SEED Reforms Enhance Support for Business

News Type: 
News Releases

YELLOWKNIFE (May 8, 2017) – The Department of Industry, Tourism and Investment (ITI) is increasing the amount of funding that it provides to NWT entrepreneurs and small businesses under its signature Support for Entrepreneurs and Economic Development (SEED) Programs.

The increased funding amounts come following an internal review of the SEED policy and in response to rising costs and feedback received from NWT Business owners.

Enhancements have been made to the Entrepreneur Support, Micro Business, and Business Intelligence and Networking streams.

ITI will also pilot a new Strategic Investments stream in 2017-18.  It will allow for one-time contributions of up-to $75,000 for initiatives which directly increase the business and economic activities of a community, result in increased local employment, support regional economic development plans; and  leverage funding sources outside of the GNWT.

Quote

“Our government’s commitment to economic diversification is reliant on a foundation of small and medium sized businesses.  As these businesses flourish, their success will be reflected in regional economic growth and eventually the sustainability of the NWT’s economy overall. We’re expanding and improving our suite of programs to align them with the needs of NWT entrepreneurs and their businesses.” 

-Wally Schumann, Minister of Industry, Tourism and Investment

Quick Facts

  •          The Entrepreneur Support stream’s maximum contribution will increase from $15,000 to $25,000
  •          The Business Intelligence and Networking stream’s maximum contribution will increase from $3,000 to $4,000.
  •          The Micro Business stream’s maximum contribution will remain at $5,000, but this maximum will now be over three years rather than five.

Relevant links

Media contact:

Drew Williams

Manager, Public Affairs and Communications

Industry, Tourism and Investment

1-867-767-9202 ext. 63039

Drew_Williams@gov.nt.ca