Kakivak Association — Sivummut Grants to Small Businesses
NU, Canada
Grants for Inuit businesses in Nunavut’s Qikiqtani Region
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- 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
Receive up to $25,000 in grants for pre-start-up, start-up, and business expansion, which can be combined with a business loan to grow and expand your business.
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Kakivak Association provides funding for the following eligible projects and activities:
- Funding for the development of a business plan.
- Projects not exceeding $5,000 in total cost, with written quotations confirming prices from suppliers.
- Projects ranging from $5,000-$20,000 in total cost, with a brief business plan required.
- Projects exceeding $20,000 in total cost, with a comprehensive business plan required.
grant_single|admissibleProjectsExample
$18,000
Saskatoon
Expansion of a community garden project
$15,000
Halifax
Establishment of an artisan coffee shop
$25,000
Vancouver
Development of an online educational platform
$20,000
Whitehorse
Development of a mobile app for local food delivery services
$20,000
Toronto
Setup of a shared co-working space for freelancers
$13,000
Ottawa
Creation of a local craft cooperative
grant_single_labels|admissibility
To be eligible for the grant, the applicant must meet certain criteria based on their individual, partnership, or corporate status. The criteria revolve around Inuit ownership, residency, and specific business activities within the Baffin Region.
- 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
The eligible types of companies for this grant are those that are at least 51% Inuit owned and controlled, as well as Inuit firms certified by Nunavut Tunngavik Inc. for inclusion on the Inuit Firm Registry under Article 24 of the Nunavut Land Claims Agreement. These companies must also have their principal place of business in Nunavut, Canada.
- Individual Inuk applicants 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 that are certified Inuit firms by Nunavut Tunngavik Inc. under Article 24 of the Nunavut Land Claims Agreement
grant_eligibility_criteria|eligible_expenses
Yes, there are eligible expenses for this grant. These expenses include costs related to setting up a business, asset acquisition, inventory procurement, operating costs, and business plan development.
- Set-up Costs
- Asset costs
- Inventory costs
- Operating Costs
- Business Plan Costs
grant_eligibility_criteria|zone
The eligible geographic zones for this grant are specified as being within the Baffin Region and Nunavut, Canada.
- Baffin Region
- Nunavut, Canada
grant_single_labels|criteria
The evaluation and selection criteria for the Kakivak Association Business Funding application appear to be implied through the requirements and expectations outlined in the application form. Below is a summary of these criteria:
- Applicant Eligibility: The applicant must be Inuk and reside in the Baffin Region for six months or more, or the applying entity (partnership or corporation) must be at least 51% Inuit owned and controlled.
- Project Scope: Clarity in business activity, projected costs, and required supporting documents (e.g., business plans, financial statements).
- Documentation: Submission of all required documents, including NTI Beneficiary card, business license, support letters, and quotations from suppliers.
- Equity Contribution: The applicant's commitment to contribute a minimum of 10% of the total project costs.
- Job Creation: The potential for the project to create full-time and part-time jobs for Inuit and other employees.
grant_single_labels|register
- Step 1: Complete the “Application for Business Funding” form. Ensure it is signed and dated.
- Step 2: Obtain a copy of a municipal Business License or any other applicable licenses.
- Step 3: Provide a legible copy of the NTI Beneficiary card for each and every applicant if the applicant is an individual or partnership.
- Step 4: Provide a legible copy of the Social Insurance card for each and every applicant (optional) if the applicant is an individual or partnership.
- Step 5: Obtain a letter from the Hamlet or Hunter and Trappers’ Association acknowledging support for your business proposition. If this is impossible to obtain, explain why in a separate statement.
- Step 6: If applying for project funding not exceeding $5,000 in total cost, provide a letter from at least one customer stating they now buy or intend to buy from your business and written quotations from suppliers confirming prices, including 7% GST tax and delivery charges to your community.
- Step 7: If applying for funding for an outfitting business, include a quotation or certificate for business liability insurance appropriate to your industry or enterprise.
- Step 8: If applying for business plan funding, include at least one detailed quotation from a reputable business planning consultant.
- Step 9: If applying for a project ranging from $5,000-$20,000 in total cost, include a brief business plan for the project (including a pro forma statement of income, monthly cash flow projections, and an annual balance sheet for the next year of operation).
- Step 10: If applying for a project exceeding $20,000 in total cost, include a comprehensive business plan (including pro forma monthly cash flow projections and annual balance sheets and statements of income reflecting the impact of the proposed project over the next three years of operation).
- Step 11: If the applicant is a corporation or an association, include a list of the board of directors and contact information, a legible copy of the shareholder certificates for all shareholders, a statement indicating the percentage of corporate ownership held by each shareholder, a legible copy of the shareholder certificates for all shareholders of the applicant corporation if it is a subsidiary, and a legible copy of the Nunavut Tunngavik Inc. Inuit Firm Registry certificate or certification as a Birthright Corporation or 100% owned subsidiary of a Birthright Corporation located in Nunavut.
- Step 12: If the applicant is an existing business, include annual financial statements for the previous 3 years of operation or a written statement explaining why financial statements are unavailable for the previous 3 years.
- Step 13: Submit the application and all required documents to Kakivak Association for review.
grant_single_labels|otherInfo
This grant requires detailed documentation for consideration, including proof of Inuit ownership and a comprehensive business plan for projects exceeding $20,000. The Kakivak Association oversees grant distribution, ensuring compliance with specific terms and conditions.
- At least 51% Inuit ownership is required for eligibility.
- Applications must include copies of NTI Beneficiary and Social Insurance cards.
- Applicants must provide a letter of support from the Hamlet or Hunter and Trapper's Association.
- Funding applications over $5,000 require a brief business plan, while those over $20,000 require a comprehensive business plan.
- A minimum of 10% equity contribution from the applicant is typically required.
- Funding offers can be withdrawn at any time by the Kakivak Association.
grant_single_labels|contact
867-979-0911
Apply to this program
Kakivak Association Business Funding Grant Overview
The Kakivak Association Business Funding Grant is designed to support Inuit-owned businesses in the Baffin Region of Nunavut. The grant provides financial assistance for business plans, start-up costs, inventory, operating costs, and more, aiming to foster economic growth and job creation within the community.
Detailed Explanation of the Kakivak Association Business Funding Grant
The Kakivak Association Business Funding Grant offers a valuable opportunity for Inuit entrepreneurs and existing businesses in the Baffin Region of Nunavut to access financial assistance that can help them grow and succeed. The grant is part of the association’s broader mandate to strengthen the economic base of Nunavut by supporting Inuit-led business initiatives. If you're an Inuit entrepreneur or you operate an Inuit-owned business, here's everything you need to know about this funding opportunity.
Eligibility Criteria
Eligibility for the Kakivak Association Business Funding Grant is strictly defined to ensure the funds are allocated to deserving applicants. To be eligible, applicants must meet one of the following criteria:
- An individual Inuk who has lived in the Baffin Region for at least six months.
- A partnership that is at least 51% Inuit-owned and controlled.
- A corporation that is at least 51% Inuit-owned and controlled.
- An Inuit firm included in the Inuit Firm Registry under Article 24 of the Nunavut Land Claims Agreement, with its principal place of business in Nunavut.
Types of Funding Available
The grant program is flexible and allows for a range of funding needs:
- Business Plan Development: Applicants can seek funding for the development of a business plan. At least one quotation from a reputable business planning consultant is required.
- Projects Under $5,000: These applications do not require a business plan, but written quotations confirming prices from suppliers for goods and services are necessary.
- Projects Between $5,000 and $20,000: A brief business plan, including financial projections, must be submitted.
- Projects Over $20,000: A comprehensive business plan, including detailed financial projections for the next three years, is required.
Application Process
Applicants are required to complete an "Application for Business Funding" form, which includes several key sections:
- Applicant Information: Personal details of the individual or details of the business seeking funding.
- Eligibility Confirmation: Verification of the applicant’s Inuit status and details about the ownership structure if applicable.
- Project Information: Details about the nature and scope of the proposed project.
- Job Creation Statistics: Information on the number of jobs that will be created or maintained as a result of the funding.
- Financing Requirements: A detailed breakdown of project costs and required funding.
Required Documentation
To ensure a complete application, the following documents must be provided:
- A completed, signed, and dated application form.
- A copy of a municipal business license, if applicable.
- For individual or partnership applicants, copies of NTI beneficiary cards and optional social insurance cards.
- A letter of support from the local Hamlet or Hunter and Trappers’ Association, where applicable.
- If applying for projects under $5,000, customer letters and supplier quotations must be included.
- Outfitting business applicants must provide a business liability insurance quotation or certificate.
- For business plan funding, at least one detailed quotation from a reputable business planning consultant is required.
- For projects over $5,000, various versions of a business plan, depending on the project size, must be submitted.
- If the applicant is a corporation, additional documentation including a list of board members, shareholder certificates, and NTI Firm Registry certification is required.
- Existing businesses must provide annual financial statements for the previous three years or a written explanation for their unavailability.
Equity Contribution
An important aspect of the Kakivak Association Business Funding Grant is the requirement for applicants to contribute a minimum of 10% equity toward the total project costs. This demonstrates the applicant’s commitment to the project and provides a shared risk-taking approach, enhancing the likelihood of project success.
Job Creation and Economic Impact
One of the primary objectives of the Kakivak Association, through this funding grant, is to stimulate job creation and contribute to the economic development of Nunavut. Applicants are encouraged to detail how their project will create or maintain jobs within their community. Typically, new jobs are categorized into full-time and part-time positions, whether they are for Inuit or non-Inuit individuals.
Compliance and Monitoring
Successful applicants are required to comply with certain terms and conditions for a period of two years. These include:
- The prohibition of transferring, selling, or assigning goods or services funded by the Kakivak Association.
- Using the funded assets strictly for the purposes stated in the application.
- Maintaining the ownership structure of the business unless written approval is obtained from the Kakivak Association.
Additionally, the association retains the right to inspect financial books and records and to verify the applicant’s credit history.
Benefits of the Grant
The Kakivak Association Business Funding Grant offers numerous benefits, including:
- Financial Support: Access to necessary funds for business development, growth, and operational needs.
- Expert Consultation: Funding for business plan development includes consultation from reputable business planning experts.
- Job Creation: Direct support for projects that create new employment opportunities in the Baffin Region, contributing to local economic stability and growth.
- Community Development: By supporting Inuit-owned businesses, the grant fosters community self-sufficiency and resilience.
Conclusion
The Kakivak Association Business Funding Grant stands as a cornerstone for economic development in the Baffin Region of Nunavut. It not only provides financial aid but also promotes sustainable business practices and community engagement. For Inuit entrepreneurs and businesses, this grant is an essential resource for driving growth, creating jobs, and contributing to the overall prosperity of Nunavut.
If you're an eligible Inuk entrepreneur or you own an Inuit business in the Baffin Region, leveraging this grant can significantly bolster your business ambitions and contribute to the vibrant economic landscape of Nunavut. Make sure to gather all required documents, carefully fill out the application form, and take full advantage of this valuable opportunity provided by the Kakivak Association.