Kakivak Association — Economic Opportunity Fund
Highlights
This program is designed specifically for Inuit-owned businesses in the Qikiqtani Region. It offers a range of financial support options to help you start or expand your business. Makigiaqvik Loans provide up to $50,000 in secured term loans with a fixed interest rate of 8.5% and repayment schedules up to 7 years. This can be a more stable and predictable financing option compared to other loans.
Sivummut Grants offer up to $25,000 in total grants for various stages of your business, including pre-startup, startup, and expansion. This non-repayable funding can significantly reduce your financial burden. Additionally, the Economic Opportunity Fund provides up to $10,000 annually for tourism-based businesses in specific communities, which can be used for new equipment, safety gear, and marketing initiatives.
By applying for this program, you gain access to both financial support and expert advice from Business Development Officers. They will help you find the best financing options tailored to your needs. The application process is straightforward, making it easier for you to qualify and receive the support you need to succeed.
Financing Details
Type of Financing:
- Makigiaqvik Loans: Secured term loans.
- Sivummut Grants: Non-repayable grants.
- Small Tool Grants: Non-repayable grants.
- Economic Opportunity Fund (EOF): Non-repayable grants.
Makigiaqvik Loans:
- Loan Amount: Up to $50,000.
- Interest Rate: Fixed at 8.5%.
- Repayment Term: Up to 7 years.
- Eligible Expenses: Business establishment or expansion costs.
- Ineligible Expenses: Personal expenses, unrelated business costs.
- Fees: None specified.
Sivummut Grants:
- Grant Amounts:
- Up to $5,000 for business pre-startup.
- Up to $10,000 for business startup.
- Up to $10,000 for business expansion.
- Maximum of $25,000 per business.
- Eligible Expenses: Costs related to starting or expanding a business.
- Ineligible Expenses: Personal expenses, unrelated business costs.
- Fees: None specified.
Small Tool Grants:
- Grant Amounts:
- Up to $1,000 for carving tools (once every five years).
- Up to $2,500 for sewing machines (once per lifetime).
- Eligible Expenses: Purchase of specific tools and supplies.
- Ineligible Expenses: General business expenses, personal costs.
- Fees: None specified.
Economic Opportunity Fund (EOF):
- Grant Amount: Up to $10,000 per eligible applicant/project annually.
- Eligible Expenses: New equipment, safety gear, marketing initiatives.
- Ineligible Expenses: Personal expenses, unrelated business costs.
- Fees: None specified.
Qualifications
- Must be an Inuit-owned business.
- Business must be located in the Qikiqtani Region.
- Eligible for Makigiaqvik Loans:
- Requires financing to establish or expand the business.
- Eligible for Sivummut Grants:
- Business pre-start up: Up to $5,000.
- Business start-up: Up to $10,000.
- Business expansion: Up to $10,000.
- Maximum of $25,000 in total grants per business.
- Eligible for Small Tool Grants:
- Artists or craftspeople purchasing tools and supplies.
- Up to $1,000 for carving tools (once every five years).
- Up to $2,500 for sewing machines (once per lifetime).
Eligible for Economic Opportunity Fund (EOF):
- Tourism-based businesses in Grise Fiord, Resolute Bay, Arctic Bay, Pond Inlet, Qikiqtarjuaq, and Pangnirtung.
- Up to $10,000 in grant funding per eligible applicant and project (annually).
Disqualifications:
- Businesses not owned by Inuit.
- Businesses located outside the Qikiqtani Region.
- Artists or craftspeople applying for carving tools more than once every five years.
- Artists or craftspeople applying for sewing machines more than once in their lifetime.
- Tourism-based businesses not operating in the specified six communities.
Description
Kakivak offers several programs to help your business grow. If you need financing, the Makigiaqvik Loans can provide up to $50,000 with a fixed interest rate of 8.5%. You have up to 7 years to repay the loan. This can be a great way to get the funds you need to start or expand your business.
For smaller needs, the Sivummut Grants offer up to $25,000 in total grants. You can get up to $5,000 for pre-startup costs, $10,000 for starting your business, and another $10,000 for expansion. This grant can also help cover training costs to ensure you have the skills to run your business effectively.
If you are an artist or craftsperson, the Small Tool Grants can help you buy the tools you need. You can get up to $1,000 for carving tools or up to $2,500 for a sewing machine. These grants are available once every five years or once per lifetime, respectively.
For tourism-based businesses near the National Parks in the Qikiqtani Region, the Economic Opportunity Fund (EOF) offers up to $10,000 in grant funding each year. This can be used for new equipment, safety gear, or marketing initiatives. EOF grants can be combined with other funding to support larger projects.
These programs are designed to provide the financial support and resources you need to succeed.
Program Steps
Gather Required Documentation:
- Business plan
- Financial statements
- Proof of Inuit ownership
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form:
- Download the appropriate application form from the Kakivak Association website.
- Fill in all required fields accurately.
Prepare Supporting Documents:
- Business registration documents
- Identification documents for business owners
- Any additional documentation specific to the type of grant or loan you are applying for
Consult with a Business Development Officer:
- Schedule an appointment with a Business Development Officer.
- Discuss your business plan and financial needs.
- Get advice on the best financing options for your project.
Submit the Application:
- Ensure all forms and documents are complete and accurate.
- Submit your application to the Kakivak Association through the designated submission method (mail, email, or in-person).
Follow Up:
- Contact the Kakivak Association to confirm receipt of your application.
- Be available for any additional information or clarification requests.
Await Decision:
- The Kakivak Association will review your application.
- You will be notified of the decision and any next steps.
Finalize Agreement:
- If approved, review and agree to the terms and conditions.
- Sign any necessary agreements or contracts.
Receive Funds:
- Upon agreement, funds will be disbursed according to the terms.
- Use the funds as outlined in your application.
Report on Progress:
- Provide updates to the Kakivak Association as required.
- Submit any necessary reports or documentation on the use of funds and business progress.