Small Business Support Program — Small Business Opportunities Fund
Overview
Receive up to $100,000 for your new or expanding small business to offset the costs associated with a wide range of planning, start-up, expansion and marketing activities, and to help you face viability or wind-down challenges during COVID-19.
At a glance
Funding available
- Improve employee retention
- Develop employee skills
- Marketing a product
- No Condition
- Closing date : March 31, 2022
Eligible candidates
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Nunavut
- For-profit business
- Sole proprietorship
- $ 500,000 maximum revenue
- 10 employees maximum
- Rural or Northern Residents
- Startups
Activities funded
This grant supports projects and activities that help small businesses and entrepreneurs establish and grow their enterprises. The focus is on expanding business operations, enhancing marketing strategies, and addressing operational challenges.
- Assistance in developing business and marketing plans.
- Support for new pilot projects and ongoing business activities.
- Training and skill development, including accounting, bookkeeping, and business start-up education.
- Managing risk in the tourism sector and implementing business monitoring programs.
- Support for overcoming immediate legal or accounting issues and purchasing minor capital assets.
- Helping with liability insurance for tourism business operators.
Eligibility
Eligibility for this grant is determined by specific requirements related to the business's revenue and employment criteria, as well as their standing with the Department of Economic Development and Transportation.
- The business or entrepreneur must have a gross revenue generally less than $500,000.
- The business must employ fewer than ten people.
- The applicants must be in good standing with no outstanding financial or contractual obligations with the Department of Economic Development and Transportation.
Who is eligible?
Applicants eligible for the Small Business Support Program include businesses and entrepreneurs with a gross revenue typically less than $500,000 or employing fewer than ten people. The program is open to businesses across all sectors, including but not limited to artists, craftspeople, retailers, tourism, and resource operators. Additionally, applicants must be in good standing without any outstanding accounting or contractual obligations with the Department of Economic Development and Transportation.
Who is not eligible
Some types of companies are not eligible for this grant:
- Companies with more than $500,000 in gross sales or more than ten employees.
Eligible expenses
The grant covers certain eligible business expenses to support small businesses.
- Business insurance or licensing fees.
- Office rental costs.
- Utility expenses.
- Non-recoverable expenses for unusable business goods.
Eligible geographic areas
This grant is available to companies located across different regions within Nunavut as specified by the regional offices. The eligible locations demonstrate a focus on supporting local economic development in these areas.
- Bureau de développement économique communautaire du Kitikmeot in Kugluktuk, Nunavut.
- Bureau de développement économique communautaire du Kivalliq in Rankin Inlet, Nunavut.
- Bureau de développement économique communautaire du Baffin-Nord in Pond Inlet, Nunavut.
- Bureau de développement économique communautaire du Baffin-Sud in Pangnirtung, Nunavut.
Selection criteria
There are evaluation and selection criteria for the Small Business Support Program grant in Nunavut:
- Applicants must have less than $500,000 in gross sales or fewer than ten employees.
- Applicants must be in good standing and have no outstanding accounting or contractual obligations with the Department of Economic Development and Transportation.
- Business relief funding can be used for specific eligible expenses related to business operation and not for compensation of lost income or revenue.
- Funding may cover costs incurred between November 1, 2021, and March 31, 2022.
How to apply
Ensure Eligibility
- Verify that your business meets the eligibility criteria: less than $500,000 gross revenue or fewer than ten employees.
- Ensure compliance with the Ministry of Economic Development and Transportation.
Gather Required Documents
- Complete the Small Business Support Program application form.
- Prepare a brief explanation of how your business was affected by the pandemic.
Submit Application
- Send the completed application package to your local Community Economic Development Officer, if applicable.
- Alternatively, submit the application to the appropriate regional Community Operations office.
Confirm Submission
Additional information
Here are additional relevant details for this grant:
- The Small Business Support Program offers additional funding cycles for further business assistance initiatives.
- Entrepreneur training funds include eligible training programs and establishing business monitoring programs.
