Kakivak Association — Makigiaqvik Loans
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 business pre-startup, startup, and expansion. This includes up to $5,000 for pre-startup, $10,000 for startup, and $10,000 for expansion. Additionally, you can receive support to help train you to run your business effectively. These grants do not need to be repaid, making them a valuable resource for reducing your financial burden.
By being approved for these programs, you gain access to both financial support and expert advice from Business Development Officers. This combination can significantly enhance your chances of success. The application process is straightforward, and our team is here to assist you every step of the way.
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.
Repayment Terms and Interest Rates:
- Makigiaqvik Loans:
- Up to $50,000.
- Fixed interest rate of 8.5%.
- Repayment schedules up to 7 years.
Eligible Expenses:
- Makigiaqvik Loans: Business establishment or expansion.
- Sivummut Grants:
- Up to $5,000 for business pre-start up.
- Up to $10,000 for business start-up.
- Up to $10,000 for business expansion.
- Maximum of $25,000 in total grants per business.
- Small Tool Grants:
- Up to $1,000 for carving tools (once every five years).
- Up to $2,500 for sewing machines (once per lifetime).
- Economic Opportunity Fund (EOF):
- New equipment.
- Safety gear.
- Marketing initiatives.
- Up to $10,000 per eligible applicant and project, annually.
Ineligible Expenses:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- No fees associated with the grants.
- No additional fees specified for the loans.
Qualifications
- Must be an Inuit owned business.
- Business must be located in the Qikiqtani Region.
- For Makigiaqvik Loans:
- Must require financing to establish or expand the business.
- Up to $50,000 in secured term loans available.
- Repayment schedules up to 7 years.
- For Sivummut Grants:
- Up to $5,000 for business pre-start up.
- Up to $10,000 for business start-up.
- Up to $10,000 for business expansion.
- Maximum of $25,000 in total grants per business.
- For Small Tool Grants:
- Up to $1,000 for carving tools (eligible once every five years).
- Up to $2,500 for sewing machines (eligible once per lifetime).
For Economic Opportunity Fund (EOF):
- Must be a tourism-based business.
- Business must operate in one of the six communities adjacent to the National Parks in the Qikiqtani Region: Grise Fiord, Resolute Bay, Arctic Bay, Pond Inlet, Qikiqtarjuaq, or Pangnirtung.
- Up to $10,000 in grant funding available per eligible applicant and project (eligible each year).
Disqualifications:
- Businesses not owned by Inuit.
- Businesses located outside the Qikiqtani Region.
- Tourism-based businesses not operating in the specified six communities for EOF grants.
Description
Kakivak offers several programs to help your business grow. Whether you need a loan, a grant, or funding for tools, there is support available for you.
Makigiaqvik Loans provide up to $50,000 in secured term loans with a fixed interest rate of 8.5%. You can repay this loan over a period of up to 7 years. This loan can help you start or expand your business, giving you the financial boost you need.
Sivummut Grants offer up to $25,000 in total grants for your business. You can get up to $5,000 for pre-start-up costs, up to $10,000 for starting your business, and up to $10,000 for expanding it. These grants can also help cover training costs, ensuring you have the skills to run your business successfully.
Small Tool Grants are available for artists and craftspeople. You can receive up to $1,000 for carving tools once every five years, or up to $2,500 for a sewing machine once in your lifetime. This funding helps you get the tools you need to create and sell your work.
Economic Opportunity Fund (EOF) provides up to $10,000 in grant funding each year for tourism-based businesses in specific communities. 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 help your business succeed by providing the financial support you need.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These include:
- Business plan
- Financial statements
- Proof of Inuit ownership
- Quotes for equipment or supplies
- Any other relevant business documentation
Complete the Application Form: Fill out the application form specific to the program you are applying for. Ensure all sections are completed accurately.
Contact a Business Development Officer: Reach out to a Business Development Officer at Kakivak Association. They can provide advice and assistance with your application.
Submit Your Application: Submit the completed application form along with all required documentation to the Kakivak Association.
Review and Follow-Up: After submission, follow up with the Business Development Officer to ensure your application is being processed and to provide any additional information if requested.
Approval and Funding: Once your application is approved, discuss the terms and conditions of the funding. Upon agreement, the funds will be disbursed to support your business project.