How much funding can be received?

This policy is specifically designed for companies located in the Northwest Territories (NWT) of Canada. The eligible geographical areas encompass specific regions within this territory to promote local business development.

Northwest Territories, Canada

grant_single|admissibleProjectsExample

$20,000

Creating a community garden to promote local food production and education

$50,000

Opening a local bookstore specializing in Northern Canadian literature

$25,000

Developing an online platform to support local artisans and craftspeople

$50,000

Launching a cultural heritage center to preserve Indigenous knowledge and traditions

$75,000

Establishing a mobile medical clinic to serve remote communities

$60,000

Setting up a renewable energy co-op to increase local sustainable energy options

grant_single_labels|admissibility

The eligibility criteria for registering a company under the Business Incentive Policy (BIP) focus on ownership and residency requirements within the Northwest Territories (NWT).

The company must be majority-owned (51% or higher) by residents of the NWT.
The business owner(s) must have been residents of the NWT for the past 12 months.
Documents required for registration include a copy of the owner's driver's license or a T2222 Northern residency tax form.

grant_eligibility_criteria|who_can_apply

The Business Incentive Policy (BIP) is open to companies with majority ownership (51% or more) within the Northwest Territories (NWT), and the business owners must have been residents within the NWT for the past 12 months.

grant_eligibility_criteria|who_cannot_apply

There are some types of companies that are not eligible for the Business Incentive Policy grant:

Companies not owned and operated within the Northwest Territories.
Companies where the majority ownership is not within the Northwest Territories (less than 51%).

grant_eligibility_criteria|eligible_expenses

The Business Incentive Policy (BIP) grant does not specify eligible expenses.

grant_single_labels|criteria

The Business Incentive Policy grant has evaluation and selection criteria. The criteria include:

Majority ownership within the NWT (51%).
Residency in the NWT for the past 12 months.
Submission of required documents such as driver's license or T2222 Northern residency tax form.

grant_single_labels|register

Here are the steps to apply for the Business Incentive Policy:

Step 1: Review Eligibility and Requirements
- Ensure your business meets the eligibility requirements, including being majority-owned (51%) by NWT residents and having resided within NWT for the past 12 months.
- Gather necessary documentation such as a copy of your driver's license or T2222 Northern residency tax form.
Step 2: Obtain Application Forms and Guidelines
- Download the BIP Application form and relevant appendices from the GNWT's website.
- Review the BIP Guidelines and Interpretive Bulletins to understand the nuances of the application process.
Step 3: Complete Application Forms
- Fill out the BIP Application form thoroughly, ensuring all required information is included.
- Complete any additional statutory declarations or appendices required.
Step 4: Contact Regional Economic Development Officer
- Reach out to your regional Economic Development Officer for guidance on completing the application and to confirm all necessary documents are prepared.
Step 5: Submit Application
- Submit the completed application form and supporting documents to the appropriate regional office via mail or in-person delivery.
- Ensure submission is done before any deadlines specified by the registry guidelines.
Step 6: Await Confirmation
- Wait for confirmation of receiving your application from the Business Incentive Policy Monitoring Office or relevant department.

grant_single_labels|otherInfo

Here are additional relevant details for the Business Incentive Policy:

The Department of Industry, Tourism and Investment maintains the official registry of approved BIP businesses.
The Government's Contract Registry and Reporting System provides a comprehensive database of government contracts.
Contact regional Economic Development Officers for guidance on the program.
There are multiple interpretive bulletins available to clarify aspects of the BIP, such as subcontract agreements and bid adjustments.
Physical addresses and contact information for regional offices are provided for in-person inquiries and submissions.

grant_single_labels|contact

bip@gov.nt.ca

(867)-872-8046

Apply to this program

Empowering Local Businesses in NWT

The Business Incentive Policy (BIP) offers preferential procurement opportunities to businesses within the Northwest Territories (NWT), enhancing economic growth and capacity. The policy is geared towards fortifying a diversified, sustainable economy by granting local companies competitive advantages in government contracts.

Understanding the Business Incentive Policy and Its Economic Significance

The Government of the Northwest Territories (GNWT) has implemented the Business Incentive Policy as a strategic measure to fortify the local economy by promoting the participation of NWT-owned and operated businesses in government procurement opportunities. With an annual expenditure of over $260 million on products and services, the GNWT's commitment through the BIP not only fosters economic development but also ensures the circulation of wealth within the territory, thus enhancing local employment and economic stability.

The BIP provides a structured advantage to registered companies by allowing a favorable bid adjustment on government contracts, thereby increasing their competitiveness against non-local entities. Specifically, for contracts up to $1 million, a 15% NWT and 5% local adjustment is applied, while for contracts exceeding $1 million, the first million is subject to the same adjustment and the remainder is adjusted with a 1.5% NWT and 0.5% local preference. This tiered structure not only prioritizes regional engagement but also ensures that businesses can effectively scale while maintaining preferential treatment.

Registration under the BIP requires that a company have majority ownership within the NWT, defined as at least 51%, alongside proof of residency within the NWT for a minimum of 12 months. This criterion is pivotal in ensuring that the economic benefits are retained within the community, supporting local entrepreneurs and fostering a thriving business environment. The inclusion of accessibility to regional Economic Development Officers aids businesses in navigating the registration process and leveraging the policy to its fullest potential.

The advantage provided by the BIP is integral to encouraging local innovation and entrepreneurship. By supporting Northern businesses, the GNWT not only drives economic diversification but also contributes to reducing reliance on external markets. This in turn can lead to a more self-sufficient economy with robust local supply chains, capable of withstanding broader economic fluctuations.

The BIP also exemplifies an effective policy model for economic enhancement through targeted government procurement strategies. By maintaining a comprehensive registry and reporting system, the policy provides transparency and accountability, ensuring that the procurement process is fair and equitable. This systematic approach underscores the GNWT's commitment to sustainable economic development and positions the NWT as a competitive player in the regional market.

Furthermore, the policy’s emphasis on nurturing local talent and resources contributes to building a skilled workforce that is attuned to the unique challenges and opportunities within the NWT. The acknowledgment and support of local capabilities encourage continuous improvement and innovation, vital to economic progression.

In summary, the Business Incentive Policy is a testament to the GNWT's strategic vision for local economic empowerment. It provides a significant opportunity for businesses within the NWT to flourish by participating actively in government procurement, strengthening the economic fabric of the region, and ensuring that the benefits of government spending are maximally utilized for regional development. Through this policy, the GNWT not only secures economic growth but also pioneers a model for other regions aiming to enhance local enterprise through informed and effective policy-making.