Strategic Investments Program — Nunavut Business Investment Fund
NU, Canada
Funding for large business ventures in Nunavut
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Mining, quarrying, and oil and gas extraction
- Construction
- Information and cultural industries
- Educational services
- Arts, entertainment and recreation
- Public administration
grant_single|grantors
- Department of Economic Development and Transportation (NU)
- Government of Nunavut
grant_single|status
grant_card_status|open
grant_single_labels|preview
Receive between $50,000 and $150,000 funding to help your business complete a financing package for a major expansion or start-up in strategic sectors of Nunavut’s economy.
grant_single_labels|terms_and_conditions
While specific financing details are not explicitly outlined in the provided information, the program structures its contributions to complement other financing avenues. The intention is to support strategic growth in Nunavut's economy through various financial mechanisms.
- Contributions are designed to complement and attract debt financing and/or equity investment.
- Funding aids in completing a financing package for major expansions or start-up costs.
- Both capital expansion and strategic sector ventures receive contributions under this fund.
grant_single_labels|projects
The Nunavut Business Investment Fund provides contributions to Nunavut business ventures for economic development. It supports activities related to business expansion, start-up initiatives, and complements existing financial packages.
- Completion of a financing package for major business expansion.
- Assistance in start-up costs for Nunavut businesses in strategic sectors.
- Investment in strategic sectors of Nunavut's economy aimed at economic development.
grant_single|admissibleProjectsExample
$ 80,000
Launching a renewable energy project to address community energy needs
$ 70,000
Expanding a local food co-op to enhance food security and community welfare
$ 60,000
Opening a traditional Inuit crafts store to promote local artisans and culture
$ 90,000
Developing a community arts center for economic and cultural growth
$ 50,000
Launching a language preservation project to revive the Inuinnaqtun language
$ 75,000
Establishing a sustainable fishery business to boost local economy
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the ownership, location, and nature of the business or organization.
- The business must be majority-owned by Nunavut residents.
- The applicant can be a municipality, not-for-profit corporation, or society based in Nunavut.
grant_eligibility_criteria|who_can_apply
The Strategic Investments Program is designed to assist a diverse range of entities that are largely based and majority-owned in Nunavut. Eligible applicants include businesses, municipalities, not-for-profit corporations, and societies. Businesses can apply for help with expansion or start-up costs, while municipalities, not-for-profits, and societies are eligible for funding aimed at training, marketing, and community development initiatives.
grant_eligibility_criteria|who_cannot_apply
Some types of companies are not eligible for the Nunavut Business Investment Fund and Nunavut Economic Foundations programs. Eligibility criteria may vary, but typically companies outside Nunavut or those not majority-owned by Nunavut residents, municipalities, not-for-profit corporations, or societies are not eligible.
- Companies outside Nunavut
- Companies not majority-owned by Nunavut residents
- Companies not majority-owned by municipalities, not-for-profit corporations, or societies
grant_eligibility_criteria|eligible_expenses
The program understands eligible expenses related to strategic investments in business expansion and community economic development.
- Expenses for business start-up and expansion.
- Training and professional development costs.
- Marketing expenses for business or community development.
- Costs associated with community development projects.
- Expenses for events related to economic development.
- Investments in physical community assets.
grant_eligibility_criteria|zone
The Strategic Investments Program — Nunavut Business Investment Fund is specifically tailored for businesses within the Nunavut territory. The eligible locations ensure support for local economic development and growth.
- Municipalities and communities within Nunavut, including Kitikmeot, Kivalliq, North Qikiqtaaluk, and South Qikiqtaaluk.
- Major centers such as Iqaluit and other regional communities throughout the Nunavut region.
grant_single_labels|criteria
The Nunavut Business Investment Fund and Nunavut Economic Foundations have set evaluation and selection criteria for grant applications.
- Projects must align with the economic development goals of Nunavut and demonstrate measurable economic outcomes.
- Proposals should outline the anticipated economic benefits, job creation, training opportunities, and contributions to the Nunavut economy.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Determine Eligibility (Research & Assessment)
- Review the program's eligibility criteria to ensure your business or organization qualifies.
- Choose between applying for the Nunavut Business Investment Fund or the Nunavut Economic Foundations based on your project type.
- Step 2: Gather Necessary Information (Preparation)
- Collect information on the business or organization, including ownership details and financial statements.
- Prepare a detailed project proposal outlining the objectives, anticipated economic development outcomes, and measurable benefits.
- Step 3: Fill Application Forms (Documentation)
- Download the appropriate application form for either NBIS or NEFS from the Economic Development and Transportation website.
- Complete the form carefully, ensuring all sections are accurately filled out.
- Step 4: Submit Application (Submission)
- Send the completed application form and any supporting documents to the relevant regional office by mail, fax, or phone consultation as per the contact information provided.
- Confirm submission by contacting the regional office if necessary.
- Step 5: Await Feedback (Follow-up)
- After submission, prepare to respond to any follow-up inquiries from the review committee.
- Wait for the decision, which will be communicated via mail or email from the corresponding office.
grant_single_labels|contact
867-982-7442
Apply to this program
Driving Economic Growth in Nunavut through Strategic Investments
The Strategic Investments Program offers comprehensive support to Nunavut's businesses and organizations in both startup and expansion phases. By providing funding through two distinct branches, this initiative aims to stimulate economic development and enhance the foundational structures of the region's economy.
Understanding the Strategic Investments Program in Nunavut
The Strategic Investments Program is a pivotal initiative targeted at catalyzing economic growth within the unique landscape of Nunavut. With a structured approach through the Nunavut Business Investment Fund (NBIF) and Nunavut Economic Foundations (NEF), the program is designed to address different yet interconnected aspects of economic enhancement. The NBIF specifically targets business ventures, predominantly focusing on those poised for substantial expansion or in early startups within strategic sectors. By bridging financing gaps, it attracts additional debt financing and equity investments to maximize economic impact and sustainability for Nunavut-owned businesses.
Parallelly, the Nunavut Economic Foundations Schedule aims to lay down robust economic building blocks by supporting municipalities and community-based organizations. This fund emphasizes creating economic development projects that yield tangible results, such as job creation and skill training, thereby fostering vibrant community economies. The thrust is on developing local entrepreneurial ecosystems that serve as incubators for regional growth and self-reliance.
Both funds under this program are instrumental in supporting diverse economic sectors of Nunavut, where traditional and emerging industries intersect. Whether through business development or community enhancements, the Strategic Investments Program provides the needed auxiliary to projects that align with the region’s economic priorities. Applicants are encouraged to present initiatives that are innovative and that showcase measurable impacts, ensuring accountability and the wise utilization of funds.
The operational responsibility is shared through regional offices located across key areas in Nunavut, ensuring localized access and support for applicants. These offices not only manage applications but also provide guidance to applicants to optimize their project proposals, aligning them with the economic strategic plans of the region. This localized focus ensures that each project not only raises financial gains but also bolsters the social fabrics of the communities.
In conclusion, the Strategic Investments Program represents a significant opportunity for Nunavut residents, businesses, and community organizations to actively participate in the economic development of the territory. By facilitating financial contributions that are both strategic and substantial, the program empowers entities to spearhead economically robust, sustainable initiatives benefiting the entire region. The goal is to sustain a thriving economy that leverages both innovation and traditional knowledge, ensuring lasting development and progress throughout Nunavut.
