Nunavut Business Credit Corporation
Last Update: January 24, 2025
NU, Canada
Financial and business support for businesses in Nunavut
Nunavut Business Credit Corporation at a glance
Eligible Funding
- From 150,000 to 2,000,000
Timeline
- Closing date : July 9, 2024
Financing Type
Loans and Capital investments
Eligible Industries
- Information and cultural industries
Grant Providers
- Government of Nunavut
- Nunavut Business Credit Corporation
Status
Closed
Overview of the Nunavut Business Credit Corporation program
Loans or guarantees between $150,000 and $2 million for businesses with offices in Nunavut unable to secure financing from financial institutions.
Financing terms and conditions
The Nunavut Business Credit Corporation provides various financing solutions aimed at supporting small and medium business enterprises with their unique financial needs. These modalities are designed to help businesses manage cash flow effectively and ensure sustainable growth in the Northern economy.
- Loans ranging from $150,000 to $2 million to support business operations and expansion.
- Guarantees offered to facilitate access to additional capital through other financial institutions.
- Line of credit facilities to assist with managing day-to-day operational expenses.
Eligible projects & activities
Examples of admissible projects:
$ 1,400,000
Launch a new Inuit art and culture center
$ 1,500,000
Develop a community wellness center
$ 750,000
Purchase specialized equipment for food processing
$ 1,250,000
Expand commercial fishing operations
$ 1,750,000
Upgrade internet infrastructure in the community of Cambridge Bay
$ 1,000,000
Expansion of a renewable energy cooperative's facilities
Eligibility criteria of the Nunavut Business Credit Corporation program
The eligibility criteria for financing solutions provided by the Lender of Northern Opportunity include specific requirements related to the business profile and its operations in Nunavut.
- The applicant must be a small or medium business enterprise.
- The business must be located in Nunavut.
- The financing requirement should be between $150,000 and $2 million.
Who is eligible?
This grant targets small and medium business enterprises located in Nunavut, Canada, particularly those looking for financing solutions to support their operations or expansion efforts.
Who is not eligible
Based on the grant context, there is no specific mention of companies that are not eligible for the grant.
nothing
Eligible expenses
Eligible expenses for this grant include:
- Working capital for business operations
- Financing for expansion and growth
- Purchase of equipment or machinery
- Payment of suppliers and staff
- Operating capital for specific projects
Eligible geographic areas
The Nunavut Business Credit Corporation provides financial support to enterprises located within the specific geographical area of Nunavut. Companies must be situated in this region to qualify for the financing solutions offered by NBCC.
- Nunavut
Eligibility criteria of the Nunavut Business Credit Corporation program
There are evaluation and selection criteria for this grant. The criteria include:
- Demonstrated financial need
- Business growth potential
- Impact on the local economy
- Feasibility of the project
- Ability to repay the loan or guarantee
How to apply to the Nunavut Business Credit Corporation program
1
Contact Service Professional
- Reach out to a service professional using the directory provided by the lender.
- Discuss your business requirements and the financing solutions available.
2
Preliminary Documentation
- Gather necessary financial documents and business records to demonstrate your business's financial health and growth potential.
- Prepare information about your business history and project objectives for which the finance is needed.
3
Application Preparation
- Complete the required loan or guarantee application forms provided by the lender.
- Include detailed explanations of your financing needs and plans for the funding.
4
Application Submission
- Submit the completed application along with all required documentation to the lender.
- Email or mail the application as per the provided instructions from the service professional.
5
Follow-up and Review
- Contact the lender to confirm receipt of your application.
- Await a review and response regarding your application status.
Additional information
Here are additional relevant details regarding the grant from NBCC based on the context provided:
- NBCC offers both loans and guarantees specifically tailored for businesses operating in Nunavut.
- The funding provided by NBCC has successfully helped businesses like Arctic UAV Inc. and Arctic Fishery Alliance to achieve growth and operational capacity.
- Service professionals can be contacted for personalized financing solutions and guidance through the NBCC directory.
- NBCC's financial assistance is designed to support businesses in managing costs and expanding efficiently.
Contact Government of Nunavut
1-888-758-0038
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