Support for Entrepreneurs and Economic Development (SEED) — Sector Support Capital Expansion Incentive
Highlights
This program is designed specifically for businesses like yours. It offers up to $30,000 to help with the costs of expanding your facilities or purchasing new equipment. This funding can be spread over two or three years, with no single year exceeding $15,000. This means you can offset loan interest and make those crucial investments without straining your finances.
Key Benefits:
- Up to $30,000 in funding for capital expansion
- Up to $25,000 for sector-specific research and development
- Flexible distribution over multiple years
By applying, you can gain financial support to grow your business, improve your market presence, and invest in new opportunities. The application process is straightforward, and your regional Economic Development Officer is available to assist you. This program is a valuable resource to help your business thrive and expand.
Financing Details
Type of Financing:
- Loan Interest Offset: This program provides financial support to offset loan interest associated with new capital purchases for business expansion.
Repayment Terms and Interest Rates:
- Repayment Term: The support is distributed over two or three years.
- Annual Limit: No single year can exceed $15,000 in support.
- Total Support: Up to $30,000 is available.
Eligible Expenses:
- Capital Purchases: Funds can be used for new capital purchases aimed at expanding your business facilities and equipment.
Ineligible Expenses:
- Non-Capital Expenses: Funds cannot be used for operational costs, salaries, or any non-capital-related expenses.
Fees:
- No Additional Fees: There are no fees associated with applying for or receiving this financial support.
Qualifications
- Must be a business located in the Northwest Territories (NWT).
- Must be involved in one of the following sectors:
- Agriculture
- Energy
- Film
- Fishing
- Knowledge Economy
- Tourism
- Value-added Manufacturing
- For the Capital Expansion Incentive category:
- Must be an NWT business.
- For the Sector Research Support category:
- Must be an Indigenous organization, business association, or municipality.
Must meet 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 located in the Northwest Territories.
- Businesses not involved in the specified sectors.
- Businesses that do not meet the minimum equity requirements based on their community.
Description
This program offers valuable funding to help your business grow. You can receive up to $30,000 to cover loan interest for new capital purchases. This support is spread over two or three years, with no more than $15,000 given in a single year. This funding can help you invest in new or expanded facilities and equipment, making it easier to grow your business.
Additionally, if you are part of a business association or community, you can get up to $25,000 for sector-specific research or planning. This money can be used for gathering important information, developing new products, or launching marketing campaigns. This support can help you better understand your sector and attract more investments.
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 businesses in other communities, the requirement is 20%. Funding is available annually from April 1 to March 31. This program is a great opportunity to expand your business and gain a competitive edge.
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 ensuring your proposal aligns with the program's objectives.
Complete the Application Form: Download and fill out the application form. Ensure all sections are completed accurately.
Prepare Required Documentation: Gather and prepare the necessary documents to support your application. These include:
- Business plan
- Financial statements
- Quotes for equipment or facility expansion
- Proof of equity contribution (30% for Group 1 communities, 20% for Group 2 communities)
- Any additional documents specified in the application checklist
Review the SEED Policy: Familiarize yourself with the SEED Policy to understand the program's terms and conditions.
Submit Application: Submit the completed application form along with all required documents to your regional office.
Follow Up: After submission, follow up with your regional office to confirm receipt and address any additional information requests.
Await Decision: The regional office will review your application. Be prepared to provide further information if needed.
Approval and Funding: If approved, discuss the terms of funding, including the disbursement schedule and any reporting requirements. Once agreed upon, the funds will be disbursed to support your project.