Kitikmeot Community Futures
Highlights
This program is a fantastic opportunity for your business. It offers loans up to $450,000 to help you grow and succeed. Whether you need funds for startup costs, inventory supply, or capital investments, this program has you covered.
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 counseling and technical assistance to guide you
- Business planning and monitoring assistance to keep you on track
- Line of Credit for flexible financing
The key advantage of this program is its flexibility and support. Unlike other loans, this one is backed by the government, providing you with peace of mind and favorable terms. Approval is straightforward, making it easier for you to access the funds you need. By participating, you'll gain financial stability and expert guidance, helping your business thrive in the Kitikmeot Region.
Financing Details
Type of Financing: Term Loan
Repayment Terms and Interest Rates:
- The loan amount can be up to $450,000.
- Interest rates are competitive and will be discussed during the application process.
- Flexible repayment terms tailored to your business needs.
Eligible Expenses:
- Startup funds
- Inventory supply
- Capital funds
- Business counseling and technical assistance
- Business planning and monitoring assistance
Use of Funds:
- Funds can be used for purchasing equipment, leasehold improvements, and working capital.
- Cannot be used for personal expenses or non-business-related activities.
Fees:
- No application fees.
- No hidden charges or additional fees associated with the loan.
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 community organization.
Must be engaged in activities that contribute to the social and economic well-being of the Kitikmeot Region.
Disqualifications:
- Businesses located outside the Kitikmeot Region.
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 business off the ground.
- Inventory supply to keep your shelves stocked.
- Capital funds for major purchases or improvements.
Additionally, you can access business counseling and technical assistance to help guide your decisions. The program also provides business planning and monitoring assistance to keep you on track.
This funding can be a game-changer for your business, providing the resources you need to grow and succeed.
Program Steps
Download the Application Form: Visit the official website and download the application form for the program.
Gather Required Documentation: Prepare the following documents:
- Business Plan
- Financial Statements
- Personal Information Form
- Quotes for equipment or renovation costs (if applicable)
- Any other supporting documents that demonstrate the need for assistance
Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the assistance you are seeking.
Review and Double-Check: Ensure all sections of the application form are completed and all required documents are attached. Double-check for any errors or missing information.
Submit the Application: Submit the completed application form and all required documentation to the appropriate office or online portal as specified in the application instructions.
Follow Up: After submission, follow up with the program office to confirm receipt of your application and inquire about the next steps in the review process.
Await Approval: Wait for the review and approval process. Be prepared to provide any additional information or clarification if requested by the program administrators.
Receive Funds and Implement: Upon approval, review the terms and conditions of the assistance. Once agreed upon, the funds will be disbursed, allowing you to proceed with your planned business activities.