Self-Employment Program
Highlights
This program is designed for you if you are starting a new business or taking over an existing one. It offers up to $26,000 in funding over 52 weeks, which can be used to cover various business needs. This financial support is complemented by expert guidance from Career Development Officers and Business Experts, ensuring you have the resources and advice needed to succeed.
Why apply?
- Comprehensive Support: Alongside funding, you receive personalized counselling to assess your business idea, financial risks, and resource needs.
- Expert Guidance: Career Development Officers and Business Experts will help you develop a solid action plan and provide ongoing support.
- Flexible Access: There is no deadline to apply, making it convenient for you to start when you're ready.
What's in it for you?
- Financial Assistance: Up to $26,000 to help you get your business off the ground.
- Professional Advice: Continuous support from experts to navigate the challenges of starting and running a business.
- Ease of Qualification: The program is accessible and designed to support new entrepreneurs like you.
By being approved, you gain not just financial backing but also the expertise and confidence to turn your business idea into a reality.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a grant, so there are no repayment terms or interest rates.
Eligible Expenses:
- Business start-up costs
- Purchasing necessary equipment
- Marketing and promotional activities
- Training and development for the business owner
- Rent for business premises
- Utility expenses related to the business
Use of Funds:
- Funds cannot be used for personal expenses
- Funds cannot be used for purchasing real estate
- Funds cannot be used for paying off existing debts
Fees:
- There are no fees associated with this program
Qualifications
- Must reside in the Northwest Territories (NWT).
- Must be of school leaving age (16 years old or older).
- Must be a Canadian citizen, permanent resident, or protected person as defined by the Immigration and Refugee Protection Act, who is entitled to work in Canada.
- Must agree to work full-time at the business.
- Must not have held a business licence for more than three months.
Must not have participated in the self-employment program within the past five years.
Disqualifications:
- Individuals who have held a business licence for more than three months.
- Individuals who have participated in the self-employment program within the past five years.
Description
This program offers up to $26,000 in funding for 52 weeks to help you start or take over a small business. This money can be used to cover various business expenses, ensuring you have the resources needed to succeed.
Key benefits include:
- Financial support: Up to $26,000 for one year.
- Expert guidance: Access to Career Development Officers and a Business Expert for advice and counselling.
- Flexibility: No deadline to apply, so you can access the program when it suits you best.
This program is designed to help you focus on growing your business full-time, with professional support and financial assistance to reduce risks and increase your chances of success.
Program Steps
Complete and Submit Application Form: Fill out the application form and submit it to the Career Development Officer (CDO) at your ECE Regional Service Centre.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business plan
- Financial statements
- Proof of NWT residency
- Proof of age (16 years or older)
- Proof of Canadian citizenship, permanent residency, or protected person status
Initial Assessment: The CDO will review your application and provide an overview of the Self-Employment Program. They will assess your readiness for self-employment and help you develop a Career Action Plan.
Discuss Role of Business Expert: The CDO will explain the role and responsibilities of the Business Expert, who will support you in your self-employment activities.
Orientation Session with Business Expert: Attend an orientation session with the Business Expert. This session will help determine if your application for the Self-Employment Program is approved.
Final Approval: The CDO will make the final decision on your application based on the assessment and recommendations from the Business Expert.
Receive Funding and Support: If approved, you will receive funding and ongoing support from the CDO and Business Expert to help you succeed in your self-employment venture.