Kakivak Association — Makigiaqvik Loans
NU, Canada
Loans for Inuit business in Nunavut’s Qikiqtani Region
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
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
Access a loan of up to $50,000 with an interest rate of 8.5% to establish or expand a business.
grant_single_labels|terms_and_conditions
The Makigiaqvik Loans offer financial support with structured terms to help Inuit owned businesses in their development projects. These loans provide a substantial amount with specified interest and repayment conditions.
- Secured term loans are available for up to $50,000.
- Fixed interest rate of 8.5% is applicable on the loans.
- Loans feature repayment schedules extending up to 7 years.
grant_single_labels|projects
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.
grant_single|admissibleProjectsExample
$ 25,000
Establish a mobile clinic offering free health services to underserved populations
$ 25,000
Expand a local bakery offering gluten-free and vegan products
$ 25,000
Create a recycling program in partnership with local schools
$ 25,000
Open an art gallery focusing on local artists and interactive exhibits
$ 25,000
Launch a tech startup specializing in AI-driven healthcare solutions
$ 25,000
Set up a community cafe with a focus on local, organic foods
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
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.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: 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.
- Step 2: Access Application Forms
- Download the PDF version of the application form for the specific grant you are interested in from Kakivak's website.
- Step 3: 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.
- Step 4: Submit Your Application
- Submit your completed application and all supporting documents to Kakivak's Business Services Department by the specified means (e.g., email, mail, or in-person submission).
- Step 5: Follow Up
- Contact Kakivak to confirm the receipt of your application.
- Inquire about the status of your application and any further steps if required.
Apply to this program
Supporting Inuit-Owned Business Ventures
The Kakivak Association offers financial aids and advisory services to Inuit entrepreneurs in the Qikiqtani Region to help start, manage, and expand their businesses. With various programs like Makigiaqvik Loans and Sivummut Grants, the association aims to fuel economic growth by fostering successful Inuit-owned enterprises.
Understanding Kakivak’s Business Support Initiatives
Kakivak Association stands as a pivotal institution in empowering Inuit entrepreneurs across the Qikiqtani Region. By offering a diverse array of financial products and advisory services, Kakivak aims to bolster the economic fabric of the community by nurturing Inuit-owned businesses. The Business Development Department provides a comprehensive suite of resources designed to support businesses at various stages of their lifecycle—from the initial concept to establishment, expansion, and ongoing management.
Among the offerings, the Makigiaqvik Loans provide essential capital to Inuit entrepreneurs seeking to kickstart or grow their business ventures. These secured term loans, capped at $50,000, come with a fixed interest rate of 8.5% and a generous repayment term stretching up to seven years, providing a favorable financial environment for new business development. This is complemented by Sivummut Grants, which cater to different phases of business growth by offering up to $25,000 in total grants. These grants are segmented into specific allocations aimed at pre-startup, startup, and expansion phases, thus tailoring support to meet distinct business needs.
For artists and craftspeople, the Small Tool Grants play a crucial role by subsidizing the purchase of essential tools and equipment. This initiative particularly helps those engaged in traditional crafts, ensuring they have access to the necessary tools to sustain and grow their creative enterprises. Further, the Economic Opportunity Fund (EOF) targets tourism-oriented businesses in communities adjacent to national parks within the region. This fund provides up to $10,000 annually in grant funding per applicant, fostering tourism and related activities, ultimately contributing to the economic dynamism of these locales.
The commitment of Kakivak goes beyond mere financial support. Business Development Officers at Kakivak actively engage with entrepreneurs to assess their unique challenges and tailor solutions that maximize opportunity and minimize risk. This includes not only securing funding but also providing ongoing guidance and training to ensure sustained success and growth.
By nurturing the talents and ambitions of Inuit entrepreneurs, Kakivak Association plays a transformative role in the economic development of the Qikiqtani Region. The organization’s integrated approach in advising, funding, and training functions harmoniously to create a robust business ecosystem that benefits individual entrepreneurs and the community at large. Entrepreneurs are equipped not just with capital, but with knowledge and resources crucial for navigating the competitive business landscape, thereby satisfying the dual aim of fostering economic self-reliance and communal prosperity.
In summary, Kakivak’s initiatives underscore a concerted effort to drive inclusive economic growth by leveraging the entrepreneurial spirit inherent within the Inuit communities. Through astutely structured financial offerings and dedicated support services, Kakivak is empowering Inuit entrepreneurs to transform their business ideas into thriving enterprises, thereby contributing to a prosperous and self-reliant regional economy.
