Strategic Investments Program — Nunavut Business Investment Fund

Q: How much funding can be received?

There is no informations about how much funding can be received.

Q: What is the deadline to apply?

The deadline to apply is not specified.

Q: Who is eligible for the Strategic Investments Program — Nunavut Business Investment Fund program?

To be eligible for the Strategic Investments Program — Nunavut Business Investment Fund program, you must: • The business must be majority-owned by residents of Nunavut. • The applicant must be a municipality, a non-profit organization, or a corporation operating in Nunavut.

Q: Who can I contact for more information about the Strategic Investments Program — Nunavut Business Investment Fund?

You can contact Government of Nunavut.

Q: Are startups eligible for the Strategic Investments Program — Nunavut Business Investment Fund program?

Yes, startups are eligible to apply for the Strategic Investments Program — Nunavut Business Investment Fund program.

Last Update: January 25, 2025

NU, Canada

Funding for large business ventures in Nunavut

At a glance

Eligible Funding

No Condition

Timeline

Unspecified

Financing Type

Grant and Funding

Eligible Industries

All industries

Funds Providers

Unspecified

Program status

Open

Overview

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.

Financing terms and conditions

The Strategic Investments Program — Nunavut Business Investment Fund is designed to extend comprehensive financial support to eligible entities for fostering economic development. It encompasses various funding structures to aid expansion, development, and capacity building.

Contributions structured to complement and attract borrowings or equity participation for major expansions or startups.
Provision of funds for sectors strategic to the economy of Nunavut to boost predicted economic development outcomes.
Support for community economic foundation through contributions to municipalities and organizations in key economic areas.
Funding available for community events, professional development, education, and training.
Financial support for physical community assets aimed at fostering regional economic growth.

Activities funded

This program aims to support businesses and organizations in Nunavut with strategic investments that drive economic growth and community development. Eligible activities include contributions for expansion, capacity-building, and enhancements in key economic areas.

Financial support for major business expansion or startup initiatives.
Funding for training and professional development programs.
Marketing activities to promote businesses and regional economic development.
Community development projects aimed at strengthening economic infrastructure.
Support for municipal and organizational activities fostering economic advancement.
Contributions for organizing events and educational programs that offer measurable economic benefits.
Funding for creating and maintaining community physical assets.

Examples of admissible projects:

$ 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

Eligibility

Eligibility for this grant is determined by specific requirements related to the ownership and activities of the business or organization.

The business must be majority-owned by residents of Nunavut.
Eligible applicants include businesses, municipalities, non-profit organizations, and corporations.
The business must be engaged in strategic sectors of the Nunavut economy.
The project should demonstrate predictable economic development outcomes.

Who is eligible?

The Strategic Investments Program — Nunavut Business Investment Fund is intended for businesses that are majority-owned by residents of Nunavut, as well as municipalities, non-profit corporations, and corporate bodies. It provides financial assistance aimed at business expansion or start-up costs. In addition, municipalities, non-profits, and corporations can receive funding for training, marketing, and community development projects. The program encompasses two funding streams: the Nunavut Equity Participation Plan and the Foundational Economic Fund for Nunavut. The Nunavut Equity Participation Plan (PPCN) specifically targets businesses within Nunavut that demonstrate predictable economic development outcomes, offering financial contributions designed to complement existing financing efforts and attract additional investment. The Foundational Economic Fund for Nunavut (PAEN) aims at building the economic infrastructure of the region through justified contributions to organizations and municipalities, focusing on economic development projects that deliver tangible benefits such as job creation and training opportunities.

Who is not eligible

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

Eligible expenses

The program provides funding for specific expenses to support the expansion, start-up, and community development initiatives.

Costs of expansion or start-up for businesses.
Training expenses for skill development.
Marketing expenses for promoting business activities.
Community development expenses for economic growth.
Expenses related to professional development and education.
Costs of organizing events that contribute to economic development.
Acquisition and development of physical community assets.

Eligible geographic areas

This grant is specifically designed for companies and organizations based in Nunavut. The focus on this territory is to foster regional development and empower local economic growth by supporting strategic sectors within the area.

Businesses and organizations located within Nunavut.

Selection 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.

How to apply

Preliminary Consultation

Contact the fund administrator to discuss your eligibility and project scope.
Gain insights into the application process and required documentation.

Gather Required Documentation

Prepare a detailed project plan outlining your business expansion or startup idea.
Compile financial statements and forecasts, highlighting potential economic benefits.
Include any additional supporting documents as required by the fund guidelines.

Complete Application Form

Fill out the application form with accurate information regarding your business and project.
Ensure all sections are completed and align with project objectives.

Submit Application

Submit the application along with all necessary documents to the designated email or portal provided by the fund administrator.
Verify receipt of application through confirmation from the fund provider.

Follow-Up and Review

Await feedback or requests for additional information from the fund provider.
Prepare to address any queries or provide supplementary details if requested.

Additional information

The Strategic Investments Program provides considerable support to eligible entities in Nunavut, but additional information beyond common details includes:

Engagement with local community stakeholders is encouraged throughout project development.
Partnerships with Inuit organizations or businesses can enhance project viability.

Apply to this program

Frequently Asked Questions about the Strategic Investments Program — Nunavut Business Investment Fund Program

Here are answers to the most common questions about the Strategic Investments Program — Nunavut Business Investment Fund. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.