Nunavut Entrepreneurship Incentive
NU, Canada
Financial support for new entrepreneurs in Nunavut
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Government of Nunavut
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get career counseling and start-up support with a $5,000 contribution that will help offset businesses expenses and licensed child care costs for children under the age of 6.
grant_single_labels|terms_and_conditions
This policy aims to encourage the growth and development of Nunavut businesses by offering financial incentives designed to offset higher operating costs. It is structured to support both existing and new businesses through targeted incentives.
- Application for designation under the Business Incentive Policy is necessary to access the financial benefits, and it must align with the "spirit and intent" of the policy as decided by the Senior Management Preference Committee.
- Under $1,000 in contract value, purchases are made directly from approved Nunavut businesses without a discount.
- For contracts valued over $1,000 and under $5,000, a 20% discount is applied to Nunavut content, with no additional tender adjustment for local content.
- For contracts over $5,000, a 15% discount is applied to Nunavut content on all contracts, with an additional 5% for local content, making the total preference for local content 20%.
- All contracts estimated to be valued at less than $30,000 are invitationally tendered exclusively to Nunavut firms, providing there are at least two Nunavut firms capable of fulfilling them.
- Failure of a contractor to deliver the stipulated Nunavut or local involvement can lead to disqualification as a Nunavut business and potentially permanent disqualification.
- Contracts can include conditions for recovering damages equal to the value of unfulfilled Nunavut or local content promised.
grant_single_labels|projects
Eligible projects for the Nunavut Entrepreneurship Incentive focus on enhancing the competitive edge of local businesses and fostering sustainable growth in the region. These initiatives aim to encourage the development of necessary business skills and create more employment opportunities for local residents.
- Providing goods and services to government, the private sector, and the public at competitive prices.
- Reinvestment of corporate earnings into the Nunavut economy.
- Developing business skills and experience to compete successfully with other Nunavut and southern businesses.
- Creating employment for Nunavut and local administrative and management staff.
- Training opportunities for Nunavut administrators and managers.
grant_single|admissibleProjectsExample
$ 5,000
Start a sustainable fashion line with business planning and child care support
$ 5,000
Launch a new bakery with start-up equipment and licensed child care costs
$ 5,000
Develop a women's empowerment initiative with mentorship programs and child care support
$ 5,000
Setup a new non-profit art studio with networking opportunities and child care support
$ 5,000
Establish a new IT consulting firm with career counseling and child care support
$ 5,000
Create a new digital marketing agency with internship programs and child care support
grant_single_labels|admissibility
Eligibility for the Nunavut Entrepreneurship Incentive is based on specific criteria that participants must meet regarding their business operations and residency status.
- The applicant must be a business entity such as a corporation, partnership, sole proprietorship, joint venture, or co-operative.
- The business must be designated as a Nunavut business by meeting legal requirements and ownership criteria, including maintaining at least 51% ownership by Nunavut residents.
- For non-resident businesses, they must have operated in Nunavut for at least ten years consecutively and meet the other criteria for overhead and management.
- The business must maintain an approved place of business in Nunavut, either through leasing or owning appropriate space for business operations.
- A resident manager must be in place, capable of managing the day-to-day operations within Nunavut.
- Businesses need to apply and receive the designation at least two weeks before the tender opening to be eligible.
grant_eligibility_criteria|who_can_apply
The Nunavut Entrepreneurship Incentive is available to businesses officially operating within Nunavut. To qualify, a business must comply with certain legal requirements, such as maintaining an approved place of business in Nunavut, having a Nunavut resident as a manager, and executing the majority of its management and administrative operations within the territory. Additionally, local businesses must have been resident in a specific community for at least six months and meet criteria regarding local management and operations.
grant_eligibility_criteria|who_cannot_apply
The Nunavut Entrepreneurship Incentive aims to support local businesses, but certain criteria must be met ensuring alignment with the policy's objectives. Eligibility depends on fulfilling specific residency or operational requirements.
grant_eligibility_criteria|eligible_expenses
The Nunavut Entrepreneurship Incentive grant covers expenses directly associated with business operations and development in Nunavut.
- Costs of leasing or owning office, commercial, or industrial space for the primary purpose of operating the business.
- Expenses related to hiring and maintaining a resident manager.
- Operational costs for conducting the majority of management and administrative functions within Nunavut.
- Expenditures for training and employing local administrators and managers.
- Expenses incurred in the process of applying for and obtaining designation as a Nunavut business.
grant_eligibility_criteria|zone
This grant is specifically targeted towards businesses operating in Nunavut. Eligible companies are those located within the territorial boundaries of Nunavut, aligning with the government’s priorities to support local economic development.
- Businesses operating in the community of Iqaluit.
- Companies located within the Kitikmeot Region.
- Organizations based in the Kivalliq Region.
- Enterprises functioning in the Qikiqtaaluk Region.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Review Eligibility and Requirements
- Ensure you meet all the eligibility criteria for the Nunavut Entrepreneurship Incentive.
- Gather necessary documentation related to your new business and personal identification.
- Step 2: Prepare Application Material
- Prepare a statement or business plan outlining your business objectives and how the funds will be used.
- Document any anticipated start-up expenses and licensed child care costs for children under the age of 6.
- Step 3: Contact Appropriate Nunavut Agency
- Identify and contact the appropriate local body or government agency handling the entrepreneurship grants in Nunavut for specific submission instructions.
- Ask for any application forms or templates that need to be completed.
- Step 4: Complete Application Form
- Fill out the application form provided by the Nunavut agency.
- Ensure all sections are completed fully and correctly.
- Step 5: Submit Application
- Submit the completed application form along with all required documentation.
- Follow the specific submission instructions provided by the agency (e.g., email, online portal, or in-person submission).
- Step 6: Confirmation and Follow-Up
- Receive confirmation of receipt for your application.
- Follow up if you do not receive confirmation within a reasonable time frame.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The Senior Management Preference Committee has the authority to waive the strict requirements of the Business Incentive Policy, provided the business aligns with the policy's spirit and intent and demonstrates long-term benefits to Nunavut's economy.
- Contracts under $1,000 must be sourced directly from approved Nunavut businesses, with no discount applied.
- Contracts valued between $1,000 and $5,000 include a 20% discount on Nunavut content, while those over $5,000 offer a 15-20% discount, including an additional discount for local content.
- If businesses fail to comply with the terms, they may face disqualification from the Nunavut business status, either temporarily or permanently.
- A Monitoring Office exists to ensure compliance with the policy and handle the designation of Nunavut businesses.
