Tourism Product Diversification and Marketing Program — Product Development and Enhancement
Highlights
This program is designed for businesses like yours to help you grow and attract more visitors. It offers up to $250,000 in funding for product development and enhancement, allowing you to create new tourism products or improve existing ones. This can include start-up costs, capital acquisition, skills upgrading, and website development. Additionally, you can receive up to $25,000 for business planning and transition assistance, which can be used for developing business plans or obtaining a Tourism Operator Licence.
Marketing assistance is also available, with up to $10,000 to help you promote your business. This can cover costs such as travel to trade shows, brochure development, and launch campaigns. The program requires a 15% equity contribution, which can include sweat equity, making it accessible and manageable.
By participating in this program, you can significantly enhance your business operations and marketing efforts, leading to increased revenue and a broader customer base. The application process is straightforward, and your regional Tourism Development Officer is available to assist you every step of the way.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
There are no repayment terms or interest rates as this is a grant.
Eligible Expenses:
Business Planning and Transition Assistance:
- Development of business plans
- Consulting fees
- Costs associated with obtaining a Tourism Operator Licence
Product Development and Enhancement:
- Start-up costs
- Capital acquisition
- Skills upgrading
- Services or amenities upgrading
- Website development
- Development costs for new product offerings
Marketing Assistance for Tourism Businesses:
- Travel to trade shows
- Brochure/pamphlet development
- Launch campaigns
- Development or modification of websites
Use of Funds:
Funds cannot be used for purposes outside of the specified eligible expenses.
Fees:
There are no fees associated with this grant program.
Qualifications
- Must be a business, economic development agency, or community located in the Northwest Territories (NWT).
- Aboriginal organizations are eligible.
- Potential aboriginal culture tourism ventures are encouraged to apply.
- Must have an equity requirement of 15%, which can include sweat equity.
For Schedule 2, up to $10,000 in existing equity (capital infrastructure for which no previous contribution funds have been received from the GNWT) and/or sweat equity may be applied towards the project.
Disqualifications:
- No specific disqualifications are mentioned in the provided context.
Description
This program offers your business a chance to reinvent, improve, or expand your tourism products and operations. You can receive funding for business planning, product development, and marketing.
Funding Available:
Business Planning and Transition Assistance: You can get up to $25,000 to develop business plans. This can help enhance your current tourism offerings or create new ones to boost your revenue and attract more visitors. You will need to contribute 15% equity, which can include sweat equity.
Product Development and Enhancement: You can receive up to $250,000 over one or multiple years. This funding can be used for new product development or improving existing ones to draw more tourists. Eligible costs include start-up expenses, capital acquisitions, skills upgrading, and website development. A 15% equity contribution is required, and up to $10,000 of this can be in sweat equity.
Marketing Assistance for Tourism Businesses: You can get up to $10,000 for marketing projects. This can cover costs like travel to trade shows, creating brochures, launching campaigns, or updating your website. A 15% equity contribution is also required here.
This program is a great opportunity to grow your business, attract more visitors, and increase your revenue.
Program Steps
Contact Your Regional Tourism Development Officer: Reach out to your regional Tourism Development Officer to discuss your idea. This step is strongly recommended to ensure your proposal aligns with the program's objectives.
Choose the Appropriate Application Form: Select the application form that matches your needs:
- Business Planning and Transition Assistance
- Product Development and Enhancement
- Marketing Assistance for Tourism Businesses
Prepare Required Documentation: Gather the necessary documents to support your application. These may include:
- Business plan
- Financial statements
- Quotes for capital acquisitions or services
- Marketing materials (e.g., brochures, website development plans)
- Proof of equity (including sweat equity if applicable)
- Any other documents requested by the economic development officer
Complete the Application Form: Fill out the chosen application form with detailed and accurate information about your business and proposed project.
Submit the Application: Send the completed application form and all required documentation to your regional office.
Follow Up: Stay in contact with your regional Tourism Development Officer to track the progress of your application and provide any additional information if requested.
By following these steps, you can efficiently apply for the program and take advantage of the funding opportunities available to enhance your tourism business.