Contributions to Business Development

The Business Development Fund (BDF) is a contribution fund aimed at stimulating employment and economic development throughout the Nunavut.  It comprises eight programs that are designed to assist businesses during all phases of the business cycle.  Assistance is provided for research and planning, business start-up and expansion, market and product development, training, and emergency relief to assist businesses in financial difficulty.

Eligibility Criteria

Contributions will not be provided if the applicant can secure a reasonable rate of return on investment without assistance; neither will contributions be provided if market disruption will occur. With the exceptions of the preceeding conditions, all Nunavut businesses are eligible to apply for BDF assistance.

Summary

What is it?

The BDF is a contribution fund of last resort.  As such, funding will not be provided where other funds are available for the same purpose.  Applicants may be asked to provide proof of refusal if they were declined funding from other agencies.  Alternately, the BDF may be used to complement other funding programs.  Therefore a listing of other sources of funding over the past three years must be provided.

Funding levels

The levels of assistance and minimum equity requirements vary depending on the level of economic development in a community.  For the purpose of implementing this program communities have been grouped in categories of economic circumstance, based on such factors as employment, remoteness, and market size.

Application

Applicants are required to submit a completed and signed application form.  Other supporting documentation may be required.  An audit of the contribution may be performed after funds are dispersed.

Programs

There are eight assistance programs available under the Business Development Fund as follows:

 Schedule A: Part 1: Contributions for Planning & Development Costs
 Schedule A: Part 2: Contributions for Pilot or Demonstration Projects
 Schedule B: Part 1: Contributions for Business Creation or Expansion
 Schedule B: Part 2: Contributions for Venture Capital
 Schedule C: Contributions for Market Development and Product Promotion
 Schedule D: Contributions for Business Skills
 Schedule E: Contributions for Business Relief
 Schedule F: Contributions for Small Business, the Arts, and Traditional Economies

Nunavut Contact(s):
Lucy Akoak
Community Economic Development Officer
Hamlet of Kugaaruk
P.O. Box 205
Kugaaruk, Nunavut  X0B 1K0
Telephone: (867)-769-6281
Fax: (867)-769-6069