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Business Advice, Funding

NorthWest Territories Government Funding Checklist

by Grace Santos
31 January 2024

Download the Northwest Territories Government Funding Checklist

The Northwest Territories Government Funding Checklist is an essential tool for entrepreneurs and small business owners in the Northwest Territories seeking funding through various Canadian government programs and options. This checklist simplifies the process, ensuring that you have all the necessary information and steps to secure funding for your business.

Northwest Territories Government Funding Checklist Details

In the Northwest Territories, where business opportunities are unique and diverse, securing funding can be a critical step in starting or expanding your business. The Canadian government offers a range of resources to support business growth, job creation, and the entrepreneurial spirit in this region.

However, navigating government funding processes can be complex. This checklist, specifically tailored for businesses in the Northwest Territories, focuses on four critical areas:

  1. Your Business Plan: Developing a comprehensive business plan that outlines your business model, market analysis, and financial projections.
  2. The Funding Needs: Clearly identifying the amount of funding required and for what specific purposes.
  3. Starting the Funding Search: Knowing where to look for appropriate funding opportunities within the Northwest Territories and across Canada.
  4. The Funding Applications: Understanding the application process, including documentation and eligibility criteria.

Despite seeming straightforward, many applicants face refusals due to overlooked details in these four areas. The checklist provides detailed guidance to help you navigate each step effectively, thereby increasing your chances of successfully obtaining funding.

Get Your Free Checklist

To start the funding process for your small business in the Northwest Territories, download the checklist for free. It offers clear, step-by-step guidance to ensure you meet all the requirements and avoid common pitfalls.

Download the Northwest Territories Government Funding Checklist [FREE]

This checklist is a valuable resource for any entrepreneur or small business owner in the Northwest Territories looking to leverage the financial resources offered by the Canadian government.

Download the Northwest Territories Government Funding Checklist

Business Advice, Business Planning

Unlocking the Grant Guide in Northwest Territories

by Grace Santos
31 January 2024

As an entrepreneur or small business owner in the Northwest Territories, it’s essential to be aware of the various small business grants available through the government. This guide provides comprehensive details about the government grants you can access for your business in the Northwest Territories.

Small business grants in the Northwest Territories are well-categorized and organized, making it easier for you to locate and successfully apply for a grant. Understanding where to find information about these grants, their utilization, the amount available, and the application process is crucial.

The available small business grants in the Northwest Territories encompass a wide range of sectors, including environmental, agricultural, economic growth, technology advancement, arts, as well as grants tailored for businesses owned by individuals with disabilities and women.

Download the 2024 Northwest Territories Grants Guide

Northwest Territories Small Business Grants

The Northwest Territories government offers several small business grant programs. These grants usually originate from local funding agencies focusing on the economic growth of the Northwest Territories. However, many grant options are also available from the territorial government and the federal government of Canada, providing a broader range of business grant opportunities.

Types of Small Business Grants

The small business grants available are diverse:

  1. One-Time and Renewable Business Grants: These are aimed at covering various startup or expansion costs. Given the increasing costs of starting a business in the Northwest Territories, these grants can be highly beneficial.
  2. Partial Contribution Grants: These grants require you to contribute a portion of the funding, working somewhat like a partnership.
  3. Non-Repayable Government Grants: These grants, as the name suggests, do not require repayment.

Read the guide to learn more about these types of government grants.

Other Funding Options

In addition to grants, small business owners in the Northwest Territories may be eligible for government loans, tax breaks, and tax credits.

Applying for Small Business Grants

To apply effectively for these grants, you should be well-prepared with:

  • A well-crafted business plan
  • Financial projections
  • A PitchDeck presentation
  • Knowledge of the relevant programs

Developing a Business Plan

A comprehensive business plan is vital. It should detail your business model, growth strategies, marketing plans, and specific funding needs. Business plan creation can be done from scratch, using templates, or with tools like the Business Plan Builder.

Financial Projections and PitchDeck

Financial projections for at least three years, including balance sheets, cash flow statements, and profit/loss statements, are essential. The PitchDeck, though not mandatory, is a valuable tool for summarizing your business model visually.

Knowing the Funding Programs

Understanding which funding programs to apply for can be challenging. The Funding Database offers a comprehensive list of over 1,500 different funding programs across the Northwest Territories and Canada. Consulting with funding experts can be beneficial in navigating these options.

How Much Funding Do You Need?

Determining the amount of funding you need is crucial. Consider your business plan and the expenses it outlines. The range of funding provided varies significantly, so a clear breakdown of your expenses is necessary when applying for grants.

Industry-Specific Funds

Funds are available across various industry categories, including mining, agriculture, manufacturing, technology, creative services, and more. It’s important to assess with funding experts whether the available options align with your business model.

What Can Grants Be Used For?

Small business grants can be used for hiring and training costs, purchasing equipment, improving cash flow, marketing, and more. Download the free grants guide PDF to review all potential expenses covered by these grants.

Understanding Eligibility

Determining your eligibility for a government grant can be straightforward if you know where to look. The grants guide for small businesses in the Northwest Territories will aid in this process.

Download the 2024 Northwest Territories Grants Guide to access all the information you need about government grants and funding options for your business.

Download the Northwest Territories Grants Guide

Business Advice, Funding

Completing your Business Plan in 20-minutes

by Grace Santos
31 January 2024

As you start a business in Northwest Territories, one of the more challenging steps is creating a business plan.  What to write, how to write it, what to include and what not to include – it becomes more challenging the more you think about it.

We’ve created a 20 Minute Business Plan template for you. More so, a business plan canvas that you can get done in literally 20 minutes – in order to kick start your business, apply for funding and more.

Receive the Free Business Plan Here

The 20-Minute Business Plan

If this hits home for you, take comfort in knowing you are not alone and that there is still time. Time to layout your ideas for your business, to create a plan, to figure out how you will find the money to do it, and to start applying for those funds. It is not too late to accomplish your business goals for 2018.

But you do have to start now!

Need help getting in the ‘mood’…the entrepreneurial mood, that is! We’ve got you covered.

The Business Model Canvas is just the tool you need to get your small business gears a-grinding. We call it the 20-Minute Business Plan as it will get you thinking and considering all of the most important aspects of your business, its goals and how you intend to achieve them….without getting into all of the nitty-gritty details of a traditional Business Plan.

You can complete your entire canvas on a single page, in just 9 small sections that cover all the key aspects of any business: what the business offers, its team members, its customer-base, its partnerships and revenue streams.

The Business Model Canvas you create will provide focus on what’s driving the business; flexibility to modify and try different things; as well as transparency.

Download the Free Template Now

Download your very own Business Model Canvas and dedicate 20-minutes of your time to achieving your 2024 business goals. Follow the included instructions to properly complete each section of the canvas and reveal the next steps for your small business.

Already have a Business Model Canvas? Get one of our other helpful downloads below:
Small Business Funding Course
Fishing For Funds: A Startup Funding Checklist
Funding Program Fact-Sheet: The Northwest Territories Small Business Financing Program
Business Plan Essentials

Ready to start your Business Model Canvas? If you have any questions at any point, feel free to contact us to help you get through it. Good luck!

Funding

Is Government Funding a Windfall for Businesses in the Northwest Territories?

by Maya Mah
31 July 2023

The buzz around government funding has been making the rounds in entrepreneurial circles in the Northwest Territories, Canada. Is it a blessing in disguise or merely a financial instrument cloaked in the term “free money”? This article demystifies the various aspects of government funding, highlighting the opportunities and responsibilities it carries for businesses.

Government funding can take various forms – grants, loans, or tax incentives, each with its specific characteristics. While grants are funds that need not be repaid, they come with strings attached, such as fulfilling specific criteria or obligations.

Take, for instance, A Yellowknife-based tech startup. The company secured a substantial government grant for its innovative environmental monitoring technology. But this financial boon also came with a set of conditions, such as meeting project milestones and submitting regular progress reports.

On the other hand, government loans, although they offer lower interest rates, are not “free money”. They require repayment over an agreed timeframe. Tax incentives, while they result in savings, are not direct funding.

The eligibility criteria for these funding sources are quite precise. They evaluate factors such as business size, location, industry type, and project objectives. These strict guidelines ensure that funds flow to businesses contributing to economic growth or aligning with the government’s strategic goals.

When asked about the funding application process, Jim Casblon, a financial advisor based in Yellowknife, emphasized that it’s a meticulous task requiring detailed documentation. “Government funding programs see a high influx of applications. To stand out, businesses need to follow instructions carefully and present a compelling and viable proposal,” says Casblon.

Competition aside, recipients of government funding must also uphold a high degree of accountability and transparency. The misappropriation of funds or failure to meet outlined obligations can result in stiff penalties.

Despite the rigorous process and responsibilities involved, the allure of government funding remains undeniable. According to recent data, approximately 40% of new startups in the Northwest Territories sought government funding in the past year, with 25% successfully securing it.

However, the financial advisor suggests not putting all your eggs in one basket. “Government funding is just one source among many. Exploring other avenues such as bank loans, venture capital, crowdfunding, or even personal savings can provide a more diverse financial foundation,” adds Casblon.

Overall, government funding, while a potentially significant resource, is far from free money. Businesses in the Northwest Territories looking to capitalize on it must fully comprehend the eligibility criteria, the application process, and the obligations that come with it. With this knowledge in hand, businesses can judiciously leverage government funding to realize their growth ambitions.

Funding

Being aware of deadlines or timelines when applying for government funding

by Maya Mah
24 July 2023

In Northwest Territories, entrepreneurs can take advantage of various government funding programs to assist in their business endeavors. However, it’s essential to be aware of the deadlines and timelines associated with these funding opportunities to ensure you can secure financial support. This article aims to provide you with an in-depth understanding of the deadlines and timelines you should be aware of when applying for government funding in the Northwest Territories.

1. Application Periods and Deadlines:

Understand the timeframes for submitting your application

– Each government funding program has specific application periods during which you can submit your application. These periods often have set start and end dates.

– Missing the application deadline can result in your application being disqualified, so it’s crucial to be aware of these deadlines and plan your application submission accordingly.

– Research and stay up to date with the government funding programs you are interested in to ensure you submit your application within the designated application period.

2. Exploring Funding Opportunities:

Identify available funding programs and their timelines

– Research the various government funding programs available in Northwest Territories to identify those that align with your business objectives.

– Each funding program may have different timelines for their application periods, so pay close attention to the details of each program.

– Some funding programs may have multiple intakes throughout the year, while others may have a single annual deadline. Being aware of these timelines will help you plan your application submission effectively.

3. Gathering Required Documentation:

Understand the documents you’ll need to gather before applying

– Government funding applications typically require supporting documentation to assess your eligibility and the viability of your business idea.

– Common documents may include business plans, financial projections, market research, resumes, and references.

– Understand the specific requirements of each funding program and ensure you have all the necessary documents prepared before the application deadline.

– Gathering the required documentation will prevent last-minute scrambling and allow you to submit a complete and thorough application.

4. Review and Approval Process:

Familiarize yourself with the timeline for reviewing and approving applications

– After the application deadline, funding program administrators review the submitted applications to assess their eligibility and alignment with program objectives.

– The review and approval process can vary in duration depending on the complexity of the program and the number of applications received.

– It’s essential to be patient during this phase and understand that it may take some time for your application to be reviewed thoroughly.

– Stay informed about the expected review timelines provided by the funding program, as this will help manage your expectations and plan for the next steps of your business.

5. Funding Disbursement:

Be aware of the timelines for funding disbursement

– Once your application is approved and your business project is deemed eligible for funding, a disbursement timeline will be established.

– This timeline refers to the period during which you can expect to receive the funds.

– Funding disbursement timelines can vary depending on the funding program and the specific requirements associated with each program.

– It’s crucial to factor in this timeline when planning your business finances and to ensure you have enough working capital to cover expenses before receiving the funding.

6. Application Tracking and Communication:

Stay in touch with the funding program administrators

– Throughout the application and review process, it’s essential to stay in touch with the funding program administrators.

– Check the program’s website or contact the program administrator to inquire about the status of your application.

– Understanding the expected timeline for communication and tracking can help you avoid unnecessary stress and allow you to plan accordingly.

In Northwest Territories, government funding can offer valuable support to entrepreneurs starting a business. However, being aware of the deadlines and timelines associated with the funding programs is crucial for a successful application. Understanding the application periods, required documentation, review processes, funding disbursement timelines, and maintaining open communication with program administrators will help you navigate the government funding landscape and increase your chances of securing financial support. By using the NWT startup platform always be aware of the deadline, and follow our thorough step-by-step- timeline so your business is always in the loop about new trends. So, make sure to stay informed, plan, and take advantage of the opportunities available to turn your business dreams into reality.

https://www.ntstartups.org/purchase/
Small Business Grant

Small Business Success Grant Program

by admin
19 July 2023

“Unlock Your Success Story: Propel Your Small Business Forward with the Small Business Success Grant“

Provided by: SBSG Canada

Current Stage Deadline: September 8th, 2023

Apply via the Funding Database

The early stages of a startup can often be the most challenging.

SBSG understands that getting your new business off the ground can be an exhilarating yet challenging journey. The Small Business Success Grant Program, which offers up to $1,500 in non-refundable funding, is designed to support small businesses like yours and help you turn your great ideas into successful ventures.

Small Business Success Grant Overview

The Small Business Success Grant is a program specifically created for new, for-profit, privately owned businesses located in Northwest Territories.

If your business has generated no more than $10,000 in annual revenues, you’re eligible to apply. What’s even better? You can use this grant as you see fit to further the growth of your business. There are absolutely no strings attached!

Here’s a sneak peek into what this program offers:

$1,500  – a Non-Refundable / Non-Repayable Grant
No credit checks required – or minimum revenue requirements
Grant Writer Not Needed
 No Restrictions on how you can use the funds
Matching Contributions are not required to be eligible

Applying to the Small Business Success Grant Program is unlike any other program currently available – as it is available to you with the bare minimum in requirements and eligibility.

WANT TO LEARN MORE?

Finding Government Funding For Your Small Business

CLICK HERE FOR DETAILS

SBSG Program Eligibility Criteria

To qualify for the Small Business Success Grant, you must meet the following criteria:

Your Location:

Your business must be located in Northwest Territories.

Business Age:

Your business should be less than 1 year old – from the registration date.

Revenue:

Your business should have generated no more than $10,000 in revenue since its inception

Registration:

Your business registration process should be completed. This can be done via federal or provincial incorporation or a Canadian resident sole proprietorship.

Documents:

You must provide a complete business plan and PitchDeck presentation to be considered.

Membership:

You must have a valid membership with Northwest Territories Startups, which you register for here – or submit a $20 application if you are a non-member.

Securing a grant can significantly boost your business’ potential by providing the much-needed capital to move your startup forward.
Whether it’s for purchasing essential equipment, funding marketing efforts, managing cash flow, or covering payroll, the grant can cater to various needs.

The Small Business Success Grant provides an excellent opportunity for Canadian entrepreneurs. Unlike other grant programs, there are no
strings attached. You can use the funds as you see fit to drive your business growth.

Application Process

To start the application process for the Small Business Success Grant offered by SBSG.ca, complete the initial form found on the website to put in the request. Shortly after, the application steps will be emailed to you.

Along with your completed application form, compile all the necessary documents and information and submit your application before the deadline presented on sbsg.ca

Remember, providing accurate information and a well-prepared business plan is essential to increase your chances of receiving the grant. The application process is straightforward, and no professional grant writer is needed.

Good luck with your application!

Frequently Asked Questions

What is the Small Business Success Grant?

The Small Business Success Grant is a funding program offered by Canada Startups, providing up to $1,500 in non-refundable funds to new, for-profit, privately-owned businesses in Northwest Territories.

Who can apply for the grant?

To be eligible for this grant, your business must be less than a year old, located in Northwest Territories, have an annual revenue of no more than $10,000, and be either federally or provincially incorporated or a Canadian resident sole proprietorship.

How can I use the grant funds?

The grant money can be used for any business-related expense, including purchasing equipment, marketing and advertising, managing cash flow, covering payroll, and more. There are no restrictions on how you can spend the funds

Do I need to have good credit to apply for the grant?

No, a credit check is not required for the application. This grant program aims to support new businesses and does not require a credit check or a minimum revenue requirement.

Do I need to hire a grant writer to apply?

No, you do not need to hire a grant writer. The application process for the Small Business Success Grant is simple and straightforward.

When is the application deadline?

The next deadline to submit applications for the Small Business Success Grant program is September 8th, 2023.

How competitive is this grant?

Grants are generally competitive, as they are a popular form of funding, especially for new businesses. However, the exact level of competition varies based on the number of applications received during each application period.

Do I have to repay the grant?

No, the grant is non-refundable, meaning you do not have to repay the money

How can I apply for the grant?

To apply for the grant, you need to complete and submit the application form, along with the required documents and information, on the Northwest Territories Startups website before the application deadline.

Can I apply for the grant if my business is not incorporated?

Yes, you can apply if you are a Canadian resident sole proprietor. However, the business registration process must be completed.

Application Checklist

It is always a good idea to follow a checklist to determine that you have all that you need to successfully apply for the grant program.

Before you start, it is essential to confirm the following:

  1. Is your business located in Northwest Territories?
  2. Is your business less than 1 year old?
  3. Ensure you have under $10,000 in revenue
  4. Your business must be registered
  5. Have your valid membership to Northwest Territories Startups (or be prepared to pay the $20 application processing fee)

In terms of the documentation required to apply; you must have your 3-year financial statements and proper business plan – ensure this is reviewed by an expert and given the go-ahead. Be sure to have your PitchDeck presentation ready to go, and approved by an expert. If you have a website, ensure it is reviewed by an expert to evaluate and increase your chances of success with the Small Business Success Grant. For added security, you can register as a member of Northwest Territories Startups here: www.NTstartups.org/purchase – to ensure you can get expert help with your business plan, financials, pitch deck, and funding search, and application steps.

Funding

Female Entrepreneur Grants in Northwest Territories: Empowering Women in Business

by admin
17 July 2023

In the vast expanse of Canada’s Northwest Territories (NWT), a growing number of women are shaping the entrepreneurial landscape. These trailblazing women are contributing significantly to the territory’s economy and communities, but like any business, they need financial support to flourish. This article explores various grant opportunities in the NWT for female entrepreneurs and how they foster women’s empowerment in the business sector.

Content Overview:

Understanding the Role of CanNor in Empowering Female Entrepreneurs

Embracing Opportunities with the SEED Program

The Power of the Women’s Entrepreneurship Fund

Advantages of Community Futures’ Loans for Women

Exploring the Potential of the BDIC Support for Entrepreneurs

Tapping into Industry-specific Grants and Funding

How NWT Startups Experts can Help

Now let’s dive deeper into each of these topics.

Introduction to NWT Grants for Female Entrepreneurs

There are numerous grants available in the NWT designed to support female entrepreneurs in various sectors. These grants aim to close the gender gap in business, encouraging more women to establish businesses and help those already operating to expand. Grants offer non-repayable funds, which can significantly lower the financial risk associated with starting and growing a business.

Understanding the Role of CanNor in Empowering Female Entrepreneurs

The Canadian Northern Economic Development Agency (CanNor) plays a significant role in empowering female entrepreneurs in NWT. Through programs like the Northern Aboriginal Economic Opportunities Program (NAEOP) and the Women’s Entrepreneurship Strategy (WES), CanNor provides financial support for women-led businesses, particularly those owned by Indigenous women. These programs not only provide funding but also offer a variety of resources, training, and mentoring to ensure the success of these businesses.

Embracing Opportunities with the SEED Program

The Support for Entrepreneurs and Economic Development (SEED) Program, offered by the NWT’s Department of Industry, Tourism, and Investment, provides financial support to NWT residents looking to start or expand their businesses. While not exclusive to women, the program encourages applications from female entrepreneurs and offers several funding options based on the business type and stage.

The Power of the Women’s Entrepreneurship Fund

The Women’s Entrepreneurship Fund is a national initiative that offers up to $100,000 in non-repayable contribution funding to women-owned and led businesses. The program aims to support women entrepreneurs to grow their businesses and facilitate their pursuit of opportunities in markets abroad. Women in NWT are strongly encouraged to apply.

Advantages of Community Futures’ Loans for Women

While not a grant per se, the Community Futures’ loans program is worth mentioning. These loans offer lower-than-average interest rates and flexible repayment options, often making them more accessible for female entrepreneurs. Additionally, Community Futures provides business advice, workshops, and mentorship programs to help businesses succeed.

Exploring the Potential of the BDIC Support for Entrepreneurs

The Business Development and Investment Corporation (BDIC) in NWT offers several programs that can benefit female entrepreneurs. From the Subsidiary Financing program to the Business Intelligence and Networking program, BDIC provides financial and educational resources to help businesses thrive.

Tapping into Industry-specific Grants and Funding

Various industry-specific grants and funding options are also available for female entrepreneurs. Sectors such as tourism, agriculture, arts, and technology often have specific programs to promote growth and innovation. Female entrepreneurs in these sectors should explore these opportunities.

How NWT Startups Experts can Help

Finding and applying for the right grants can be a complex process. This is where NWT startup experts can assist. They can help identify suitable funding opportunities, assist with application processes, and provide advice on business growth strategies. These professionals have in-depth knowledge of the business environment and funding landscape in NWT, making them invaluable allies in your entrepreneurial journey.

The Future for Female Entrepreneurs in NWT

In conclusion, a range of funding options is available for female entrepreneurs in the Northwest Territories. Whether it’s through direct grants like those from Can Nor and the Women’s Entrepreneurship Fund, or indirect financial support through programs like the SEED Program or the BDIC’s initiatives, women have access to the financial resources they need to succeed.

Moreover, the assistance provided by NWT startup experts ensures that women not only secure funding but also receive the necessary support to make the most of these funds. They offer guidance, insights, and expertise to help navigate the complex business and funding landscapes in the NWT.

The future is bright for female entrepreneurs in the Northwest Territories. With these financial resources and professional support systems, women in business have the tools they need to succeed. It’s an exciting time as we witness more women taking their place in the entrepreneurial landscape, enriching the NWT’s economy and communities. This continued growth and empowerment of women in business is not just good for the Northwest Territories; it’s good for Canada and, indeed, the entire world.

Funding

How to Apply for Government Grants in Northwest Territories

by Tyler Bailey
13 October 2022

It can be difficult to apply for government grants if you’ve never done it before.

However, there is no cause for alarm!

Here, you’ll find a step-by-step approach to securing the capital your company need for success.

To begin, you must determine which federal funding initiatives you qualify for.

If you own a business in Northwest Territories, you may qualify for one of the many grants and programs offered by the provincial government.

Spend some time researching the many business grants and programs offered by the provincial government of Northwest Territories to determine which ones are the greatest fit for your company’s needs.

Examples of popular sources of financing are:

Government Grants:

Money from the government is given to private companies, nonprofits, and individuals to assist them meet a specific need.

Research and development, extending into new markets, and product creation are all examples of such aims.

Applicants for government grants are usually evaluated on the basis of their demonstrated merit, or ability to benefit from the grant money.

The various grant categories are as follows:

Non repayable government grants are one of the most common types of grants available.

These grants are given to businesses or individuals without the expectation of repayment, meaning that you don’t have to pay the money back once you receive it.

There are a few different types of non repayable government grants, including:

Grants for small businesses:

Government grants are available to help new and existing small enterprises get off the ground.
These funds can be put toward a number of different endeavors, including the acquisition of new tools or the hire of additional staff.

Grants for research and development: Grants for research and development are offered to businesses that are looking to conduct innovative research and develop new products or services.

This type of grant can be used to cover the costs of conducting research, such as hiring consultants or purchasing lab equipment.

Grants for women entrepreneurs: Women business owners can apply for grants to help them get started or expand their businesses. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

Grants for Indigenous entrepreneurs: Natives, Inuit, and Métis business owners who are just getting started or looking to expand their operations can apply for one of many available grants for Indigenous entrepreneurs. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

In addition to these, there are startup grants, business expansion grants and skills training grants.

One time and renewable government grants are another type of grant that is available.

One time grants are typically awarded for a specific project or purpose, and are not renewable once they have been used up.

On the other hand, renewable grants are ongoing and can be used for a variety of purposes over an extended period of time.

The most common type of renewable grant is a operating grant, which is given to businesses on an annual basis to help cover the costs of running their business.

Partial contribution grants are another type of grant that is available.

Partial contribution grants are typically given to businesses or individuals who are unable to fully cover the costs of a project on their own.

The Northwest Territories government will partially fund the project, and the business or individual will be responsible for covering the rest of the costs.

Matching grants are another type of grant that is available.

Matching grants are typically given to businesses or individuals who are able to raise a certain amount of money on their own.

The Northwest Territories government will then match the funds that have been raised, and the business or individual will be responsible for covering the rest of the costs.

Government Loans

Loans from the government are essentially loans from the government to private companies or people.

These loans are preferred by businesses because their interest rates are cheaper than those offered by banks.

Several distinct varieties of federal loans exist, including:

Loans for small businesses: these financing options exist to help established enterprises with limited resources grow. New machinery or personnel are only two examples of how these loans might be put to good use.

Startup loans: Lending assistance is available for new firms in the form of startup loans.
Loans of this type might be put for things like business permits and first advertising costs.

Business expansion loans: Loans for business expansion are available for companies who want to grow their operations. These loans can be used to pay for everything from the lease on a larger office to the salaries of new employees.

Skills training loans: Skills training loans are offered to businesses that are looking to provide training for their employees. These loans can be used to cover the costs of training, such as hiring instructors or purchasing educational materials.

In addition to these, there are also loans for specific business sectors, such as agriculture, tourism, and manufacturing.

Remember that government loans can often come in the form of no interest, or low-interest options, as well as government-guaranteed loans.

Government loan programs typically have more flexible eligibility requirements than traditional bank loans, making them a more accessible option for businesses.

The next step

After determining which government funding options are right for, be it a government grant or a government loan it’s time to start preparing your application.

The most important part of your application will be your business plan.

This is your opportunity to sell the government on why your business is worth investing in. Make sure to include detailed information on your business model, target market, and financial projections. If you have any existing customers or clients, be sure to mention them as well!

A good tool to use to develop your business plan is the business plan builder tool. It is created to guide you step by step based on what Northwest Territories government funding agencies want to see.

Once you’ve assembled all of the required documentation, it’s time to submit your application.

The best way to do this is online, through the government’s official website. You’ll need to create an account and fill out all of the necessary information before you can submit your application.

As each funding program/application may have a different application method – be sure to work with an expert to get help with the process.

Applying for government grants can seem like a daunting task, but it doesn’t have to be! By following this simple guide, you’ll be well on your way to getting the funding your business needs to grow and succeed. good luck!

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