How much funding can be received?

Funds up to 8% of admissible expenses, capped at $25000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Kakivak Association — Makigiaqvik Loans?

Kakivak Association — Makigiaqvik Loans is funded by Kakivak Association

What are Kakivak Association — Makigiaqvik Loans's eligibility criterias?

The applicant must be an Inuit-owned business. The business should be located in the Qikiqtani Region.

Kakivak Association — Makigiaqvik Loans

Last Update: January 24, 2025

NU, Canada

Loans for Inuit business in Nunavut’s Qikiqtani Region

Kakivak Association — Makigiaqvik Loans at a glance

Eligible Funding

Max. $25,000
Up to 8% of project cost

Timeline

Continuous Intakes

Financing Type

Loans and Capital investments

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 — Makigiaqvik Loans program

Access a loan of up to $50,000 with an interest rate of 8.5% to establish or expand a business.

Financing 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.

Eligible projects & activities

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.

Examples of admissible projects:

$ 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

Eligibility criteria of the Kakivak Association — Makigiaqvik Loans program

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 to the Kakivak Association — Makigiaqvik Loans program

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

Download the PDF version of the application form for the specific grant you are interested in from Kakivak's website.

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

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).

Follow Up