Kakivak Association — Sivummut Grants to Small Businesses
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 can significantly reduce your initial financial burden and provide you with the resources needed to grow.
By being approved for these programs, you gain access to valuable financial resources and expert advice from Business Development Officers. They will work with you to find the best financing options for your business development project. Qualifying for these programs is straightforward, making it easier for you to get 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.
- Restrictions: Funds cannot be used for personal expenses.
- Fees: No additional fees mentioned.
Sivummut Grants:
- Grant Amounts:
- 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.
- Eligible Expenses: Costs related to starting or expanding a business.
- Restrictions: Funds cannot be used for personal expenses.
- Fees: No additional fees mentioned.
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 tools and supplies for artists or craftspeople.
- Restrictions: Funds cannot be used for other types of tools or personal expenses.
- Fees: No additional fees mentioned.
Economic Opportunity Fund (EOF):
- Grant Amount: Up to $10,000 per eligible applicant and project.
- Eligible Expenses: New equipment, safety gear, and marketing initiatives for tourism-based businesses.
- Restrictions: Funds cannot be used for personal expenses.
- Fees: No additional fees mentioned.
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.
- 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 the purchase of carving tools (eligible once every five years).
- Up to $2,500 for the purchase of sewing machines (eligible once per lifetime).
For Economic Opportunity Fund (EOF):
- Must be a tourism-based business.
- Business must be operating 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.
- For Small Tool Grants:
- Applicants who have received a carving tools grant within the past five years.
- Applicants who have received a sewing machine grant previously.
Description
The program offers a range of financial support to help your business grow. You can access up to $50,000 in secured term loans with a fixed interest rate of 8.5%. These loans can be repaid over a period of up to 7 years. This funding can be used to start or expand your business, providing the capital you need to succeed.
Additionally, you can receive grants up to $25,000 to support various stages of your business development. This includes up to $5,000 for pre-startup activities, up to $10,000 for starting your business, and up to $10,000 for business expansion. These grants can help cover costs such as training, equipment, and other essential expenses.
For artists and craftspeople, there are specific grants available. You can get up to $1,000 for carving tools and up to $2,500 for sewing machines. These grants are designed to help you purchase the necessary tools to enhance your craft.
Tourism-based businesses in certain communities can benefit from the Economic Opportunity Fund (EOF). This fund offers up to $10,000 in grant funding each year for eligible projects. The money can be used for new equipment, safety gear, and marketing initiatives, helping you to grow and improve your business.
This program provides valuable financial support to help you achieve your business goals.
Program Steps
Contact a Business Development Officer: Reach out to Kakivak's Business Development Department to discuss your business needs and get guidance on the application process. You can make an appointment or call their toll-free number at 1-800-561-0911.
Prepare Necessary Documentation: Gather the required documents to support your application. These may include:
- Business Plan
- Financial Statements
- Proof of Inuit Ownership
- Quotes for equipment or supplies
- Details of intended use of funds
Complete the Application Form: Download and fill out the appropriate application form for the specific program you are applying for (e.g., Makigiaqvik Loans, Sivummut Grants, Small Tool Grants, or Economic Opportunity Fund).
Submit the Application: Submit your completed application form along with all required documentation to Kakivak's Business Development Department. This can be done in person, by mail, or through their online submission portal if available.
Review and Follow-Up: After submission, a Business Development Officer will review your application. Be prepared to provide additional information or clarification if requested. Stay in touch with your assigned officer to track the progress of your application.
Approval and Funding: Once your application is approved, discuss the final terms and conditions of the funding. Upon agreement, the funds will be disbursed to support your business project.