Small Business Support Program – Small Business Opportunities Fund
$100,000.00
Grant
Description:
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. The fund also provides assistance for small businesses facing viability or wind-down challenges.
Comments on Funding:
A recipient may access funding under this schedule which shall not exceed $100,000.
Financial Assistance may be provided for the following eligible activities:
(a) 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.
(b) Access to professional services to support the Nunavut interest within a partnership or joint venture. Assistance is limited to $5,000 per recipient.
(c) 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.
(d) Acquisition or development of capital assets such as buildings and land, equipment, leasehold improvements, and site development costs. Assistance is limited to 50% of the total eligible costs.
(e) Assistance to fill gaps in working capital for small businesses during start-up or major expansions. Maximum assistance is limited to $25,000.
(f) 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.
(g) 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.
Rolling deadline
Eligibility:
Applicants must:
1. Be businesses or entrepreneurs typically with less than $500,000 in gross sales or fewer than ten employees are eligible to apply.
2. Be in good standing and have no outstanding accounting or other contractual obligations with the Department of Economic Development and Transportation.
3. Be Nunavut-based individual or business in a joint-venture or partnership of a corporation.
4. Be an artist, craftsperson, or performing artist who makes all or part of their income through the sale of products they produce or plan to produce.
5. Be a 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.
Application Steps:
Applicants must submit a completed application package that includes Small Business Support Program Application Form to their local Hamlet Community Economic Development Officer (where available) or the relevant Regional Community Operations Office.
Kitikmeot – Community Economic Development Office: P.O. Box 316, Kugluktuk, NU X0B 0E0
Kivalliq – Community Economic Development Office: P.O. Box 979, Rankin Inlet, NU X0C 0G0
North Baffin – Community Economic Development Office: P.O. Box 389, Pond Inlet, NU X0A 0S0
South Baffin – Community Economic Development Office: P.O. Box 612, Pangnirtung, NU X0A 0R0
Documentation Needed:
Applicants must:
1. Submit a completed application package that includes Small Business Support Program Application Form to their local Hamlet Community Economic Development Officer (where available) or the relevant Regional Community Operations Office.
2. Submit as well as supporting information required to assess eligibility and need. This may include:
(a) For business research/planning assistance, a plan outlining the activity and including a detailed budget, schedule and cost quotations.
(b) For demonstration/pilot projects, a development plan which outlines the scope and intent of the project, including a detailed budget, schedule, cost quotations, and any supporting technical documentation.
(c) For capital asset acquisition/development, the business rationale for the acquisition should be provided, along with a detailed budget, schedule of activities, cost quotations, and any supporting documentation deemed appropriate.
(d) For market development assistance, a three-year marketing plan which shows how the proposed contribution will help the applicant to penetrate a new market or market a product.
(e) In the case of wind down assistance, an undertaking from the principal shareholders that the business will actually be wound down.
(f) All applicants are expected to indicate the outside services to be used in the project, including consulting fees, printing, translation, freight, legal and other contracts.
(g) Historical financial statements may be requested.
Other Things to Note:
About the author
Maurice
