Small Business Support Program — Entrepreneur Development Fund

The Entrepreneur Development Fund aims to assist businesses through training and skill development initiatives as part of its broader financing modalities. These modalities are designed to ensure businesses receive the necessary support to overcome skill gaps and financial challenges.

• Subsidization for eligible training costs in areas such as accounting, bookkeeping, business start-up processes, and tourism safety and risk management.
• Support for establishing business aftercare programs to ensure ongoing business health.

Eligibility for this grant is determined by specific requirements related to the business size, sector, and legal standing.

• The applicant must be a business or entrepreneur typically with less than $500,000 in gross sales or fewer than ten employees.
• Applicants may be from any sector including artists, craftspeople, retail, tourism, and harvesting.
• The applicant must have no outstanding accounting or other contractual obligations with the Department of Economic Development and Transportation.

Who is eligible?

Businesses or entrepreneurs with less than $500,000 in gross sales or fewer than ten employees. All sectors, including artists, craftspeople, retail, tourism, and harvesters, are eligible. Applicants must be in good standing with no outstanding obligations to the Department of Economic Development and Transportation.

Who is not eligible

Some types of companies may not be eligible for this grant. The eligibility criteria may exclude certain industries or entities. Please refer to the specific guidelines for detailed information.

• Companies with gross sales exceeding $500,000
• Companies with more than ten employees
• Companies that are not in good standing or have outstanding obligations with the Department of Economic Development and Transportation

Eligible expenses

Eligible expenses for the Small Business Support Program include essential operational costs incurred by businesses due to the pandemic.

• Insurance or licensing fees.
• Office rentals.
• Utilities.
• Non-refundable business expenses for goods that are unusable due to the pandemic.

Eligible geographic areas

This grant is available to businesses and entrepreneurs in the regions of Nunavut, focusing on enhancing local economic development. Funding is accessible to those who operate within specified areas covered by the regional economic development offices.

• Kitikmeot Region
• Kivalliq Region
• North Baffin Region
• South Baffin Region

The Small Business Support Program in Nunavut has specific evaluation and selection criteria for grant applications. These criteria include:

• Applicant's demonstration of how their business has been affected by the pandemic
• Good standing without outstanding obligations with the Department of Economic Development and Transportation
• Expense eligibility: subsidizing specific business expenses related to the pandemic
• Limitations on fund usage: cannot compensate for lost income, tax remittances, loan payments, or owner drawings
• Subsidized costs must be incurred between November 1, 2021, and March 31, 2022

Here are additional relevant details for this grant:

• The funding application deadline is March 31, 2022, emphasizing the urgency for applicants to submit their packages promptly.
• Eligible expenses must have been incurred within the specified period from November 1, 2021, to March 31, 2022, which is critical for planning financial documents.
• Applicants must ensure they are in good standing with the Department of Economic Development and Transportation, which can streamline the approval process.
• Submissions can be made through local Community Economic Development Officers, providing localized support and potentially personalized assistance for applicants.