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Tourism Product Diversification and Marketing Program — Business Planning and Transition Assistance

Up to $25,000
Type
GRANTS AND FUNDING
Application Difficulty
MEDIUM
Time To Complete4 weeksProgram Budgetno cap
See If You Qualify

Highlights

Hello,

We understand how important it is for your tourism business to stand out and grow. This program is designed with you in mind, offering a fantastic opportunity to enhance and expand your offerings. You can access up to $25,000 to develop business plans that will help you boost your revenue and attract more visitors. This funding covers costs like consulting fees and business plan development, making it easier for you to innovate and thrive in the competitive tourism market.

If you're looking to take things further, up to $250,000 is available for product development and enhancement. This can be spread over several years, giving you the flexibility to manage start-up costs, capital acquisition, and skills upgrading. Imagine the possibilities: improving your services and amenities to make your business even more appealing to visitors. Plus, if you receive the full amount, you can reapply after five years, ensuring ongoing support for your growth.

Marketing is key to reaching new audiences, and this program offers up to $10,000 for marketing projects. Whether it's traveling to trade shows, creating brochures, launching campaigns, or updating your website, these funds can significantly increase your business's visibility. With a 15% equity requirement, the benefits you stand to gain are substantial. This program is here to help you succeed, making it an opportunity you won't want to miss.

Financing Details

This program offers a combination of grants and repayable sums, designed specifically to support the growth and diversification of tourism-related businesses. The funding can be used for various purposes, depending on the specific schedule of the program applied for.

Repayment and Interest Rates:

  • There are no traditional repayment terms or interest rates associated with the grants.
  • For repayable sums, conditions are typically outlined during the application process, focusing on the sustainability and revenue generation of the business project.

Eligible Expenses:

  • Funds can be used for business planning, development of new tourism products, enhancement of existing products, and marketing efforts.
  • Specific costs covered include consulting fees, business plan development, start-up costs, capital acquisitions, skills upgrading, website development, and marketing activities such as travel to trade shows and brochure development.

Restrictions on Use of Funds:

  • The funds cannot be used for non-project related expenses or overhead costs not directly linked to the development or enhancement of the tourism product or service.

Associated Fees:

  • Applicants must meet an equity requirement of 15%, which can include sweat equity.
  • There are no additional fees directly associated with the application or disbursement of funds under this program. However, costs related to meeting the equity requirement and other preparatory expenses should be considered.

Qualifications

  • Location Requirement: Must be a business operating in the Northwest Territories (NWT).

  • Eligible Applicants:

    • NWT Businesses
    • Economic development agencies
    • Communities
    • Aboriginal Organizations
    • Potential aboriginal culture tourism ventures
  • Equity Requirement:

    • Must provide 15% equity, which can include sweat equity.
  • Application Deadline:

    • Must apply by January 17th, 2024.
  • Consultation Recommendation:

    • Strongly recommended to contact a regional Tourism Development Officer before proposal development.
  • Application Forms:

    • Must complete one of the following application forms based on the desired schedule:
      • Business Planning and Transition Assistance
      • Product Development and Enhancement
      • Marketing Assistance for Tourism Businesses
  • Disqualifications:

    • Businesses not operating in the NWT.
    • Applicants unable to meet the 15% equity requirement.

Description

This program is a fantastic opportunity for your business to grow and attract more visitors. You can receive up to $25,000 to develop business plans that enhance your current tourism offerings or create new ones. This funding can cover costs like consulting fees and business plan development, helping you boost your revenue and draw in more tourists.

If you're looking to develop or enhance a tourism product, you could access up to $250,000 over several years. This funding can be used for start-up costs, capital acquisition, skills upgrading, and more. You can reapply after five years if you receive the full amount. This is a great way to improve your services and amenities, making your business more appealing to visitors.

Marketing is crucial, and this program offers up to $10,000 for marketing projects. Use these funds for travel to trade shows, creating brochures, launching campaigns, or updating your website. This support can help you reach new audiences and increase your business's visibility. Remember, there's a 15% equity requirement for each funding schedule, but the potential benefits for your business are significant.

Program Steps

  1. Contact Your Regional Tourism Development Officer
    Discuss your ideas and get guidance on your proposal.

  2. Choose the Appropriate Application Form
    Select one of the following forms based on your needs:

    • Business Planning and Transition Assistance - Application Form
    • Product Development and Enhancement - Application Form
    • Marketing Assistance for Tourism Businesses - Application Form
  3. Complete the Application Form
    Fill out the chosen application form with accurate and relevant information.

  4. Prepare the Required Documentation
    Gather the following documents to support your application:

    • Business plan (if applicable)
    • Financial statements
    • Evidence of equity (15% requirement)
    • Any additional information requested by the economic development officer
  5. Submit Your Application
    Send the completed application form and all required documents to your regional office.

  6. Follow Up
    After submission, check in with your regional office to confirm receipt and inquire about the next steps.

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