The Department of Industry Tourism and Investment (ITI) is reviewing the equity requirements and market disruption clauses of its Support for Entrepreneurs and Economic Development (SEED) Policy.
SEED programs are a key part of the GNWT’s ongoing commitment to invest in a diverse, sustainable NWT economy.
ITI is committed to making the changes needed to ensure its policies and guidelines are providing the supports that NWT businesses need to participate in today’s COVID-impacted economic reality while also recognizing that different circumstances and opportunities exist across the NWT.
Currently, the SEED Policy makes it clear that applicants are required to provide some level of cash equity in a project in order to secure funding from a SEED program. The minimum required varies by community. In some cases, this equity component can be waived or collected in the form of sweat equity.
Should applicants be required to put equity into a project? If so, what is the right amount? Should the use of sweat equity be expanded? Is there something else that we need to consider?
What do you think? Click here to have your say.(link is external)
Should the SEED program support one business over another if they serve a common market? Should SEED be allowed to help a new or outside business compete in a community where a local business is already operating?
What do you think? Click here to have your say.
ITI invests almost $4 million annually under its SEED policy in companies, communities and projects across the NWT.
In recent years, ITI has increased the amount of funding available to individual applicants under the SEED policy; and introduced a new stream of strategic economic support that will advance economic development and diversification.
The Department of Industry, Tourism and Investment provides more than $17M in grants and contributions annually across multiple sectors in the north.