Kakivak Association — Makigiaqvik Loans
Overview
Access a loan of up to $50,000 with an interest rate of 8.5% to establish or expand a business.
At a glance
Funding available
- Develop employee skills
- Marketing a product
- Maximum amount : 25,000 $
- Up to 8% of project cost
- Open continuously
Eligible candidates
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Nunavut
- For-profit business
- Sole proprietorship
- All revenue ranges
- All organization sizes
- Indigenous Peoples
- Rural or Northern Residents
- Startups
Activities funded
The Makigiaqvik Loans program offers financial assistance to eligible Inuit-owned businesses aimed at establishing or expanding their operations. The focus is on identifying and supporting projects that are viable and capable of creating employment in their communities.
- Financing for the establishment of new Inuit-owned businesses.
- Financial support for the expansion of existing Inuit-owned businesses.
Eligibility
The eligibility criteria for this grant are specifically tailored to support Inuit owned businesses and certain professions within the Qikiqtani Region.
- The business must be Inuit owned.
- The business must be located within the Qikiqtani Region.
- The applicant for the Economic Opportunity Fund must be a tourism-based business operating in one of the specified communities adjacent to the National Parks: Grise Fiord, Resolute Bay, Arctic Bay, Pond Inlet, Qikiqtarjuaq, or Pangnirtung.
- For Small Tool Grants, the applicant must be an artist or craftsperson.
Who is eligible?
This program is specifically available to Inuit-owned businesses operating in the Qikiqtani Region and aims to support economic development and business expansion within this community.Eligible expenses
The Economic Opportunity Fund supports tourism-based business initiatives in specific communities within the Qikiqtani Region. Projects eligible for this funding focus on equipment acquisition, safety enhancements, and marketing projects to boost tourism and economic activities.
- Purchase of new equipment for tourism-based businesses.
- Acquisition of safety gear to enhance operational safety standards.
- Development and implementation of marketing initiatives to promote tourism.
Eligible geographic areas
This grant is available to companies in specific regions designated by the program to support regional business growth. The focus is on Inuit-owned businesses within the Qikiqtani Region.
- Businesses must be located within the Qikiqtani Region.
- Eligible communities include Grise Fiord, Resolute Bay, Arctic Bay, Pond Inlet, Qikiqtarjuaq, and Pangnirtung.
How to apply
Contact Kakivak's Business Services Department
- Make an appointment to discuss your business plans and eligibility with a Business Development Officer.
- Call the Kakivak toll-free number if you have any questions or need guidance.
Access Application Forms
Prepare Your Application
- Complete the application form with detailed information about your business and your funding requirements.
- Gather any necessary supporting documentation, such as business plans, financial statements, or proposals.
Submit Your Application
Follow Up
- Contact Kakivak to confirm the receipt of your application.
- Inquire about the status of your application and any further steps if required.
