Platform
Consulting
Resources
Pricing
Nunavut Business Credit Corporation - NU - Canada

Nunavut Business Credit Corporation

Last Update: July 22, 2025
NU, Canada
Financial and business support for businesses in Nunavut

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
Program status
Closed

Overview

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.

Activities funded

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

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

Selection criteria

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

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.

Contacts

1-888-758-0038
NU, Canada
Apply to this program

Frequently Asked Questions about the Nunavut Business Credit Corporation Program

Here are answers to the most common questions about the Nunavut Business Credit Corporation. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.

What is the Nunavut Business Credit Corporation?

How much funding can be received?

What expenses are eligible under Nunavut Business Credit Corporation?

What is the deadline to apply?

Is the Nunavut Business Credit Corporation a grant, loan, or tax credit?

Who are the financial supporters of the Nunavut Business Credit Corporation?

Who is eligible for the Nunavut Business Credit Corporation program?

Who can I contact for more information about the Nunavut Business Credit Corporation?

Where is the Nunavut Business Credit Corporation available?

Apply to this program