Atuqtuarvik Corporation Financing
Highlights
This program is designed specifically for Inuit-owned businesses like yours. It offers loans and equity investments ranging from $150,000 to $3,000,000. These funds can be used for starting a new business, expanding your current operations, or acquiring another business. The primary goal is to support commercially viable projects that benefit the Inuit community through job creation, training, and social improvements.
Why should you apply?
- Flexible Financing: Loans are available for terms of 1 to 5 years, with amortization up to 25 years.
- Competitive Rates: Rates are based on the bank prime and overall project risks, making them competitive.
- Support for Growth: The program not only provides financial support but also helps in creating jobs and improving social conditions for Inuit in Nunavut.
What’s in it for you?
- Significant Funding: Access to substantial financing that can help you achieve your business goals.
- Community Benefits: Your project will contribute to the economic and social well-being of the Inuit community.
- Ease of Qualification: If your business is Inuit-owned and based in Nunavut, you are likely to qualify.
Applying for this program can provide the financial boost your business needs while also contributing positively to your community.
Financing Details
Type of Financing: Loans and Equity Investments
Repayment Terms and Interest Rates:
- Loan Terms: 1 to 5 years
- Amortization Period: Up to 25 years
- Interest Rates: Based on bank prime rate and overall project risks
Eligible Expenses:
- Business start-up costs
- Business expansion costs
- Business acquisition costs
Ineligible Expenses:
- Personal expenses
- Non-business-related activities
Fees:
- Administrative fee required prior to completing the due diligence process
Qualifications
- Must be an Inuit-owned business.
- Business must be based in Nunavut.
- Seeking financing between $150,000 and $3,000,000.
- Must be capable of providing own equity.
- Must demonstrate financial viability of the project.
- Must show benefits to Inuit of Nunavut, such as jobs, training, and social improvements.
- Must have a significant percentage of Inuit ownership and participation in management.
- Must provide verification of Inuit Firm Status.
- Must submit resumes for key individuals.
- Must provide ownership and management structure.
- Must submit business licenses, proof of insurance, and WSCC coverage.
- Must provide a description of proposed business activity.
- Must include financial projections and history.
- Must detail proposed financing from all sources.
- Must provide detailed strategic and project implementation plans.
- Must identify anticipated benefits of the project to the Inuit of Nunavut.
- Must complete any applicable environmental assessments.
- Must complete a Personal Net Worth Statement.
- Must authorize Atuqtuarvik Corporation to verify information through direct contact with bankers, accountants, creditors, employers, credit bureaus, etc.
Must authorize access to CRA account.
Disqualifications:
- Businesses not based in Nunavut.
- Businesses not Inuit-owned.
- Projects seeking less than $150,000 or more than $3,000,000 in financing.
- Businesses unable to provide their own equity.
- Projects not demonstrating financial viability.
- Projects not providing benefits to Inuit of Nunavut.
Description
This program offers loans and equity investments ranging from $150,000 to $3,000,000. You can use this money to start, expand, or acquire a business. Your project must be based in Nunavut and provide benefits to Inuit communities, such as jobs, training, and social improvements.
Loan terms are flexible, with repayment periods from 1 to 5 years and amortization up to 25 years. The interest rates are based on the bank prime rate and the overall risk of your project.
The program evaluates applications based on the financial viability of your project, the percentage of Inuit ownership and management, and the benefits your project will bring to the Inuit of Nunavut. This is a great opportunity to secure funding and support for your business while contributing positively to the community.
Program Steps
Download the Application Form: Visit the Atuqtuarvik Corporation website and download the application form.
Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the financing you seek.
Prepare Required Documentation: Gather the necessary documents to support your application. These include:
- Verification of Inuit Firm Status
- Resumes for key individuals
- Ownership and management structure
- Valuation and/or appraisals (if shares or assets are being purchased)
- Business licenses
- Proof of insurance and WSCC coverage
- Proof of enrollment under the Nunavut Agreement
- Description of proposed business activity
- Investment requested from Atuqtuarvik Corporation
- Analysis of market and clientele served or to be served
- Financial projections and history
- Details of proposed financing from all sources
- Detailed strategic and project implementation plans
- Letters of intent or documents indicating regulatory approvals required
- Identification of anticipated benefits to the Inuit of Nunavut
- Any applicable environmental assessments
- Completed Personal Net Worth Statement
Authorize Information Verification: Provide written authorization for Atuqtuarvik Corporation to verify the information in your application through direct contact with your bankers, accountants, creditors, employers, credit bureaus, etc. Also, authorize access to your CRA account.
Pay Administrative Fee: Submit the required administrative fee to proceed with the due diligence process.
Submit the Application Package: Send the completed application form and all supporting documentation to Atuqtuarvik Corporation.
Await Evaluation: The Credit Department will review your application and perform due diligence. They will make a recommendation to the Board of Directors.
Receive Decision: Once the Board of Directors makes a decision, you will be informed of the outcome.