Economic Development Officers
Highlights
This program is designed specifically for businesses like yours. It offers a range of support to help you grow and succeed. By applying, you gain access to experienced Economic Development Officers (EDOs) who can provide valuable advice and assistance.
Key Benefits:
- New business development and existing business expansion
- Access to field specialists in tourism, petroleum, and business development
- Mentoring, funding, and business network development
- Business training, awareness, and counseling
- Sourcing information and market data
- Development of opportunities in various economic sectors
The financing provided through this program is backed by the government, making it more reliable and flexible than other options. Approval can open doors to new opportunities and resources, making it easier for your business to thrive. The qualification process is straightforward, ensuring you can quickly start benefiting from the support available.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Marketing and promotional activities
- Training and development programs
- Research and development costs
Ineligible Expenses:
- Personal expenses
- Debt repayment
- Real estate purchases
- Operating expenses such as rent and utilities
Fees:
- No application fee
- No processing fee
This grant provides a valuable opportunity for your business to cover essential growth and development costs without the burden of repayment.
Qualifications
- Must be located in the Northwest Territories (NWT).
- Must be involved in new business development or existing business expansion.
- Must be seeking access to field specialists, such as regional tourism officers, petroleum officers, and business development officers.
- Must be interested in mentoring, funding, and business network development.
- Must be open to business training, awareness, and counseling.
- Must be looking for sourcing information and market data.
Must be developing opportunities in a wide range of economic sectors.
Disqualifications:
- Businesses not located in the Northwest Territories (NWT).
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this money to buy equipment or improve your rented space. This could include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, the program can provide up to $150,000.
The government guarantees 85% of the loan, giving you a significant security net.
Flexibility is a key feature of this program. If you have made eligible purchases in the last 365 days, you can apply them to this loan.
You have various options to repay the loan. Choose a variable interest rate, a fixed one, or a combination of both. You have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Contact Your Regional Economic Development Officer (EDO): Reach out to the EDO in your region to express your interest in the program and get initial guidance. You can find contact numbers for your region on the government website.
Prepare Required Documentation: Gather all necessary documents to support your application. These may include:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Proof of Business Registration
- Market Research Data
- Quotes for Equipment or Services
- Any other documents specified by your EDO
Complete the Application Form: Fill out the application form provided by your EDO or available on the government website. Ensure all sections are completed accurately.
Submit Your Application: Send your completed application form and all required documentation to your EDO. This can typically be done via email, mail, or in person.
Follow Up: After submission, follow up with your EDO to confirm receipt of your application and inquire about the review process and timeline.
Attend Any Required Meetings or Interviews: Be prepared to attend meetings or interviews if requested by the EDO to discuss your application in more detail.
Await Decision: Wait for the decision on your application. Your EDO will inform you of the outcome and any next steps.
Implement Approved Plans: If your application is approved, proceed with implementing your business plans as outlined in your application. Maintain communication with your EDO for any further assistance or support.