This program is designed for businesses like yours to help develop and grow your local economy. You can receive up to $25,000 in funding to support various initiatives. This includes feasibility studies, strategic plans, and infrastructure development. These funds can also be used to improve access to business information or to host community-based festivals and events that promote local products and talent.

Key benefits include:

• Up to $25,000 in support
• Funding for feasibility studies and strategic plans
• Investment in physical infrastructure
• Improved access to business information
• Support for community-based events

This funding is more accessible than many other financing options, with lower equity requirements based on your community. Approval can provide the financial boost needed to advance your business projects and contribute to regional economic development. The application process is straightforward, and your regional Economic Development Officer is available to assist you.

Type of Financing: Grant

Repayment Terms:

• No repayment required. This is a non-repayable grant.

Eligible Expenses:

• Feasibility studies, strategic plans, evaluations, and planning costs.
• Purchase or development of physical infrastructure (capital assets).
• Improving access to business information.
• Hosting and promoting community-based festivals and events that highlight NWT products or talent.

Ineligible Expenses:

• Operational costs such as salaries, utilities, and rent.
• Personal expenses unrelated to the business.
• Any expenses not directly tied to the outlined eligible categories.

Fees:

• No application or processing fees associated with this grant program.

This program offers your business up to $25,000 in funding. You can use this money in several ways to boost your local economy and promote growth.

Here’s what you can do with the funding:

• Conduct feasibility studies, create strategic plans, or cover planning costs to explore new economic opportunities.
• Purchase or develop physical infrastructure, like capital assets, to overcome barriers to business development.
• Improve access to business information.
• Host and promote community-based festivals and events that showcase local products or talent and drive economic development.

Equity Requirements:

• If your business is in Yellowknife, Hay River, Fort Smith, or Inuvik, you need to cover 30% of the project costs.
• For businesses in other communities within NWT, you need to cover 20% of the project costs.

Funding is available annually from April 1 to March 31. This program is a great opportunity to invest in your business and support your community’s economic growth.

1. Contact Your Regional Economic Development Officer: Reach out to your regional Economic Development Officer to discuss your project idea. This step is crucial for guidance and ensuring your proposal aligns with program objectives.

2. Complete the Application Form: Obtain and fill out the SEED Application Form. Make sure all sections are completed accurately.

3. Prepare Required Documentation: Gather and prepare the necessary documents to support your application. These include:

   • Business Plan or Project Proposal
   • Financial Statements
   • Quotes or Estimates for Costs
   • Proof of Equity Contribution
   • Any other documents specified in the application checklist

4. Review Equity Requirements: Ensure you meet the minimum equity requirements based on your community group:

   • Group 1 communities (Yellowknife, Hay River, Fort Smith, Inuvik) – 30% of project costs
   • Group 2 communities (all other communities within NWT) – 20% of project costs

5. Submit Your Application: Submit the completed application form along with all required documents to your regional office. Ensure everything is submitted before the deadline (March 31st annually).

6. Follow Up: After submission, follow up with your regional Economic Development Officer to confirm receipt and address any additional information or clarification they may need.

By following these steps, you can efficiently apply for the program and take advantage of the funding opportunities available to support your business and community economic development initiatives.