KCFI – Cambridge Bay, Nunavut
Highlights
This program is a fantastic opportunity for your business. It offers up to $450,000 in financing to help you grow and succeed. Whether you need funds for startup costs, inventory supply, or capital investments, this program has you covered. Additionally, it provides business counseling and technical assistance to ensure you make the most of the funds.
What You Get
- Term loans for long-term investments
- Guarantees/bid bonds to secure contracts
- Startup funds to get your business off the ground
- Inventory supply to keep your shelves stocked
- Capital funds for major purchases
- Business planning and monitoring assistance to guide your growth
- Line of Credit for flexible financing
The key advantage of this program is its focus on supporting businesses in the Kitikmeot Region. The application process is straightforward, and the support from KCFI staff makes it easier to qualify. By being approved, you gain access to essential resources and expert advice, setting your business up for long-term success.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Loans up to $450,000.
- Interest rates are competitive and vary based on the loan amount and term.
- Flexible repayment terms tailored to your business needs.
Eligible Expenses:
- Term loans for business expansion or operational needs.
- Guarantees and bid bonds.
- Startup funds for new businesses.
- Inventory supply to maintain stock levels.
- Capital funds for purchasing equipment or property.
- Business counseling and technical assistance.
- Business planning and monitoring assistance.
- Line of credit for ongoing operational costs.
Use of Funds:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- No hidden fees.
- Transparent fee structure discussed during the application process.
Qualifications
- Must be located in the Kitikmeot Region, which includes Cambridge Bay, Kugluktuk, Gjoa Haven, Kugaaruk, Taloyoak, Bay Chimo, and Bathurst Inlet.
- Must be a small business or non-profit organization.
- Must require bookkeeping services, term loans, startup funds, inventory supply, or capital funds.
Must be seeking business counseling, technical assistance, business planning, or monitoring assistance.
Disqualifications:
- Businesses located outside the Kitikmeot Region.
- Large enterprises or corporations.
Description
This program offers your business a chance to borrow up to $450,000. You can use this money for various needs such as:
- Term loans for long-term investments.
- Guarantees/bid bonds to secure contracts.
- Startup funds to get your new business off the ground.
- Inventory supply to keep your shelves stocked.
- Capital funds for equipment or property investments.
Additionally, the program provides business counseling and technical assistance to help you manage and grow your business. You can also get business planning and monitoring assistance to ensure your business stays on track.
There is no payback period mentioned, which means you can focus on using the funds to grow your business without immediate repayment pressure. This program is designed to support your business's financial needs and help you succeed.
Program Steps
Download the Application Form: Visit the Kitikmeot Community Futures Inc. (KCFI) website and download the application form for the program.
Prepare Required Documentation: Gather the necessary documents to support your application. These typically include:
- Business Plan
- Financial Statements
- Personal Information Form
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the purpose of the funds.
Review and Verify Information: Double-check all the information and documentation to ensure everything is accurate and complete. This step is crucial to avoid any delays in the application process.
Submit the Application: Submit the completed application form along with the required documentation to KCFI. You can do this either online through their website or by visiting their office at 16 Koihok Maghagak Road.
Follow Up: After submission, follow up with KCFI to confirm receipt of your application and inquire about the next steps. This can help ensure your application is being processed and address any additional requirements promptly.
Await Approval: KCFI will review your application and documentation. Be prepared to provide any additional information if requested.
Approval and Fund Disbursement: Once approved, discuss the final terms and conditions with KCFI. Upon agreement, the funds will be disbursed to support your business needs.
