Small Business Support Program – Small Business Opportunities Fund
The Small Business Opportunities Fund supports new and expanding small businesses managed by capable entrepreneurs who have identified promising business opportunities. The fund provides accountable contributions to offset costs associated with a wide range of planning, start-up, expansion, and marketing activities.
Offered by Ministry of Economic Development and Transportation
Amount
Accountable contributions, not to exceed $100,000 per recipient
Quick eligibility check
Who can apply
Nunavut Small Business
A Nunavut small business includes any of the following:
fewer than 10 employees.
The Nunavut-based individual or business in a joint-venture or partnership of a corporation.
Artist, craftsperson or performing artist who makes all or part of their income through the sale of products they produce or plan to produce.
Renewable resource harvester who earns part or all of their income from the sale of renewable resource products they harvest, or plan to harvest from available commercial quotas, agriculture, or similar sources.
Nunavut Small Businesses and Residents. Applicants may be required to show proof of capability through completion of business skills training or past business success.
About the funding
The fund provides accountable contributions to offset costs associated with a wide range of planning, start-up, expansion, and marketing activities. The fund also provides assistance for small businesses facing viability or wind-down challenges.
A recipient may access funding under this schedule which shall not exceed $100,000.
Payment
Payments will be issued in installments, as outlined in the terms of the Contribution Agreement.
Show all funding details
Term
Contributions are normally once per fiscal year, with a reporting period from April 1st to March 31st of each government fiscal year. The department may conditionally approve multi-year projects, subject to availability of funds in subsequent years.
Financial Assistance may be provided for the following eligible activities:
Costs associated with business planning, feasibility and engineering studies, legal and regulatory costs, and other pre-establishment or pre-expansion development costs. Assistance is limited to a maximum of 75% of eligible costs.
Access to professional services to support the Nunavut interest within a
partnership or joint venture. Assistance is limited to $5,000 per recipient.
Establishment of demonstration or pilot projects to test the application of new technology such as the purchase of equipment and materials, leasing of equipment and/or facilities, and contracted costs of technical support. Assistance is limited to a maximum of 80% of eligible costs.
Acquisition or development of capital assets such as buildings and land, equipment, leasehold improvements, and site development costs. Assistance is limited to 50% of total eligible costs.
Assistance to fill gaps in working capital for small businesses during start-up or major expansions. Maximum assistance is limited to $25,000.
Market development and product launch into new markets, including support for trade show participation and developing/maintaining contacts in local and export markets. Assistance is limited to a maximum of 70% of eligible costs.
Access to professional services to identify problems prior to developing a recovery plan or to develop a recovery plan. Assistance is limited to a maximum of $25,000 of eligible costs.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Small Business Support Program – Entrepreneur Development Fund | Grant | Up to $100,000 per recipient | Open |
| Strategic Investments Program – Nunavut Business Investment Fund | Grant | Up to $250,000 | Open |
| Aboriginal Entrepreneurship Program: Access to Capital | Grant | Individual Indigenous entrepreneurs may receive up to $99,999 in funding assistance and eligible Indigenous community businesses may receive up to $250,000 (non-repayable equity contribution | Open |
| CanNor Jobs and Growth Fund | Grant, Loan | Interest-free repayable contributions for up to 50 percent of eligible costs (businesses) | Open |
