Support for Entrepreneurs and Economic Development (SEED) — Strategic Investments
Highlights
This program is designed for businesses like yours that are ready to make significant investments to expand and grow. With up to $75,000 in funding available, you can directly increase your business and economic activity in your community. This funding can also lead to more employment opportunities locally, which benefits everyone.
Why apply?
- Substantial funding: Up to $75,000 for large investments.
- Priority for technology and innovation: If your project involves these areas, your application will be prioritized.
- Leverage additional funding: Use this program to attract other funding sources outside the Government of Northwest Territories.
What’s in it for you?
- Boost local economy: Your investment can drive economic growth in your community.
- Create jobs: Increase employment outcomes locally.
- Easy qualification: With minimum equity requirements of 20-30% depending on your community, it’s accessible.
Contact your regional Economic Development Officer to discuss your idea and start your application. This program is a great opportunity to take your business to the next level.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Investments that directly increase business and economic activity in the local community.
- Projects that result in increased employment outcomes in the local community.
- Initiatives that leverage funding sources outside the Government of Northwest Territories (GNWT).
- Projects consistent with Department strategies and/or regional economic development plans.
Ineligible Expenses:
- Funds cannot be used for personal expenses.
- Funds cannot be used for activities not aligned with the program’s objectives.
Fees:
- No application fees.
- No additional fees associated with the program.
Qualifications
- Must be a business operating in the Northwest Territories (NWT).
- Must be looking to make large investments to expand and grow the business.
- Must directly increase business and economic activity in the local community or communities.
- Must directly result in increased employment outcomes in the local community or communities.
- Must leverage funding sources outside the Government of Northwest Territories (GNWT).
- Must be consistent with Department strategies and/or regional economic development plans.
Must meet minimum equity requirements:
- 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 within the Northwest Territories (NWT).
Description
This program offers your business up to $75,000 to make significant investments that help you grow and expand. The funds can be used for projects that:
- Increase business and economic activity in your community.
- Create more job opportunities locally.
- Attract additional funding from sources outside the Government of Northwest Territories (GNWT).
- Align with regional economic development plans and department strategies.
Priority is given to projects that focus on technology and innovation.
To qualify, your business needs to contribute a portion of the project costs. If you are 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 is a great opportunity to invest in your business and support your community’s growth.
Program Steps
Contact Your Regional Economic Development Officer: Reach out to your regional Economic Development Officer to discuss your investment idea. This step is crucial to ensure your proposal aligns with the program's objectives.
Complete the Application Form: Obtain and fill out the application form. This form is essential for starting the application process.
Prepare Required Documentation: Gather all necessary documents to support your application. These include:
- Business Plan
- Financial Statements
- Quotes for Equipment or Project Costs
- Proof of Equity Contribution (30% for Group 1 communities, 20% for Group 2 communities)
- Any additional documents specified in the application checklist
Review Funding Priorities: Ensure your project aligns with the program's funding priorities, such as increasing local economic activity, employment outcomes, and leveraging external funding sources. Projects involving technology and innovation will receive priority.
Submit the 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 information requests.
Await Approval: Wait for the review and approval process. If your application meets all criteria and priorities, you will be notified of the funding decision.
Receive Funding: Upon approval, discuss the terms and conditions of the funding. Once agreed upon, the funds will be disbursed to support your investment project.