Strategic Investments Program — Nunavut Business Investment Fund
- Open continuously
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.
At a glance
Funding available
- Increase social or community impact
- Varies by project
- Open continuously
Eligible candidates
- All industries
- Nunavut
- All legal structures
- All revenue ranges
- All organization sizes
- Rural or Northern Residents
- Startups
Next Steps
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.
Official resources
Eligibility
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
Here are the steps to submit an application for the Strategic Investments Program — Nunavut Business Investment Fund:
- Step 1: Preliminary Consultation
- Contact the fund administrator to discuss your eligibility and project scope.
- Gain insights into the application process and required documentation.
- Step 2: 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.
- Step 3: 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.
- Step 4: 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.
- Step 5: 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.