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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.
