Kakivak Association — Small Tool Grants
Highlights
This program is designed specifically for Inuit-owned businesses in the Qikiqtani Region. It offers a unique combination of loans and grants to help you start or expand your business. With the support of Kakivak’s Business Development Officers, you can access up to $50,000 in secured term loans with a fixed interest rate of 8.5%, and repayment schedules up to 7 years. Additionally, you can receive up to $25,000 in grants to cover various stages of your business development, from pre-startup to expansion.
What You Get:
- Makigiaqvik Loans: Up to $50,000 with a fixed interest rate of 8.5%, repayable over 7 years.
- Sivummut Grants: Up to $25,000 in total grants, including:
- $5,000 for business pre-startup
- $10,000 for business startup
- $10,000 for business expansion
- Small Tool Grants: Up to $1,000 for carving tools or $2,500 for sewing machines.
- Economic Opportunity Fund: Up to $10,000 annually for tourism-based businesses.
By applying for this program, you gain access to financial support tailored to your needs, expert advice, and additional training to help you succeed. The application process is straightforward, and our team is here to assist you every step of the way. This is a valuable opportunity to secure the funding and guidance you need to grow your business and contribute to your community.
Financing Details
Type of Financing:
Makigiaqvik Loans:
- Loan Amount: Up to $50,000 in secured term loans.
- Interest Rate: Fixed interest rate of 8.5%.
- Repayment Term: Up to 7 years.
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.
- Grant Amounts:
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).
- Grant Amounts:
Economic Opportunity Fund (EOF):
- Grant Amount: Up to $10,000 per eligible applicant and project.
- Frequency: Eligible applicants can receive a grant each year.
Eligible Expenses:
- Makigiaqvik Loans: General business establishment or expansion expenses.
- Sivummut Grants: Business pre-start up, start-up, and expansion costs.
- Small Tool Grants: Purchase of carving tools and sewing machines.
- Economic Opportunity Fund: New equipment, safety gear, and marketing initiatives.
Ineligible Expenses:
- Funds cannot be used for personal expenses or non-business-related costs.
Fees:
- No specific fees are associated with the grants.
- Makigiaqvik Loans: Standard loan processing fees may apply.
Qualifications
- Must be an Inuit owned business.
- Must be located in the Qikiqtani Region.
- For Makigiaqvik Loans:
- Business must require financing to establish or expand.
- 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.
- Additional support for business training.
- 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.
- 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, Pangnirtung).
- Up to $10,000 in grant funding available per eligible applicant and project.
- Eligible for a grant each year.
Disqualifications:
- Businesses not owned by Inuit.
- Businesses located outside the Qikiqtani Region.
- Non-tourism-based businesses for EOF grants.
- Applicants seeking a second sewing machine grant.
Description
Kakivak offers several programs to help your business grow. If you need financing, you can access up to $50,000 in secured term loans with a fixed interest rate of 8.5%. You have up to 7 years to repay the loan.
For grants, the Sivummut program provides up to $5,000 for pre-start-up costs, up to $10,000 for start-up costs, and up to $10,000 for business expansion. In total, you can receive up to $25,000 in grants. This funding can help you cover various business needs and even includes support for training to run your business effectively.
If you are an artist or craftsperson, you can apply for a Small Tool Grant. This grant offers up to $1,000 for carving tools (available once every five years) and up to $2,500 for sewing machines (available once in a lifetime).
For tourism-based businesses in specific communities, the Economic Opportunity Fund provides up to $10,000 in grant funding each year. This can be used for new equipment, safety gear, and marketing initiatives. You can combine this grant with other funding sources for larger projects.
These programs are designed to support your business at various stages, providing both financial aid and expert guidance to help you succeed.
Program Steps
Gather Necessary Documentation: Prepare the following documents to complete your application:
- Business plan
- Financial statements
- Proof of Inuit ownership
- Quotes for equipment or supplies (if applicable)
- Details of intended use of funds
Complete the Application Form: Download and fill out the application form relevant to the specific program you are applying for (Makigiaqvik Loans, Sivummut Grants, Small Tool Grants, or Economic Opportunity Fund).
Contact a Business Development Officer: Schedule an appointment with a Business Development Officer at Kakivak Association. You can call their toll-free number at 1-800-561-0911 for guidance and assistance.
Submit the Application: Submit your completed application form along with the required documentation to the Kakivak Association. This can be done in person, by mail, or electronically, as per their submission guidelines.
Review and Follow-Up: After submission, the Kakivak Association will review your application. Be prepared to provide any additional information or clarification if requested.
Approval and Funding: Once your application is approved, discuss the final terms and conditions. Upon agreement, the funds will be disbursed to support your business development project.
Implement Your Project: Use the funds as outlined in your application to establish, expand, or enhance your business. Ensure you keep records of how the funds are used for future reference and reporting.