Support for Entrepreneurs and Economic Development (SEED) — Entrepreneur Support
NT, Canada
Funding for entrepreneurs in the Northwest Territories
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateApril 01, 2024
- grant_single|closingDateMarch 31, 2025
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Information and cultural industries
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
grant_single|grantors
- Minister of Industry, Tourism and Investment (NT)
- Government of the Northwest Territories
grant_single|status
grant_card_status|open
grant_single_labels|preview
Financial assistance of up to $25,000 for start-up, asset acquisition, market and product development, and operational support.
grant_single_labels|projects
This grant is targeted towards businesses and entrepreneurs located in the Northwest Territories (NWT), Canada. The eligible regions are categorized based on specific community groupings for equity requirements.
- Group 1 communities: Yellowknife, Hay River, Fort Smith, and Inuvik.
- Group 2 communities: All other communities within the Northwest Territories.
grant_single|admissibleProjectsExample
$25,000
Acquisition of new lab equipment for a biotech start-up
$25,000
Film development and marketing support for a documentary
$25,000
Development of an online marketplace for local artisans
$25,000
Operational support for a new community theatre
$25,000
Launching a new financial cooperative
$25,000
Market development for a new line of eco-friendly products
grant_single_labels|admissibility
Eligibility for this grant is open to specific groups based on regional location and project contributions.
- Applicants must be entrepreneurs or businesses located in the Northwest Territories (NWT).
- Applicants from Group 1 communities must contribute 30% of project costs as equity.
- Applicants from Group 2 communities must contribute 20% of project costs as equity.
grant_eligibility_criteria|who_can_apply
NWT Businesses and entrepreneurs are encouraged to apply for the Entrepreneur Support program.
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for this grant:
- Companies located outside the Northwest Territories
- Non-profit organizations
- Government agencies
- Companies not engaged in commercial activities
grant_eligibility_criteria|eligible_expenses
The Entrepreneur Support program offers financial assistance to entrepreneurs and small businesses to facilitate start-up, expansion, and market development across various sectors. The funding supports several key areas to enhance business viability and competitiveness within the NWT.
- Start-up Funding: Assistance with planning, engineering, and start-up working capital.
- Capital Asset Acquisition: Support for purchasing capital items and leveraging loan financing in Level 2 Communities.
- Market and Product Development: Financial help for developing new markets and enhancing product sales.
- Operational Support: Funding to increase business skills, address problems, and develop recovery plans.
- Support for Film: Assistance in film development, marketing, and special partnerships.
grant_eligibility_criteria|zone
This program offers funding to support various business development activities and expenses.
- Costs associated with planning, engineering, start-up working capital, or other developmental expenses.
- Purchase of capital items in Level 2 Communities.
- Equity necessary to leverage loan financing.
- Expenses to capitalize on a business opportunity.
- Costs related to new market or product development.
- Promotion of the NWT as a travel destination.
- Trade show participation.
- Marketing of existing tourism, arts and crafts, and renewable resource products.
- Operational costs to enhance business skills and capacity, or to address business problems.
- Expenses for developing a recovery or restructuring plan.
- Emergency relief costs for business recovery.
- Expenses to wind down a business with minimal net worth.
- Film development, marketing, promotion, sponsorship, and special partnerships.
grant_single_labels|criteria
The evaluation and selection criteria for this grant are based on the following:
- Demonstrated need for funding
- Viability of the proposed project or business
- Potential economic impact in the NWT
- Ability to create or sustain jobs
- Alignment with program objectives and priorities
grant_single_labels|register
- Step 1: Contact Regional Economic Development Officer
- Consult with your regional Economic Development Officer to discuss your business idea.
- Get guidance on the proposal development and application process.
- Step 2: Prepare Your Proposal
- Develop your proposal based on the discussions and feedback from the Economic Development Officer.
- Ensure alignment with the funding objectives, such as startup funding, capital assets acquisition, or others as applicable.
- Step 3: Complete Application Form
- Fill out the SEED Application Form accurately.
- Gather all additional documents required as listed in the application checklist.
- Step 4: Submit Application
- Submit the completed application form and attached documents to your appropriate regional office.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Funding availability is reviewed annually and subject to budgetary constraints.
- Applicants are encouraged to consult the SEED Brochure and SEED Policy documents for comprehensive guidance.
- Regional Economic Development Officers can provide personalized advice and support throughout the application process.
- Equity requirements differ based on community grouping; it is important to confirm your community's classification when applying.
grant_single_labels|contact
867-587-7171
Apply to this program
Empowering Entrepreneurs and Small Businesses in NWT
This Entrepreneur Support program provides up to $25,000 in funding to entrepreneurs and small businesses for various needs including start-up costs, business expansion, market and product development, operational support, and film-related initiatives. It is designed to bolster business capabilities across the Northwest Territories, fostering economic growth and resilience in local communities.
In-Depth Overview of the Entrepreneur Support Program
The Entrepreneur Support program, facilitated by the government of the Northwest Territories, is a comprehensive funding initiative designed to energize the local economy by bolstering the efforts of small businesses and entrepreneurs. With a keen focus on fostering economic development, the program provides up to $25,000 in financial assistance, which can be directed towards a multitude of purposes essential for business growth and sustainability.
Businesses in the Northwest Territories often face unique challenges due to their geographical location and market conditions. The Entrepreneur Support program acknowledges these challenges and seeks to provide targeted assistance to ensure businesses can thrive in this environment. The funding is accessible in five distinct categories, each catering to different aspects of business needs. These categories include Start-up Funding, Capital Asset Acquisition, Market and Product Development, Operational Support, and Support for Film.
Start-up Funding is particularly aimed at assisting newly established businesses with the critical initial costs that can include planning, engineering, and working capital. These initial phases are crucial for setting a strong foundation, and the program aids in mitigating the high risks associated with them.
In specific Level 2 communities, Capital Asset Acquisition is a key focus area. This facet of the program is geared towards providing financial support for purchasing necessary capital items, which are vital for business operations and expansion. The assistance aims to not only sustain existing employment but also create new job opportunities by enhancing business operations. Moreover, it supports businesses in improving efficiency to stay competitive and tap into new markets.
Market and Product Development funding is oriented towards businesses looking to expand their market reach or develop new products. The grants under this category are intended to boost sales of local products and services, promoting the NWT as a hub of unique offerings. This can take the form of participating in trade shows or conducting extensive marketing campaigns through various mediums including print and online advertising.
Operational Support is yet another critical component of the program, ensuring that businesses facing operational challenges have the resources they need to increase skills, resolve issues, and potentially restructure for better efficiency. This readiness to support businesses through various phases—from crisis recovery to strategic restructuring—demonstrates the program’s commitment to ensuring long-term viability and success of local enterprises.
The Support for Film funding category underscores the program's versatility, offering grants to enhance the NWT’s film industry. This includes assistance with film development, marketing, and forming partnerships, highlighting the region's potential as a burgeoning locale for film endeavors.
Businesses and entrepreneurs considering applying are encouraged to liaise with their regional Economic Development Officers for guidance and to prepare robust proposals. The program requires applicants to meet specific equity requirements, which vary by community size, ensuring that businesses maintain a personal stake in their growth efforts.
Overall, the Entrepreneur Support program is a vital instrument in nurturing the entrepreneurial spirit across the Northwest Territories. By addressing key economic needs and fostering an environment conducive to small business prosperity, it plays a pivotal role in strengthening the community’s economic infrastructure. Interested applicants should be proactive in consulting regional offices to maximize their chances of success and ensure they are adequately prepared to benefit from this substantial financial resource.
