Kivalliq Business Development Centre
Highlights
This program is designed for businesses like yours in the Kivalliq region. It offers loans up to $150,000 to help you grow and stabilize your business. 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 have the support you need to succeed.
Why should you apply? This program is tailored to businesses that may not qualify for traditional bank loans. It looks beyond just profits and considers the social and community benefits your business can bring. This means you have a better chance of getting the financing you need. Plus, the program offers flexible financing options like term loans, guarantees, and lines of credit, making it easier for you to manage your finances.
What's in it for you? By being approved, you'll gain access to essential funds and expert advice, helping you navigate challenges and seize opportunities. The application process is straightforward, and the team at KBDC is eager to assist you every step of the way. This is more than just a loan; it's a partnership aimed at helping your business and community thrive.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Loans are available up to $150,000.
- Interest rates are competitive and will be discussed upon application.
- Repayment terms are flexible, tailored to your business needs.
Eligible Expenses:
- Term loans
- Guarantees/bid bonds
- Startup funds
- Inventory supply
- Capital funds
Use of Funds:
- Funds can be used for business counseling and technical assistance.
- Business planning and monitoring assistance.
- Line of credit.
Ineligible Expenses:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- No specific fees mentioned for application or processing.
Qualifications
- Must be a business operating in the Kivalliq Region, which includes:
- Baker Lake
- Coral Harbour
- Chesterfield Inlet
- Rankin Inlet
- Whale Cove
- Arviat
- Naujaat (Repulse Bay)
Must be seeking a loan for purposes such as:
- Term loans
- Guarantees/bid bonds
- Startup funds
- Inventory supply
- Capital funds
- Business counseling and technical assistance
- Business planning and monitoring assistance
- Line of Credit
Disqualifications:
- Businesses that can obtain a loan from a bank or credit union.
Description
This program offers your business up to $150,000 in funding. 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
- Business counseling and technical assistance to help you navigate challenges
- Business planning and monitoring assistance to ensure your business stays on track
- Line of Credit for flexible access to funds
This funding is designed to help your business grow and succeed. The program not only provides financial support but also offers guidance and resources to help you develop your skills and business strategies.
There is no payback period mentioned, making it an excellent opportunity to secure the funds you need without immediate repayment pressure. This program is a valuable resource to help your business thrive in the Kivalliq region.
Program Steps
Download the Application Form: Visit the Kivalliq Business Development Centre (KBDC) website and download the appropriate application form for the program.
Prepare Business Documentation: Gather the necessary documents to support your application. These may include:
- Business Plan
- Financial Statements
- Proof of Business Registration
- Detailed Project Proposal
- Quotes for Equipment or Services
- Personal Identification Documents
Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the funding you are seeking.
Review Loan Terms and Conditions: Understand the terms and conditions of the loan, including interest rates, repayment schedules, and any fees associated with the loan.
Contact KBDC for Assistance: If you have any questions or need clarification, contact the KBDC staff at (867) 645-4580. They can provide guidance and support throughout the application process.
Submit the Application: Submit your completed application form along with the required documentation to KBDC. Ensure all information is accurate and complete to avoid delays.
Await Application Review: KBDC will review your application to ensure it meets all criteria. They may contact you for additional information or clarification.
Approval and Loan Disbursement: If your application is approved, discuss the final loan terms with KBDC. Once agreed upon, the loan funds will be disbursed to your business.
Implement Your Project: Use the loan funds to implement your business project as outlined in your proposal. Ensure you adhere to the terms and conditions of the loan agreement.
Monitor and Report Progress: Keep track of your project's progress and be prepared to provide updates to KBDC as required. This may include financial reports or other documentation to demonstrate the effective use of funds.