BDIC-NWT — Working Capital Guarantee
Highlights
This program is designed for businesses like yours to thrive and grow. Prosper NWT offers flexible debt financing options to help you start, expand, or sustain your business. With up to $15,100 in grants and contributions available, you can adopt new digital technologies, enhance your online presence, or digitalize your operations.
What You Get:
- Flexible debt financing tailored to your business needs
- Up to $15,100 in grants for digital projects
- Access to digital advisors for expert guidance
Benefits:
- Government-backed financing ensures stability and trust
- Customizable repayment plans to fit your financial situation
- Expert support to help you navigate and implement digital advancements
Applying for this program is straightforward, and qualifying is easier than you might think. By being approved, you gain access to essential funds and expert advice, setting your business up for long-term success.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Adoption of new digital technologies.
- Enhancement of online presence.
- Digitalization of business operations.
Use of Funds:
- Funds cannot be used for non-digital related expenses.
- Cannot be used for personal expenses or non-business-related activities.
Fees:
- No application or processing fees associated with the grant.
Qualifications
- Must be a business operating in the Northwest Territories (NWT).
- Must be seeking to adopt new digital technologies.
- Must be looking to enhance their online presence.
- Must be aiming to digitalize operations.
Eligible for up to $15,100 in grants/contributions.
Disqualifications:
- Businesses not operating in the Northwest Territories (NWT).
Description
This program offers up to $15,100 in grants to help your business adopt new digital technologies. You can use this money to enhance your online presence or digitalize your operations. This could mean creating a new website, improving your e-commerce platform, or integrating new software to streamline your business processes.
Digital advisors are available to guide you through your digital projects. They can help you make the most of the grant and ensure your business benefits from the latest digital tools.
This is a great opportunity to modernize your business without the financial burden. The grant does not need to be paid back, giving you the freedom to invest in your business's future.
Program Steps
Gather Necessary Documentation:
- Financial statements (balance sheets, income statements)
- Business plan
- Quotes for digital technology or services
- Proof of business registration
- Identification documents
Complete the Application Form:
- Visit the Prosper NWT website.
- Navigate to the digital projects support section.
- Fill out the online application form with accurate business details.
Prepare a Digital Project Proposal:
- Outline the digital technologies you plan to adopt.
- Describe how these technologies will enhance your business.
- Include a budget and timeline for the project.
Consult with a Digital Advisor:
- Schedule an appointment with a Prosper NWT digital advisor.
- Discuss your project proposal and receive feedback.
- Make any necessary adjustments based on the advisor's recommendations.
Submit the Application:
- Attach all required documentation and the digital project proposal.
- Ensure all information is accurate and complete.
- Submit the application through the Prosper NWT online portal.
Await Application Review:
- Prosper NWT will review your application.
- Be prepared to provide additional information if requested.
Receive Approval and Funding:
- Upon approval, review the grant/contribution agreement.
- Sign the agreement and return it to Prosper NWT.
- Receive the funds to start your digital project.
Implement Your Digital Project:
- Use the funds to purchase and implement the digital technologies.
- Follow the timeline and budget outlined in your proposal.
Report on Project Progress:
- Provide regular updates to Prosper NWT on your project's progress.
- Submit a final report upon project completion, detailing outcomes and benefits to your business.