Small Business Support Program — Small Business Opportunities Fund
Kugluktuk, NU, Canada
Funding to start or grow a business in Nunavut
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|closingDateMarch 31, 2022
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
grant_single|grantors
- Department of Economic Development and Transportation (NU)
- Government of Nunavut
grant_single|status
grant_card_status|closed
grant_single_labels|preview
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.
grant_single_labels|projects
This grant provides targeted funding for small businesses and entrepreneurs, offering financial support for growth and skill development. The emphasis is on supporting business operations, entrepreneurial training, sustainable livelihoods, and sector-specific needs.
- Subsidizing business operation costs such as insurance, office rentals, and utilities.
- Supporting planning and marketing strategy development for business growth.
- Facilitating new pilot projects and activities supporting business establishment and cessation.
- Providing training in areas like accounting, bookkeeping, business creation, safety, and risk management.
- Purchasing tools and minor capital assets for sectors like tourism, crafts, and resource exploitation.
- Addressing immediate legal or accounting challenges.
- Paying for liability insurance for tourism business operators.
grant_single|admissibleProjectsExample
$60,000
Creation of a cooperative shared workspace for local artisans
$75,000
Expansion of a local bakery to include an online delivery service
$80,000
Development of a mobile app for local tourism navigation
$90,000
Support for a local farmer to purchase new harvesting equipment
$30,000
Training program for small business owners in bookkeeping and accounting
$45,000
Launch of an aftercare program for newly established small businesses
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|who_cannot_apply
Some types of companies are not eligible for this grant:
- Companies with more than $500,000 in gross sales or more than ten employees.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
This grant is open to companies based in specific regions within Nunavut. Eligible areas ensure targeted support tailored to the community's economic needs.
- Kitikmeot region.
- Kivalliq region.
- Baffin-North region.
- Baffin-South region.
grant_single_labels|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.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: 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.
- Step 2: Gather Required Documents
- Complete the Small Business Support Program application form.
- Prepare a brief explanation of how your business was affected by the pandemic.
- Step 3: 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.
- Step 4: Confirm Submission
- Contact the relevant office to confirm receipt of your application.
grant_single_labels|otherInfo
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.
grant_single_labels|contact
edt@gov.nu.ca
867645-8451
Apply to this program
Grants to Support Small Business Growth and Development
The Small Business Support Program provides essential funding to help small enterprises, community organizations, and individual entrepreneurs grow and thrive. By focusing on key areas such as recruitment, retention, expansion, and support for emerging businesses, this grant offers significant opportunities for eligible applicants.
Detailed Insights into the Small Business Support Program and Its Benefits
The Small Business Support Program serves as an important resource for entrepreneurs and small businesses with an annual gross revenue under $500,000 or less than ten employees. Its aim is to fortify the business landscape by fortifying businesses with financial assistance that facilitates crucial areas of development such as hiring new staff, retaining talent, expanding operations, and providing ongoing support for innovative business ideas. Unlike many traditional loans or grants, the funding from this program is strategically targeted to ensure that small-scale enterprises across all sectors have the financial foundation they need to thrive.
Applicants can utilize these funds to cover a range of critical expenses that are essential to business operation but often overlooked. These include costs such as insurance, licenses, office rent, and utility expenses, which can be substantial barriers for small businesses striving to stay afloat, especially in today’s competitive market environment. It's significant to note that while the program provides comprehensive support for operational costs, funds cannot be allocated toward compensating for revenue losses, paying taxes, or settling loan repayments.
The program's strategic timeline allows for costs accumulated between November 1, 2021, and March 31, 2022, to be subsidized, reflecting a keen understanding of the needs generated during recent challenging economic circumstances. This aligns with the program's broader goal of ensuring resilience and sustainability within the small business community.
More than just a relief fund, the Small Business Support Program encapsulates an overarching vision for nurturing future business leaders and enterprises through its additional funding pathways. These include the Small Business Futures Fund, designed to support new ventures and business expansion projects, and the Entrepreneurial Training Fund, which offers critical skills development and training in areas such as accounting, risk management, and effective business practices.
Moreover, the Sustainable Livelihood Fund provides targeted support in sectors like tourism, arts, and resource management, further highlighting the program's commitment to fostering sector-specific growth and tackling immediate business challenges such as legal or accounting issues. By addressing both immediate needs and providing platforms for long-term development, the grant serves as a vital tool for enhancing the entrepreneurial ecosystem in Canada.
With a simplified application process designed to reduce barriers to entry, eligible businesses are encouraged to apply before the deadline of March 31, 2022. Submissions can be made through local community economic development officers or regional community operations offices, ensuring that support and resources are accessible to applicants from various geographic areas.
In conclusion, the Small Business Support Program is more than a financial aid package; it's a stepping stone toward achieving sustained growth and innovation for small businesses. By leveraging this grant, entrepreneurs can focus on building resilient businesses capable of adapting to future challenges while actively contributing to the local and national economic fabric.
