Small Business Support Program — Small Business Opportunities Fund

This grant offers financial support mechanisms designed to assist small businesses and entrepreneurs in addressing diverse challenges and opportunities. The funding modalities include specific allocations for various growth and development activities.

• Subsidization of insurance or licensing fees, office rentals, utilities, or non-recoverable business expenses for unusable goods.
• Funding aimed at helping businesses start and expand through business and marketing plan development.
• Support for new pilot projects and business activities, including exit strategies.
• Assistance for skill development and training in areas such as accounting and risk management in tourism.
• Provision for addressing immediate legal or accounting challenges and purchasing minor capital assets like tools.
• Support for liability insurance for operators in the tourism industry.

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.

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.

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.