Strategic Investments Program — Nunavut Economic Foundations Fund
NU, Canada
Funding for Nunavut economic development
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
Other Support
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Department of Economic Development and Transportation (NU)
- Government of Nunavut
grant_single|status
grant_card_status|open
grant_single_labels|preview
Financial contributions to Nunavut organizations for events, professional development and training, and infrastructure that supports economic development in strategic sectors.
grant_single_labels|projects
This grant is open to businesses based in specific regions within Nunavut. These locations are designated to promote community and regional economic development.
- Kitikmeot (Cambridge Bay, Kugluktuk, Gjoa Haven, Kugaaruk, Taloyoak)
- Kivalliq (Rankin Inlet, Arviat, Whale Cove, Baker Lake, Chesterfield Inlet, Coral Harbour, Naujaat)
- North Qikiqtaaluk (Pond Inlet, Grise Fiord, Resolute Bay, Arctic Bay, Clyde River, Igloolik, Sanirajak)
- South Qikiqtaaluk (Pangnirtung, Qikiqtarjuaq, Iqaluit, Kinngait, Kimmirut, Sanikiluaq)
grant_single|admissibleProjectsExample
$120,000
Arviat
Marketing initiative to promote local tourism
$60,000
Pond Inlet
Professional development for employees of a not-for-profit
$150,000
Cambridge Bay
Startup of an eco-friendly clothing brand
$250,000
Iqaluit
Expansion of a local craft brewery to boost tourism
$100,000
Cape Dorset
Training program for local artists
$350,000
Rankin Inlet
Development of a new community center
grant_single_labels|admissibility
Eligibility for this grant requires that businesses be majority-owned by specific entities and demonstrate economic development outcomes.
- The applicant must be a business majority-owned by Nunavut residents, a municipality, a not-for-profit corporation, or a society.
- The business venture should aim for anticipated economic development outcomes.
- The project must present measurable tangible economic development benefits, such as jobs or training opportunities.
grant_eligibility_criteria|who_can_apply
This program is designed to assist businesses that are majority-owned by Nunavut residents, municipalities, not-for-profit corporations, and societies. Businesses can receive contributions for expansion or start-up costs, while municipalities, not-for-profits, and societies can receive funding for training, marketing, and community development purposes. The program is divided into two primary funds: the Nunavut Business Investment Fund, which focuses on business ventures with economic development outcomes, and the Nunavut Economic Foundations Fund, which supports projects with tangible economic development benefits, such as job creation and training opportunities, in addition to community and regional economic development.
grant_eligibility_criteria|who_cannot_apply
La subvention est spécifique à certaines industries et ne couvre pas toutes les entreprises. Certaines compagnies non-éligibles peuvent inclure :
- Les entreprises du secteur financier
- Les compagnies de jeu et de paris
- Les organismes gouvernementaux
grant_eligibility_criteria|eligible_expenses
The Strategic Investments Program in Nunavut facilitates economic growth by funding business expansion, start-up endeavors, and community projects. The activities eligible for this grant are focused on economic initiatives and development projects within the region.
- Business start-up costs and expansion initiatives for businesses majority-owned by Nunavut residents.
- Community development projects for municipalities, not-for-profits, and societies.
- Training programs and marketing strategies development.
- Projects that present measurable economic development benefits, such as job creation and training opportunities.
- Development of physical community assets that support regional economic growth.
grant_eligibility_criteria|zone
Under the Strategic Investments Program, eligible expenses are related to major expansion or start-up activities, community development, and economic development in strategic sectors.
- Expansion or start-up costs for business ventures.
- Funding for training initiatives.
- Marketing expenses to promote businesses or projects.
- Community development projects with economic benefits.
- Events, professional development, education, and training projects.
- Development of physical community assets contributing to economic growth.
grant_single_labels|criteria
Yes, there are evaluation and selection criteria for the Strategic Investments Program. These criteria are used to assess the viability and potential impact of the proposed business ventures and community projects.
- Economic development outcomes
- Complementarity and attraction of Debt Financing and/or Equity Investment
- Measurable tangible economic development benefits (e.g., jobs, training opportunities)
- Support for regional economic development in key sectors of Nunavut's economy
- Contribution to community economies
- Events, professional development, education and training
- Development or improvement of physical community assets
grant_single_labels|register
- Step 1: Contact Regional Office
- Identify the regional office responsible for your area in Nunavut (Kitikmeot, Kivalliq, North Qikiqtaaluk, South Qikiqtaaluk, or Headquarters).
- Contact the Manager of Community Economic Development for initial guidance and to clarify any questions regarding the application process.
- Step 2: Obtain Application Form
- Request the application form for either the Nunavut Business Investment Fund (NBIS) or the Nunavut Economic Foundations Schedule (NEFS), based on your project needs.
- Ensure you have the correct and latest version of the application form.
- Step 3: Prepare Application
- Provide detailed information about your business or project, including objectives, economic development outcomes, and how the funds will be used.
- Gather necessary supporting documents such as financial statements, project plans, letters of support, and any other required documentation.
- Step 4: Complete Application
- Fill out the application form thoroughly, ensuring all sections are completed accurately.
- Review the application for any errors or missing information before submission.
- Step 5: Submit Application
- Submit the completed application form along with all supporting documents to the relevant regional office either by mail, fax, or in-person.
- Ensure submission is done before any specified deadlines to avoid disqualification.
- Step 6: Confirmation
- Follow up with the regional office to confirm receipt of your application.
- Keep any confirmation number or documentation for your records.
grant_single_labels|otherInfo
Here are additional details worth noting for this grant application:
- Contact regional offices as per your geographic location for tailored assistance and guidance.
- The program divides contributions between two funds, providing strategic financial support for different needs.
- The funding is structured to complement other forms of financing like Debt Financing and/or Equity Investment.
- The program seeks to create tangible economic development benefits such as job creation and training opportunities.
- Consider submitting applications to both NBIS and NEFS, depending on whether your project is a direct business venture or community and regional development initiative.
Apply to this program
Enhance Economic Impact in Nunavut with Strategic Investments
The Strategic Investments Program offers financial assistance to Nunavut-owned businesses, municipalities, and non-profits to spur economic growth. This initiative supports start-ups, expansions, and community economic development projects.
Comprehensive Overview of the Strategic Investments Program and its Economic Significance
The Strategic Investments Program is an essential driver of economic growth and sustainability within Nunavut. Targeted towards businesses predominantly owned by Nunavut residents, as well as municipalities and non-profit entities, this program serves as a catalyst for economic revitalization in the region. The program is structured into two distinct funds: the Nunavut Business Investment Fund and the Nunavut Economic Foundations.
The Nunavut Business Investment Fund is poised to support the development and enlargement of businesses that contribute to strategic sectors of the territory's economy. It fosters collaboration by complementing debt financing and equity investments, ensuring a comprehensive financing package is assembled for ambitious business ventures. The fund targets major expansions and novel start-ups, providing the necessary financial backing to bring strategic business projects to fruition. Via these contributions, the program promotes the robust banking and economic growth of Nunavut’s crucial industries.
Conversely, the Nunavut Economic Foundations focus on building and strengthening the foundational aspects of the economy by providing accountable contributions towards systemic economic enhancements. These include supporting infrastructure improvements, community development projects, and educational initiatives that drive job creation and equip Nunavut’s workforce with essential skills. Emphasis is placed on tangible benefits, such as increased employment, training opportunities, and broad economic impacts, which are measurable and aligned with the strategic economic goals of the territory.
Projects seeking funding under either of these schedules must present detailed plans demonstrating their strategic alignment with economic goals, their feasibility, and their potential for measurable economic impact. Applications are scrutinized for their ability to deliver outcomes that resonate with community needs and priorities while fostering economic empowerment throughout Nunavut.
Moreover, the program offers substantial benefits not only in terms of capital infusion but also via potential partnerships, technical guidance, and networking opportunities with key stakeholders in the government and private sectors. Beneficiaries receive support that extends beyond mere financial assistance, facilitating a comprehensive approach to project implementation and optimization.
For businesses and organizations aiming to foster innovation, expand operations, or enhance community development projects, the Strategic Investments Program is a pivotal resource. It ensures that the economic fabric of Nunavut remains resilient and adaptive to the changing economic landscape by empowering key economic players with the resources they need to grow and innovate.
The Government of Nunavut remains committed to driving economic development that is inclusive and sustainable, ensuring that investments lead to long-lasting prosperity and wealth for the region's communities. Therefore, strategic applications designed and executed with precision and accountability under this program not only augment the immediate economic landscape but also lay the groundwork for a thriving future.
