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BDIC — Standby Letters of Credit

Type
LOANS AND CAPITAL INVESTMENTS
Application Difficulty
MEDIUM
Time To Complete4 weeksProgram Budgetno cap
See If You Qualify

Highlights

This program is designed for businesses like yours in the Northwest Territories. It offers flexible debt financing options to help you start, grow, and thrive. With up to $15,100 in grants/contributions, you can adopt new digital technologies, enhance your online presence, or digitalize your operations. This financial support can be a game-changer for your business.

Why should you apply?

  • Flexible financing: Tailored to meet your business needs.
  • Expert guidance: Access to digital advisors to help advance your projects.
  • Government-backed: Provides security and reliability.

What’s in it for you?

  • Up to $15,100 in grants/contributions.
  • Support for digital projects: Enhance your online presence and operations.
  • Easy qualification: Designed to be accessible for businesses in the NWT.

Being approved for this program can provide the financial boost and expert support your business needs to succeed in today’s digital world.

Financing Details

Type of Financing: Grant

Eligible Expenses:

  • Adoption of new digital technologies
  • Enhancement of online presence
  • Digitalization of operations

Use of Funds:

  • Funds can be used for purchasing software, hardware, and other digital tools.
  • Expenses related to website development, e-commerce platforms, and digital marketing.
  • Training and consulting services to support digital projects.

Restrictions:

  • Funds cannot be used for non-digital related expenses.
  • Not applicable for general operational costs or non-digital business improvements.

Fees:

  • No application fees.
  • No ongoing administrative fees.

Qualifications

  • Must be a business operating in the Northwest Territories (NWT).
  • Must be seeking to adopt new digital technologies, enhance online presence, or digitalize operations.
  • Must be eligible for up to $15,100 in grants/contributions for digital projects.

  • Disqualifications:

    • Businesses not operating within the Northwest Territories (NWT).

Description

This program offers your business up to $15,100 in grants. These funds can be used to adopt new digital technologies, enhance your online presence, or digitalize your operations.

You can use the money for:

  • Upgrading your website
  • Implementing e-commerce solutions
  • Investing in digital marketing tools
  • Improving your IT infrastructure

Digital advisors are available to help you plan and execute your digital projects. This support ensures you make the most of the funds and achieve your business goals.

This is a great opportunity to modernize your business and stay competitive in today's digital world.

Program Steps

  1. Gather Required Documentation: Prepare the necessary documents to support your application. This includes:

    • Business plan
    • Financial statements (last two years)
    • Proof of business registration
    • Identification documents (e.g., driver's license, passport)
    • Quotes or estimates for digital technology projects
  2. Complete the Application Form: Fill out the application form provided by Prosper NWT. Ensure all sections are completed accurately.

  3. Submit the Application: Submit your completed application form along with the required documentation to Prosper NWT. This can typically be done online through their website or via mail.

  4. Consult with a Digital Advisor: Schedule a consultation with a digital advisor provided by Prosper NWT. They can help you refine your digital project plans and ensure your application is robust.

  5. Review and Follow Up: After submission, monitor the status of your application. Be prepared to provide any additional information or clarification if requested by Prosper NWT.

  6. Approval and Funding: Once your application is approved, review the terms of the grant or contribution. Upon agreement, the funds will be disbursed to support your digital project.

By following these steps, you can successfully apply for the program and enhance your business with new digital technologies.

Visit Program Website