Business & Economic Development
Business Development Fund
The Business Development Fund provides non-repayable contribution assistance to small businesses in the Northwest Territories.
A variety of different types of assistance are available. Contact your regional ITI representative to determine which program may be right for you.
Planning and Other Developmental Costs
Before a business can be established or expanded, expenditures will be required. This schedule is designed to assist businesses to meet pre-establishment or pre-expansion costs when there is a good possibility of increasing sales. Funds are normally used to develop feasibility studies and business plans. Maximum contribution assistance is $20,000.
Pilot or Demonstration Project
This program is designed to assist businesses to establish pilot and demonstration projects to test the application of new technology in current or planned business ventures. Funds are normally used to purchase equipment and materials, lease equipment and/or facilities and contracted costs of technical support people. Maximum contribution assistance is $25,000.
Business Creation or Expansion
Businesses starting out or expanding will require funds to purchase buildings or equipment. This schedule assists entrepreneurs to increase the amount of money available for start up or expansion. Funds are normally used for start up working capital, building and land associated with the project, equipment, leasehold improvements and site development costs. Maximum contribution assistance is $25,000.
Market Development and Product Promotion
Contributions are available to assist businesses to sell new or existing products in new markets. A product could be almost any item or service. Funds are normally used for marketing campaigns, professional marketing assistance, creation of promotional material, costs related to booth space at industry shows, design and development of new packaging and consumer evaluation and test marketing. Maximum contribution assistance is $10,000, with a lifetime limit of $30,000.
Business Skills
Business Skill contributions are intended to assist businesses acquire professional or trained assistance to take short-term training in specific business skills, to offset the cost of professional help with special projects, or to enable businesses to develop training plans. Funds are normally used for short term business skills training programs such as bookkeeping, tax law, contracting, bidding, inventory control, receivable control, covering the cost of professional managers when a business is expanding or restructuring and to assist a business to develop business skills training plans for its employees. Maximum contribution assistance is $20,000, with a lifetime limit of $60,000.
Business Relief
This program provides emergency funding to assist businesses in difficulty to develop a recovery plan or a plan to wind down the business. Funds are normally used to acquire professional assistance to identify problems, to develop a recovery plan, to implement a recovery plan or to assist with winding down the business. Maximum contribution assistance is $25,000.
Community Initiatives Program
This program provides support to community or regional economic development initiatives that support local economic strategies and lead to the development of a stable and diversified economic platform. Eligible applicants are cooperatives, community governments, community or regional economic development corporations, or societies representing an industry or economic sector. Funds are normally used for start up costs, capital assets, investment and development costs, promotional and project management costs and planning and training costs. Maximum contribution assistance is $25,000.
Traditional Arts & Fine Crafts – Raw Materials
To enable artists and crafters to purchase raw materials for the production of traditional art and fine craft products for sale. Maximum contribution assistance is $2,500, which cannot exceed this amount over a three-year period.
To read the policy and guidelines for the Business Development Fund Program click here
For more information about other lending, contribution and grant programs that exist to assist businesses in the NWT click here
Regional Programs and Services of the Department of Industry, Tourism and Investment are delivered through offices in: Yellowknife (North Slave), Fort Smith (South Slave), Norman Wells (Sahtu), Fort Simpson (Dehcho) or Inuvik (Inuvik).
To find the ITI office for your region click here