Support for Entrepreneurs and Economic Development (SEED) — Sector Research Support
Highlights
This program is designed specifically for businesses like yours. It offers two main types of funding: Capital Expansion Incentive and Sector Research Support. The Capital Expansion Incentive can help you offset loan interest for new capital purchases, providing up to $30,000 over two to three years. This can significantly reduce your financial burden when expanding your facilities or purchasing new equipment.
The Sector Research Support category offers up to $25,000 to assist with sector-specific research, planning, product development, and marketing campaigns. This funding can help you gain critical insights and attract investments, giving your business a competitive edge.
Key Benefits:
- Up to $30,000 for capital expansion, easing the cost of growth.
- Up to $25,000 for research and development, enhancing your market presence.
- Flexible equity requirements based on your community.
- Government-backed support, making it more reliable than other financing options.
Applying is straightforward, and your regional Economic Development Officer is available to guide you through the process. This program can provide the financial boost your business needs to thrive.
Financing Details
Type of Financing: Loan Interest Offset
Repayment Terms and Interest Rates:
- Up to $30,000 is available to offset loan interest.
- Distributed over two or three years.
- No single year can exceed $15,000 in support.
Eligible Expenses:
- New capital purchases for business expansion.
Ineligible Expenses:
- Funds cannot be used for operational costs, salaries, or any non-capital expenses.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a business operating in the Northwest Territories (NWT).
- Must be involved in one of the following sectors:
- Agriculture
- Energy
- Film
- Fishing
- Knowledge Economy
- Tourism
- Value-added Manufacturing
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
Disqualifications:
- Businesses not operating in the Northwest Territories
- Businesses not involved in the specified sectors
Description
This program offers valuable financial support to help your business grow and thrive. There are two main types of funding available:
Capital Expansion Incentive: This helps you cover the interest on loans for new capital purchases. You can receive up to $30,000 over two or three years, with no more than $15,000 in any single year. This funding can be used for expanding your facilities or buying new equipment.
Sector Research Support: This provides up to $25,000 for sector-specific research or planning. It can help you gather critical information, develop new products, or launch marketing campaigns. This funding is designed to boost your presence and understanding in your sector.
To qualify, you need to contribute a portion of the project costs. If your business is in Yellowknife, Hay River, Fort Smith, or Inuvik, you need to cover 30% of the costs. For all other communities in NWT, the requirement is 20%.
This funding is available annually from April 1 to March 31. Take advantage of this opportunity to invest in your business and drive its growth.
Program Steps
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 advice before you start your application.
Complete the Application Form: Obtain and fill out the SEED Application Form. Make sure all sections are completed accurately.
Prepare Required Documentation: Gather and prepare the necessary documents to support your application. These documents include:
- Business Plan
- Financial Statements
- Quotes for Equipment or Renovation Costs
- Any other documents specified in the application checklist
Review Equity Requirements: Ensure you meet the minimum equity requirements based on your 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
Submit Your Application: Submit the completed application form along with all required documents to your regional office.
Follow Up: After submission, follow up with your regional Economic Development Officer to confirm receipt and address any additional questions or requirements.
Await Approval: Wait for the review and approval process. Be prepared to provide any additional information if requested.
Receive Funding: Upon approval, you will receive the funding as per the terms agreed upon. Use the funds to proceed with your capital expansion or sector research project.
