Strategic Investments Program – Nunavut Business Investment Fund
$250,000.00
Grant
Description:
The Nunavut Business Investment Schedule (NBIS) provides contributions to Nunavut business ventures with anticipated economic development outcomes. These contributions are structured to complement and attract Debt Financing and/or Equity Investments.
Comments on Funding:
The minimum contribution under this schedule is $50,000; the maximum contribution is $250,000.
NBIS funding is limited to a maximum 1:3 ratio of a project’s required debt or equity financing.
–Debt or equity financing used in this calculation must be arm’s-length.
–NBIS funding can be conditionally approved prior to securing the required arm’s-length financing.
Applications are closed. Stay tuned for future intake announcements.
Eligibility:
Applicants must:
1. Be a corporation, registered and in good standing.
2. Be in partnership or sole proprietorship duly registered and in good standing with Nunavut Legal Registries; or
3. Be a Co-operative association in good standing under the Co-operative Associations Act, or in administration under that act.
4. Hold a valid business license and meet the requirements set out in the Nunavummi Nangminiqaqtunik Ikajuuti (NNI) system for a Nunavut Business with respect to Nunavut ownership and residency.
Application Steps:
Applicants must contact the following regional offices:
1. Kitikmeot (Cambridge Bay, Kugluktuk, Gjoa Haven, Kugaaruk, Taloyoak) — Toll-free phone: 1-844-475-1166 | Phone: 867-982-7442
2. Kivalliq (Rankin Inlet, Arviat, Whale Cove, Baker Lake, Chesterfield Inlet, Coral Harbour, Naujaat) — Toll-free phone: 1-844-737-8627 | Phone: 867-645-8451
3. North Qikiqtaaluk (Pond Inlet, Grise Fiord, Resolute Bay, Arctic Bay, Clyde River, Igloolik, Sanirajak) — Toll-free phone: 1-888-899-7338 | Phone: 867-899-7344
4. South Qikiqtaaluk (Pangnirtung, Qikiqtarjuaq, Iqaluit, Kinngait, Kimmirut, Sanikiluaq) — Toll-free phone: 1-844-737-8628 | Phone: 867-473-2679
5. Headquarters (Territory-wide) — Toll-free phone: 1-888-975-5999 | Phone: (867) 975-7866
Documentation Needed:
Applicants must:
1. Submit financing package that includes:
–Arms-length Debt Financing or Equity Investment in the required proportions (Approval of NBIS funding can be provided in advance, conditional on securing this Arms-Length funding); and
–A client contribution, which can take the form of cash, sweat equity or existing assets.
2. Submit business plan demonstrating potential for viability, sustainability, and growth;
3. Submit three-year historical financial statements (if available);
4. Submit evidence that the initiative will provide net economic benefit beyond the financial return to the applicants;
5. Submit evidence that the initiative will create new jobs for Nunavummiut;
6. Submit evidence of a capable and experienced management team;
7. Submit evidence that costs associated with the initiative are reasonable and that a sound procurement process will be followed for major project components.
Other Things to Note:
Contributions are normally made for a one-year period. Multi-year contributions may be considered on a case-by-case basis, but if approved are conditional on available appropriated funds that year.
About the author
Maurice
