Support for Entrepreneurs and Economic Development (SEED) — Entrepreneur Support
Highlights
This program is designed specifically for businesses like yours. It offers up to $25,000 in funding to help with start-up costs, business expansion, market and product development, capacity building, and operational support. This can be a game-changer for your business, providing the financial boost needed to grow and thrive.
Key Benefits:
- Startup Funding: Cover planning, engineering, and initial working capital.
- Capital Asset Acquisition: Purchase essential capital items and leverage loan financing.
- Market and Product Development: Increase sales and promote your products or services.
- Operational Support: Enhance business skills, address challenges, and develop recovery plans.
- Support for Film: Access funding for film development, marketing, and promotion.
This funding is more accessible than many other options, with lower equity requirements based on your community. Approval can help you maintain and create jobs, improve efficiency, and stay competitive. The application process is straightforward, and regional Economic Development Officers are available to assist you.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
Eligible Expenses:
- Startup Funding: Costs related to planning, engineering, startup working capital, and other developmental costs.
- Capital Asset Acquisition: Purchase of capital items, equity to leverage loan financing, or to seize business opportunities.
- Market and Product Development: New market or product development, promoting NWT as a travel destination, trade show participation, and marketing existing products.
- Operational Support: Increasing business skills, addressing business problems, recovery or restructuring plans, emergency relief, or winding down a business.
- Support for Film: Film development, marketing and promotion, film sponsorship, and special partnerships.
Ineligible Expenses:
- Attendance at conferences.
- Any expenses not falling within the specified categories.
Fees:
- No fees associated with the program.
Qualifications
- Must be a business or entrepreneur based in the Northwest Territories (NWT).
- Must meet the minimum equity requirements based on community:
- Group 1 communities (Yellowknife, Hay River, Fort Smith, and Inuvik) – 30% of project costs.
- Group 2 communities (all other communities within NWT) – 20% of project costs.
Must be applying for funding within the period from April 1 to March 31 annually.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business up to $25,000 in funding. You can use this money for various needs, such as starting up, expanding, developing new products, and more.
Here’s how you can use the funds:
- Startup Funding: Cover costs like planning, engineering, or initial working capital.
- Capital Asset Acquisition: Buy essential equipment or invest in your business to stay competitive.
- Market and Product Development: Promote your products, participate in trade shows, or market your business online.
- Operational Support: Improve business skills, address challenges, or even recover from emergencies.
- Support for Film: Get assistance for film development, marketing, and special partnerships.
The program requires you to contribute a small percentage of the project costs, which varies by community. This funding is available annually from April 1 to March 31. This is a great opportunity to grow your business and reach new heights.
Program Steps
Contact Your Regional Economic Development Officer: Before starting your application, reach out to your regional Economic Development Officer to discuss your business idea. This step helps ensure your proposal aligns with the program's objectives.
Complete the Application Form: Obtain and fill out the SEED Application Form. This form is crucial for detailing your business needs and how the funding will be used.
Prepare Required Documentation: Gather and attach the necessary documents as identified in the application checklist. These documents typically include:
- Business Plan
- Financial Statements
- Quotes for any capital purchases
- Marketing Plans (if applying for market and product development)
- Any other relevant supporting documents
Review Equity Requirements: Ensure you meet the minimum equity requirements based on your community group:
- Group 1 communities (Yellowknife, Hay River, Fort Smith, and Inuvik) – 30% of project costs
- Group 2 communities (all other communities within NWT) – 20% of project costs
Submit the Application: Once the application form is complete and all required documents are attached, submit your application to your regional office.
Follow Up: After submission, follow up with your regional office to confirm receipt and address any additional questions or requirements they may have.
Await Approval and Funding: The regional office will review your application. If approved, you will receive funding to support your business activities as outlined in your proposal.