-time jobs that will be created by the proposed project, specifying Inuit and non-Inuit positions separately. b) The number of existing jobs that will be maintained if the funding is approved.

6. Financial Requirements and Contributions

Applicants are generally required to contribute a minimum of 10% of the total project costs. Detailed breakdowns of costs are necessary, with categories including: - Set-up costs (consultant fees, incorporation fees, licenses) - Asset costs (buildings, machinery, tools, office equipment) - Inventory costs (goods and component parts) - Operating costs (telephone, insurance, utilities, rent)

7. Documentation Checklist

To ensure a complete application, the following documents must be included: - Completed and signed Application for Business Funding form - Copy of a municipal business license (if applicable) - Legible copies of NTI Beneficiary cards for all applicants - Letters of support from customers, hamlets, or hunter and trappers' associations - Quotations from suppliers confirming prices for listed equipment, goods, or services - Comprehensive or brief business plans (depending on the funding amount requested)

8. Declaration and Agreement

As part of the application, the applicant must agree to several declarations, including: a) Acknowledgment of contributing a minimum of 10% equity toward the project costs. b) Commitment to use the funds for the purpose stated in the application. c) Agreement not to transfer, sell, or use the funded assets for other business purposes during the term of the agreement, typically two years, without Kakivak Association's approval. d) Understanding that Kakivak Association may verify credit history, inspect financial records, and make inquiries as necessary.

9. Important Contact Information

For further assistance or inquiries regarding the grant application process, applicants can contact the Kakivak Association at: Phone: 867-979-0911 Fax: 867-979-3707 Toll-free: 1-800-561-0911 Address: 924 Parnaivik Building P.O. Box 1419 Iqaluit, NU X0A 0H0 Canada

Conclusion

The Kakivak Association Business Funding Grant represents a valuable opportunity for Inuit entrepreneurs in Nunavut to obtain the financial support necessary for starting or expanding their businesses. By meeting the eligibility criteria, carefully preparing the application, and providing all required documentation, applicants can significantly enhance their chances of securing the funding needed to drive economic development and job creation within their communities. This grant not only fortifies individual businesses but also contributes to the broader economic sustainability and resilience of the Inuit population in the Baffin region.