Business & Economic Development
Support to Entrepreneurs and Economic Development (SEED) Policy
The Department of Industry, Tourism, and Investment (ITI) has focused on finding better ways to promote diversification of our economy while continuing to promote and support development opportunities in all communities. The Entrepreneurs and Economic Development (SEED) Policy intends to replace the existing Business Development Fund and Grants to Small Business Programs to focus more especially on the smaller communities.
Click here to view a Fact Sheet on the Policy, here to view a brochure, or you can click here to view a copy of the SEED Policy.
The SEED Policy Elements:
Sector Development
This new approach provides a borrowing incentive up to $15,000 a year for designated sectors through interest reduction for up to 2 years. Also, for sector research or investigation of new opportunities, there is assistance available up to $25,000.
Community Economic Development
This is a range of support up to $25,000 for community-based business research or support for activities such as arts festivals or community economic promotions.
Micro Business
This element of the SEED Policy is meant to replace Grants to Small Business with contributions up to $5,000 for self-employment activities, aimed at traditional economy, arts, film and similar self-employment activities.
Business Intelligence and Networking
Where business trip costs exceed $1,500, assistance may be provided to a maximum of $3,000 per individual. Each applicant must contribute a minimum of $1,000 towards eligible costs of each trip.
Business Support Applicants
Under this category are eligible for up to $15,000. This category is for start-up funding, capital assistance (level 2 communities only*), operational support, and market and product development. (See Programs for Business Support Applicants).
Programs for Business Support Applicants:
- Start-up Funding
For planning, engineering, start-up working capital or other developmental costs with the approval of the Regional Superintendent.
- Asset Acquisition
Capital assistance, in small communities only, to purchase of capital items for operations of the business, as a means to provide equity necessary to leverage loan financing, or where assistance is not otherwise available to take advantage of a business opportunity.
This assistance must support the continuation or creation of employment directly or improve efficiency or capacity of a business required to stay competitive or access new markets.
- Market and Product Development
This Program is designed to support increased sales of NWT products, to promote the NWT as a travel destination, or to participate in trade shows, (excluding attendance at conferences) Assistance may also be provided for the marketing of existing tourism, arts and crafts, and renewable resource products through trade show participation, print advertising, internet marketing, or similar activities.
- Operational Support
Operational Support is provided to increase business skills and capacity, to identify and address problems faced by the business, to develop a recovery or restructuring plan, to provide emergency relief to effect business recovery, or to assist with the cost of orderly "winding down" a business which has a minimal net worth and cannot meet its financial obligations.
Eligibility for the SEED Policy
All NWT registered businesses are eligible for assistance for programs under the Entrepreneur Support category. All business applicants will be required to demonstrate need and financial sustainability. Equity requirements may be waived in the case of business relief.
SEED Policy Application Forms
For an electronic copy of the SEED Policy Application Form, click here.
To find out more about SEED and how the Department of Industry, Tourism and Investment can help your business to grow, click here for contact information on your Regional Economic Development Officer.