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:
- 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.
- Partial Contribution Grants: These grants require you to contribute a portion of the funding, working somewhat like a partnership.
- 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.
