Strategic Investments Program — Nunavut Economic Foundations Fund
NU, Canada
Funding for Nunavut economic development
grant_single|update January 24, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Other Support
Grant and Funding
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|terms_and_conditions
This grant offers multiple financing modalities to support various economic development initiatives in Nunavut, ensuring impactful community and regional growth. The modalities are structured to cater to strategic projects with measurable economic outcomes.
- Contributions designed to complete a financing package for business expansion or start-up initiatives.
- Structured funding to complement and attract additional investments such as Debt Financing and Equity Investment.
- Support for projects that provide tangible economic development benefits, such as job creation and training opportunities.
- Funding available for community events, professional development, educational programs, and development of physical assets.
grant_single_labels|projects
The Strategic Investments Program aimed at building Nunavut’s economic foundations supports various projects promoting economic development and community growth. Eligible initiatives focus on creating measurable benefits such as job creation and training opportunities.
- Projects designed to stimulate local economies and reinforce regional economic development in key sectors.
- Initiatives offering training, education, and professional development to Nunavut residents.
- Events and activities aimed at fostering community engagement and development.
- Construction and enhancement of physical assets within the community to support economic activities.
grant_single|admissibleProjectsExample
$ 120,000
Marketing initiative to promote local tourism
$ 60,000
Professional development for employees of a not-for-profit
$ 150,000
Startup of an eco-friendly clothing brand
$ 250,000
Expansion of a local craft brewery to boost tourism
$ 100,000
Training program for local artists
$ 350,000
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
This grant is available to companies located in specific geographical areas as outlined by the Government of Nunavut's regional offices. The eligible regions encompass various parts of Nunavut, ensuring support for local 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_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.
