TOP FINANCING OPTIONS FOR NWT BUSINESSES
Starting and growing a business in the Northwest Territories (NWT) can be a rewarding yet challenging journey. Thankfully, a variety of financing options are available to support entrepreneurs and small business owners in the region. Here’s a guide to some of the best funding programs you can tap into.
GNWT Grants
The Department of Industry, Tourism, and Investment (ITI) offers a range of programs designed to support the growth and development of small businesses across the NWT. These programs offer substantial financial assistance tailored to different business needs:
Entrepreneur Support Program: Looking to kickstart your business or expand an existing one? This program offers up to $25,000 to help with start-up costs, market and product development, capacity building, operational support, and even film support.
Suited for: Entrepreneurs and small businesses at various stages, from start-up to expansion.Capital Expansion Incentive and Sector Research Support: Need funds to grow your business or dive into sector-specific research? This program provides up to $30,000 for capital purchases and up to $25,000 for sector-specific research and marketing campaigns.
Suited for: Businesses looking to expand operations or conduct in-depth sector research.Community Economic Development Program: If you’re part of a community or organization aiming to boost local economic development, this program offers up to $25,000. It supports feasibility studies, strategic planning, infrastructure development, and community events.
Suited for: Community-based organizations, municipalities, and Indigenous organizations focusing on local economic development.Micro-Business Program: Are you an artist, crafter, filmmaker, or small business owner in a traditional industry? This program offers up to $6,000 over three years to help you purchase tools, raw materials, and equipment.
Suited for: Artists, crafters, filmmakers, and renewable resource harvesters.Strategic Investments Program: Ready to make a big move? This program offers up to $75,000 for significant business investments that aim to increase economic activity and employment in the NWT. Priority is given to projects that leverage additional funding and align with regional development plans.
Suited for: Businesses ready to make large investments for expansion and economic growth.
Equity Contributions: For ITI grants require equity contributions to cover part of the applicable costs; this will be 20% or 30% depending on your community.
Prosper NWT Business Loans
Need substantial financing for your big business ideas? Prosper NWT offers term loans up to $2 million with flexible terms and competitive interest rates.
KEY FEATURES:
Term Loans: Secure significant funding for large-scale projects.
Flexible Solutions: Customized loan options to meet your business needs.
ADDITIONAL PERKS:
Standby Letter of Credit (SLC): Provides guarantees to third parties ensuring payment if your business defaults.
Working Capital Guarantee: Ensures you can meet short-term financial obligations, giving peace of mind to lenders and creditors.
Suited for: NWT businesses looking for customized financial solutions and substantial funding for large-scale projects.
Community Futures Program
Available in all 33 NWT communities, this program, delivered by Community Futures Development Corporations, offers business loans, loan guarantees, entrepreneurial counseling, and wage subsidies for new businesses.
KEY FEATURES:
Business Loans and Guarantees: Financial support tailored to your business needs.
Entrepreneurial Counseling: Guidance and assistance in starting or expanding your business.
Wage Subsidies: Help with the cost of hiring employees.
Suited for: Entrepreneurs and businesses in all NWT communities needing start-up support, expansion funding, and expert advice.
MDDF
Supporting both Aboriginal and non-Aboriginal businesses in the NWT, MDDF offers term loans, working capital loans, and strategic advice.
KEY FEATURES:
Term Loans: Finance your start-up or expansion over a specific period.
Working Capital Loans: Cover daily operating costs until accounts receivable are paid.
Special Programs: Access the Entrepreneurship and Business Development Fund (EBD) and the Indigenous Women’s Entrepreneur Program (IWE).
Suited for: Indigenous and non-Indigenous businesses, especially those needing strategic advice and operational funding.
IDEANorth Program
Administered by CanNor, the IDEANorth program supports economic development through four streams: sector and capacity development, business scale-up and productivity, small-scale economic infrastructure, and economic infrastructure studies.
KEY FEATURES:
Sector & Capacity Development: Invest in research and training to enhance sector growth.
Business Scale-Up: Support for expanding businesses and increasing productivity.
Infrastructure Development: Funding for small-scale economic infrastructure projects.
Pre-Construction Studies: Assistance for planning and feasibility studies for large-scale infrastructure projects.
Suited for: Registered organizations involved in economic development in the North, with priority for those demonstrating capacity and engagement in territorial economic development.
Need A Business Plan?
To tap into many of these fantastic funding options, you'll need a solid business plan. That’s where Natsai R Consulting comes in! I can help you develop a comprehensive business plan tailored to your needs and what the funder looks for. The great news is that the cost of developing your business plan can be covered under the SEED Entrepreneur Support Program (and if you are a tourism business the GNWT's Tourism Product Diversification and Marketing Program can also cover the cost), less the required equity contribution. Plus, I offer free proposal writing support to help you apply for this funding.
Ready to get started? Book a free consulting call with me today to discuss your business needs and explore the best funding options for you. Let’s turn your business dreams into reality!
