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
Eligible projects and activities for this grant include those that promote economic development in Nunavut through business expansion, start-ups, community development, training, and supporting strategic sectors.
- Completion of financing packages for major business expansions or start-ups
- Training programs for municipalities and not-for-profit organizations
- Marketing initiatives
- Community development projects
- Events promotion
- Professional development opportunities
- Education and training programs
- Development of physical community assets
grant_single|admissibleProjectsExample
$250,000
Iqaluit
Expansion of a local craft brewery to boost tourism in Iqaluit.
$100,000
Cape Dorset
Training program for local artists in Cape Dorset.
$350,000
Rankin Inlet
Development of a new community center in Rankin Inlet.
$120,000
Arviat
Marketing initiative to promote local tourism in Arviat.
$60,000
Pond Inlet
Professional development for employees of a not-for-profit in Pond Inlet.
$150,000
Cambridge Bay
Startup of an eco-friendly clothing brand in Cambridge Bay.
grant_single_labels|admissibility
This program supports Nunavut-resident majority-owned businesses, municipalities, not-for-profit corporations, and societies through contributions for expansion, start-up costs, training, marketing, and community development. There are two funds within the program: Nunavut Business Investment Fund and Nunavut Economic Foundations.
- Businesses must be majority-owned by Nunavut residents.
- Eligible recipients include municipalities, not-for-profit corporations, and societies.
grant_eligibility_criteria|who_can_apply
Yes, there are eligible types of companies for this grant. The program assists businesses majority-owned by Nunavut residents, municipalities, not-for-profit corporations, and societies.
- Businesses majority-owned by Nunavut residents
- Municipalities
- Not-for-profit corporations
- Societies
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
Eligible expenses for this grant include financing for major expansion or start-up, as well as contributions for Nunavut business ventures and community development in key economic sectors.
- Financing for major expansion or start-up
- Contributions for Nunavut business ventures in strategic sectors
- Marketing
- Training
- Community development projects
- Events
- Professional development
- Education and training
- Physical community assets
grant_eligibility_criteria|zone
This grant is available for businesses and organizations located in various regions of Nunavut. The eligible geographic zones include multiple communities within these regions.
- 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)
- Headquarters (Territory-wide)
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: Determine Eligibility
- Evaluate if your business or organization qualifies under the Nunavut Business Investment Fund or Nunavut Economic Foundations based on ownership and expected economic benefits.
- Step 2: Develop a Business Plan
- Prepare a detailed business plan outlining the project, including start-up or expansion details, and how the project will benefit the economic development of Nunavut.
- Step 3: Complete the Application
- Fill out the necessary application (NBIS Application for Business Investment Fund or NEFS Application for Economic Foundations).
- Step 4: Gather Supporting Documents
- Collect required supporting documents such as financial statements, proof of Nunavut residency, and any other relevant documentation.
- Step 5: Submit the Application
- Send the completed application along with all supporting documents to your regional Economic Development and Transportation office or the headquarters in Iqaluit.
- Step 6: Follow-up
- Wait for confirmation and further instructions from the review committee. Be ready to provide additional information or documentation if required.
grant_single_labels|otherInfo
The Strategic Investments Program facilitates business growth and community development across Nunavut. It offers the Nunavut Business Investment Fund for business ventures and the Nunavut Economic Foundations Schedule for community economic foundations.
- Contributions are aimed at economic development outcomes.
- The program assists with completing financing packages for major expansions or start-ups.
- Provides support for events, professional development, education, training, and physical community assets.
- Regional offices are available for assistance and further information across different areas of Nunavut.
Apply to this program
Strategic Investments Program
The Strategic Investments Program by the Government of Nunavut assists Nunavut-majority-owned businesses, municipalities, non-profits, and societies with financial contributions for business expansion, start-up costs, training, marketing, and community development. The program is divided into two funds: the Nunavut Business Investment Fund and the Nunavut Economic Foundations.
Understanding the Strategic Investments Program: Opportunities for Nunavut Businesses and Communities
The Government of Nunavut has launched the Strategic Investments Program, an indispensable resource for fostering economic growth and development across the territory. With a primary focus on Nunavut-majority-owned businesses, municipalities, non-profit organizations, and societies, the program provides financial assistance to encourage economic activities and community development. This guide delves into the various facets of the program, including eligibility, funding structures, and application processes, presenting a comprehensive overview of one of Nunavut’s most impactful economic initiatives.
Program Overview
The Strategic Investments Program is designed to support a broad spectrum of stakeholders by providing financial contributions for significant economic activities. By targeting businesses, municipalities, not-for-profit corporations, and societies, the program aims to drive both economic and community development in strategic sectors.
The program comprises two primary funds:
- Nunavut Business Investment Fund: This fund aims to aid businesses with anticipated economic development outcomes. The contributions are geared to complement and attract debt financing and/or equity investments.
- Nunavut Economic Foundations: This fund focuses on building the essential foundations of Nunavut’s economy through accountable contributions for community and regional economic development projects.
Nunavut Business Investment Fund
The Nunavut Business Investment Fund (NBIF) provides financial contributions to businesses that are poised to create significant economic development outcomes. The primary objectives of the NBIF are:
- Support Major Expansions or Start-ups: Assisting businesses in completing financing packages necessary for large-scale expansions or new start-ups.
- Strategic Sector Investments: Offering contributions to business ventures in strategic sectors pivotal to Nunavut’s economy.
Such business ventures are expected to generate measurable economic outcomes, including job creation, revenue growth, and the enhancement of local supply chains.
Nunavut Economic Foundations
The Nunavut Economic Foundations Schedule (NEFS) is designed to fortify the economic framework of Nunavut by providing financial contributions to municipalities, non-profit organizations, and societies. The fund targets projects with robust economic development potential, focusing on:
- Building Community Economies: Strengthening local economies by supporting initiatives that create jobs, offer training opportunities, and foster economic growth at the community level.
- Regional Economic Development: Facilitating projects that contribute to regional economic advancement in critical sectors of the Nunavut economy.
Eligible projects under the NEFS include those that provide clear economic benefits such as professional development, marketing strategies, educational programs, and investments in physical community assets.
Eligibility Criteria
To qualify for the Strategic Investments Program, applicants must meet specific eligibility criteria:
- Nunavut-Residency: The business must be majority-owned by Nunavut residents. Municipalities and eligible non-profit organizations must operate within Nunavut.
- Economic Development Focus: The proposed projects must aim to deliver tangible economic benefits, such as job creation, enhanced education and training, or significant community development.
- Compliance: Applicants must adhere to the program's policies and guidelines, providing a detailed plan and budget for the proposed project.
Application Process
The application process for the Strategic Investments Program involves several key steps:
Step 1: Initial Consultation
Prospective applicants should first consult with the regional office of the Economic Development and Transportation department. This preliminary step helps to determine eligibility and align the project with the program's objectives.
Step 2: Application Submission
Once eligibility is confirmed, applicants must complete and submit the relevant application form. The application should include a comprehensive project proposal, detailing the scope, objectives, expected economic impacts, and a detailed budget.
Step 3: Evaluation
Submitted applications are reviewed by the department to ensure they meet the program's criteria. The evaluation focuses on the project's potential to deliver measurable economic outcomes and its alignment with the strategic priorities of Nunavut’s economy.
Step 4: Approval and Funding
Successful applications receive formal approval, followed by the disbursement of funds according to the terms outlined in the contribution agreement. Funding may be released in stages, contingent on the achievement of specific project milestones.
Regional Offices and Contact Information
Applicants can seek assistance and submit applications through the following regional offices:
Kitikmeot Region
Manager, Community Economic Development
Economic Development and Transportation
P.O. Box 316, Kugluktuk, NU X0B 0E0
Toll-free phone: 1-844-475-1166
Phone: 867-982-7442
Fax: 867-982-3204
Kivalliq Region
Manager, Community Economic Development
Economic Development and Transportation
P.O. Bag 002, Rankin Inlet, NU X0C 0G0
Toll-free phone: 1-844-737-8627
Phone: 867-645-8451
Fax: 867-645-8455
North Qikiqtaaluk Region
Manager, Community Economic Development
Economic Development and Transportation
P.O. Box 389, Pond Inlet, NU X0A 0S0
Toll-free phone: 1-888-899-7338
Phone: 867-899-7344
Fax: 867-899-7348
South Qikiqtaaluk Region
Manager, Community Economic Development
Economic Development and Transportation
P.O. Box 612, Pangnirtung, NU X0A 0R0
Toll-free phone: 1-844-737-8628
Phone: 867-473-2679
Fax: 867-473-2663
Territorial Headquarters
Manager, Business Development
Economic Development and Transportation
Inuksugait Plaza A
P.O. Box 1000, Station 1500
Iqaluit, NU X0A 0H0
Toll-free phone: 1-888-975-5999
Phone: 867-975-7866
Fax: 867-975-7870
Conclusion
The Strategic Investments Program is a significant initiative by the Government of Nunavut aimed at promoting economic development and community growth. By providing financial contributions to businesses, municipalities, and non-profit organizations, the program strives to create a robust and sustainable economic framework for the region. Eligible entities are encouraged to leverage this opportunity to drive meaningful change and achieve their economic development goals.
