Atuqtuarvik Corporation

Eligibility Criteria

The following are eligible to apply for funding from Atuqtuarvik Corporation:

• Inuit firms certified by Nunavut Tunngavik Inc. for inclusion on the Inuit Firm Registry under Article 24 of the Nunavut Land Claims Agreement and having their principal place of business in Nunavut
• Birthright Corporations located in Nunavut

Note: Atuqtuarvik Corporation has been set up to improve the access of eligible businesses to various sources of commercial finance. As a result, if Atuqtuarvik financing is necessary, proponents will be expected to maximize opportunities to secure commercial financing from other sources.

Summary

Types of funding provided:

The Corporation provides both debt and equity funding under the following conditions:

Amounts provided

The Corporation is mandated to provide loans and equity investments in the range of $100,000 up to a maximum of 10% of Atuqtuarvik Corporation's available capital.

Purpose of funding

The Corporation provides loans and equity funding for the purposes of business start-up, business expansion and business acquisition.

Limits to funding provided

Applicants are eligible to have more than one loan or equity investment funded by the Corporation at once, however, the total amount one applicant may have outstanding at one time (including all interests in associated companies) is limited to 15% of the total asset portfolio of the Corporation. Currently the Corporation has an asset portfolio of $23 million. (June '04)

Terms and rates

In general, the Corporation will lend and invest for term periods between four and seven years. Rates charged will take as their base the Chartered Bank Prime Rate and will reflect overall preoject risk.

Evaluation criteria

Four criteria form the basis of the evaluation of individual applications for funding.

1. The project must be financially viable. 
2. The project must benefit the Inuit of Nunavut as a whole. The specific benefits against which projects will be assessed are in the areas of: Jobs; Ownership; Health and Education; Housing; and Language and Culture. It is not expected that the benefits of individual projects will include all areas, but sufficient overall benefits must be provided to qualify for funding.
3. The project must have utilized reasonably available financial resources from other sources (e.g. banks).
4. The project must meet the need of the Corporation to diversify its portfolio.

Note: there are no specific industry or sector restrictions on projects that will be considered.

Nunavut Contact(s):
Ms. Tracy Wallace
Senior Account Manager
Atuqtuarvik Corporation
Box 900
Rankin Inlet, Nunavut  X0C 0G0
Telephone: (867) 645-2784
Fax: (867) 645-2786
E-mail: twallace@atuqtuarvik.com