If you run or intend to launch a small business in the Northwest Territories, Nunavut, or Yukon and require financial support, a grant could be able to meet your requirements. This grant guide can be useful if you’re seeking funding for new firms or government assistance for small businesses.
To assist businesses and business startups in locating the necessary financial support, these Northern Canadian grants guides will examine small company funding sources, including grants from the NWT, the Yukon, and Nunavut.
Making Grant Applications in Canada
Government money and outside help are available to small enterprises to help them with their operations. These donations may be non-repayable or repayable, such as an interest-free loan or a loan with a partial repayment schedule. Government aid occasionally takes the form of a tax credit, such as the Yukon children’s arts tax credit.
Businesses must offer explicit proof of their financial necessity regardless of the grant contribution’s form. For instance, in order to effectively receive money, you would need to confirm that your company’s needs match the program’s requirements before beginning the Yukon grant application process.
As a result, to aid you in the process of applying for grants from the Northwest Territories, Nunavut, or Yukon, you will need to compile relevant business data, such as the following list:
- A mission statement, project scope, budget, and deadline are all included in a business plan or project plan.
- The company’s registration and licences to conduct business inside the province, as well as any other permits required by law for the sector
- The company’s financial statements show the annual revenue creation and owner income.
- An employee list with the total number of part-time and full-time workers
- Any testimonials or letters of advice
Who Qualifies for Small Business Grants in the Yukon, Nunavut, and Northwest Territories?
In order to ensure that the business meets the requirements for financial support under the program’s rules, you must meet certain eligibility requirements in addition to the data stated above when applying for these small business grants in Canada. For instance, the company must lawfully reside in and conduct business in the Northwest Territories before beginning the application process for an NWT funding programme. At the same time, startups and established businesses based in Yukon are eligible for small business subsidies and loans.
Only Canadian citizens or permanent residents are eligible for funding programmes overseen by the Canadian government. In general, make sure to examine all eligibility requirements before applying for grants to make sure you can successfully qualify.
Read more about Small Business Grants in Canada
Grants for COVID-19 Relief
Encouragement of Entrepreneurs and Economic Growth (SEED)
Due to COVID, the Department of Industry, Tourism and Investment (ITI) of the Government of the Northwest Territories (GNWT) gives funding to small- to medium-sized firms who are experiencing financial difficulty in the NWT. The Department’s Support for Entrepreneurs and Economic Development (SEED) programme provides financing assistance and a Canada emergency wage subsidy.
The COVID grant provides financial assistance to small and medium-sized businesses that have been negatively impacted by the gathering limitations implemented in the Northwest Territories by the Office of the Chief Public Health Officer (OCPHO). Contributions should be utilized to promote employment and business growth, establish new commercial opportunities, and aid in the recovery and expansion of firms after limitations are eliminated.
Previously, the programme provided $5,000 to companies during the collection restrictions. The contribution level for enterprises impacted by the recent public health legislation has now raised to $12,500.
Who may apply?
The eight financing streams under the SEED programme are open to local small companies and entrepreneurs living and working in the Northwest Territories.
How can I apply?
To apply for this Canada emergency wage subsidy, complete the SEED application form and send it to your local, regional ITI office.
Grants for Export and International Development
SMEs Funding CanExport
Small and medium-sized businesses can get money through the CanExport for Businesses (SMEs) initiative to help with actions aimed at expanding their overseas markets. The Canadian government is providing grant contributions that can be used to pay for the costs associated with marketing goods and services abroad.
Contributions worth up to $50,000 can be given to applicants, covering up to 50% of the qualifying costs.
Who may apply?
Small and medium-sized businesses that qualify include those that:
For-profit enterprises
- a co-operative, a limited liability partnership (LLP), or an incorporated legal body
- have a company number from the Canada Revenue Agency
- Have fewer than 500 full-time employees and $100 million or more in stated Canadian revenue in the most recent fiscal year
How can I apply?
To begin the CanExport application process, businesses must first register on the website of the Government of Canada. Once finished, users can utilize their new profile to submit a fundraising request.
Grants for Indigenous and Minority-Run Businesses
Program for Black Entrepreneurship (BEP)
The Black Entrepreneurship Program (BEP) is one of many small business subsidies for minority entrepreneurs, primarily black-owned enterprises, that the Canadian government offers in the nation. This federal initiative gives black company owners financial support.
The BEP provides up to $161 million nationwide for Black business owners and entrepreneurs.
Who may apply?
To qualify for financing, applicants must self-identify as Black or a person of colour.
How can I apply?
Visit the BEP homepage on the Canadian government’s online resource.
Check out more information about Grants for Black-Owned Businesses in Ontario
Economic Growth and Inclusive Diversification in the North (IDEANorth)
The government and CanNor initiative known as Inclusive Diversification and Economic Advancement in the North (IDEANorth) aims to support the economic growth and sector development of the NWT, as well as business scaling up and product innovation, as well as the development of economic infrastructure and foundational economic infrastructure.
For NGOs, governmental entities, and Indigenous economic development organizations, funding under this NWT grants opportunity takes the form of a cost-sharing framework that pays up to 80% of the approved growth costs. For-profit companies and small to medium-sized firms are entitled to receive up to 50% of qualified costs.
It is crucial to remember that donations made to for-profit companies are repaid amounts, implying that assistance is given in the form of loans.
Who may apply?
Small enterprises and other public and private entities are subject to eligibility rules. Underrepresented groups, including Indigenous peoples, women, and young people, are encouraged to apply for this support.
How can I apply?
For grant or interest-free loan consideration, complete the Expression of Interest application and email a completed copy to CanNor at [email protected].
Northern Aboriginal Economic Opportunity Program of CanNor (NAEOP)
In order to help northern Intuit, First Nations, and Metis communities and small businesses find jobs and generate revenue, CanNor manages the Northern Aboriginal Economic Opportunities Program (NAEOP).
There are two financing streams under NAEOP that are accessible:
- The Community Readiness and Opportunities Planning (CRO) initiative aims to boost local economic growth, provide more jobs for local residents, enhance local government revenue, expand local businesses, and increase local company contracts.
- Program for Entrepreneurship and Business Development (EBD): This initiative intends to boost the number of successful Indigenous firms, encourage entrepreneurship and a positive business climate, and improve Indigenous-owned businesses’ access to capital.
Indigenous people and companies receive financial assistance on a case-by-case basis.
Who may apply?
Under these NWT grant programmes, First Nations, Inuit, Métis, and non-status Indigenous communities are eligible to apply for the money.
How can I apply?
You must email CanNor at [email protected]to to request an application form in order to begin the process.
Initiative for Strategic Partnerships (SPI)
The Government of Canada’s Strategic Partnerships Initiative (SPI) assists Indigenous communities in cultivating business possibilities across the nation. This programme supports pre-feasibility and feasibility studies, environmental diagnostics and evaluations, community economic development planning, investments in the economic infrastructure, expansion of viable firms, and skill-building and training initiatives.
The overall annual authorized money for SPI is $14.45 million. Instead of providing direct financial assistance to applicants, federal partners collaborate with these Indigenous communities to support proposed projects.
Who may apply?
The following people are eligible for this SPI Canada government grant:
- Native American companies, groups, alliances, and joint ventures
- Local governments and indigenous groups
- academic establishments
- territories and provinces
How can I apply?
To find out more about the application procedure, email [email protected]
Grants for Startups and Expansion
Program for Strategic Investments by the Government of Nunavut
Municipalities, charitable organizations, and local companies owned by Nunavut inhabitants can get financial assistance under the Strategic Investments Program. Companies may obtain funding to assist with startup or growth expenditures, while governments and non-profit organizations may use funds for community development, marketing, and training.
For candidates for this government programme for business assistance, there are two streams available:
- The Nunavut Business Investment Fund is a programme that provides funding to small enterprises that are putting together a financing package for a startup, growth, or business endeavours in key areas of the region’s economy.
- The goal of the Nunavut Economic Foundations Fund is to strengthen local economies, encourage the growth of businesses in important areas of the territory’s economy, and offer funding for special occasions, career advancement, educational opportunities, and training.
Both funds provide various levels of money in terms of government support for small businesses. The Nunavut Business Investment Fund has a minimum contribution requirement of $25,000 and a maximum grant value of $250,000. Government grant payments cannot be added to the resources of this Department.
The Nunavut Economic Foundations Fund requires a minimum donation of $50,000 and a maximum contribution of $250,000 per application. Under this programme, it is acceptable to combine financial resources with those of other government initiatives.
Who may apply?
For-profit organizations that can legally function in Nunavut, such as corporations, partnerships, sole proprietorships, and co-operative associations, are eligible for the Nunavut Business Investment Fund. Every business needs to be in good standing with the Nunavut government.
Applicants who are registered and in good standing with either the Nunavut Societies Act, Canada Not for Profit Corporations Act, the Nunavut Cities, Towns and Villages Act, or the Nunavut Hamlets Act are eligible for the Nunavut Economic Foundations Fund.
How can I apply?
You must fill out the application forms in order to be considered for either fund. Once finished, get in touch with the local community economic development manager.
Program for Small Businesses (SBSP)
Through three financing streams, the Small Business Support Program (SBSP), an initiative of the Canadian government, provides new and current small enterprises with access to financial resources.
- Small Business Prospects Fund: This fund assists startups and small companies that are already operating but want to grow or have discovered attractive business opportunities. Money can be used for marketing initiatives, business expansion, or startup planning.
- The Entrepreneur Development Fund helps residents and enterprises in Nunavut learn fundamental entrepreneurial and business skills. Training in entrepreneurship skills, business aftercare, tourism safety and risk management can all be covered by funding.
- Sustainable Livelihood Fund: This fund assists small businesses by financing the tools, equipment, and other costs associated with running their operations in the traditional economic sectors, such as small businesses, the arts and crafts industry, community-based tourism, and traditional retail trade.
The Entrepreneur Development Fund and the Small Business Opportunities Fund have a $100,000 maximum contribution.
Funding for the Sustainable Livelihood Fund is offered for $5,000 per application or $10,000 over the applicant’s lifetime. The limit per application may be raised if an extraordinary need can be shown. Each fiscal year, the Government of Canada makes a single donation to each business.
Who may apply?
Companies must be run by Nunavut inhabitants, have an established facility within the province, and be legally permitted to conduct business there. Additionally, candidates for entrepreneurs must reside in Nunavut.
How can I apply?
Obtain the necessary application forms through the Department of Economic Development and Transportation. Forms can be sent to your local EDT office after they are finished.
Grants for Tourism and Assistance
Program for Local Cultural and Tourism Industries
Businesses and groups in the tourism and cultural industries can access financial resources through the Community Tourism and Cultural Industries Program, which is run by the government of Nunavut.
Three funding sources are available to small enterprises through this government programme:
- Beginning, Arts Creation and Training: This funding stream intends to aid municipalities, small firms, and people in their initiatives to enhance education and training related to service delivery capabilities and creative talent.
- Product development and marketing: This stream supports the tourism, arts, and culture industries in Nunavut. With promising goods and marketing potential for these sectors, local companies, groups, people, and towns will be given financial support.
- Infrastructure Improvement: This stream assists with the creation of infrastructures that benefit the tourism and cultural industries. Municipalities, small companies, artist studios, and other organizations that want to enhance community visitor centres and public art displays will receive financial assistance.
A minimum investment of $1,000 and a maximum contribution of $35,000 can be given to applicants for the Getting Started Arts Creation and Training fund. The Product Development and Marketing fund accept applications for projects with a minimum commitment of $5,000 and a maximum contribution of $100,000. Last but not least, applicants can earn a minimum of $25,000 in grant funds and a maximum contribution of $100,000 for the Infrastructure Improvement fund.
Artists must pay at least 10% of the project expenditures under all three financing streams, while all other application types are required to contribute at least 20%.
Who may apply?
These three financing sources are open to applications from companies, hotels, restaurants, outfitters, hunting and fishing associations, artists, societies, studios, artist co-operatives, and municipalities.
How can I apply?
Obtain the necessary application forms through the Department of Economic Development and Transportation. Forms can be sent to your local EDT office after they are finished.
Programs to Support the Tourism Sector
The COVID-19 epidemic has affected businesses that rely on tourism and get funds from Yukon’s tourist sector support programmes. The funding is divided into two streams: the tourism accommodation sector supplement, which covers companies that offer to lodge to tourists, and the tourism non-accommodation sector supplement, which covers companies that depend on tourists for revenue.
The contribution payment for the accommodation sector supplement can be up to $400 per room per month. Local firms can receive up to $20,000 per month in funding for the Non-Accommodation Sector Supplement, with a maximum contribution of $60,000.
Who may apply?
Businesses based in the Yukon that rely on tourism run a monthly deficit due to COVID and fit three of the following requirements are eligible applicants.
- a business with a physical presence in the Yukon
- The Yukon Income Tax Act applies.
- It is registered under the Partnership and Business Name Act or the Business Corporations Act.
- possesses a current municipal business permit
Additionally, home-based enterprises that depend on tourism are welcome to apply.
How can I apply?
You must fill out the application form and the profit and loss worksheet for the tourism accommodation sector supplement or the tourism non-accommodation sector supplement before you can begin the Yukon grant application. Send the completed forms by fax at 867-393-6228 or email to [email protected].
Conclusion
Small enterprises, huge corporations, non-profit organizations, and post-secondary research institutes can all benefit from Canadian government financing initiatives. The secret to using these programmes, though, is understanding which ones best fit your business and planning initiatives. These grants can be helpful for you to expand your business on a large scale. For any further information on these grants, please visit the official website of www.canada.ca
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