Under the umbrella of economic development, the Government of Nunavut has $22.9 million set aside for 2024-25.
The largest sums will go to the Community Capacity Building Program ($4.5 million), program partnerships ($3.8 million), the Nunavut Development Corporation ($3.4 million), the Nunavut Exploration Support Program ($1.9 million), the Strategic Investments Program ($1.8 million), the Country Food Distribution Program $1.6 million), Community Tourism and Cultural Industries ($1.3 million) and the Nunavut Film, Television and New Media Program ($1.1 million).
The Strategic Investments Fund aids businesses in covering start-up and expansion costs.
The territorial government has $900,000 budgeted for the Nunavut Business Credit Corporation in 2024-25, the same amount as 2023-24.
As described by the GN, the corporation is intended "to stimulate economic development and employment in Nunavut by supporting, financing and investing in resident business enterprises. As the lender of northern opportunity, Nunavut Business Credit Corporation provides financing alternatives, which include term loans, lines of credit, standby letters of credit, loan guarantees, bid bond security, and indemnification of bonds provided by bonding companies, to small and medium business enterprises in Nunavut."
The Small Business Development Program will get $823,000, on part with 2023-24. That program "provides small businesses, community organizations and individuals with funding to invest in new business attraction, retention, expansion and support," according to the GN.
Grants and contributions
The Government of Nunavut’s 2022-23 grants and contribution doled out $518.4 million with 55.8 per cent going to territorial corporations, 15.7 per cent to municipal governments, 12.8 per cent to individuals, 9.3 per cent to non-profit organizations, 5.9 per cent to statutory bodies and just 0.4 per cent to businesses.
The Baffin Business Development Centre in Iqaluit received $495,000 in funding in program partnership funding through this program in 2022-23 while Kitikmeot Community Futures got $330,000 and the Kivalliq Business Development Centre made use of $220,000.
Community Futures
Nunavut is served by three Community Futures offices, which collectively provided 41 loans worth $3.7 million in 2022-23.
That financial support helped to support 310 jobs beyond the seven staff that work for Community Futures directly in the territory.
Kakivak Association
The Kakivak Association provides Baffin business, training and education support on behalf of the Qikiqtani Inuit Association. Following strong program spending of nearly $15 million in 2022, Kakivak disbursed just slightly more in 2023.
Specifically for business development, the association assisted 56 clients for a total of $639,317. The largest amount - $301,469 - was distributed through the Entrepreneur and Business Development fund. That was followed by $105,725 for special projects, $92,258 through the Business Capacity and Startup Fund, $69,126 through Sivummut (to establish or expand Inuit-owned businesses), 40,559 for small tools and $30,000 through the Economic Opportunities Fund.
Another $4.2 million was invested in employment-related training for 562 individuals.
The majority of Kakivak's funding comes from the federal government through Employment and Social Development Canada ($13.8 million).
Chambers of commerce
The Baffin Regional Chamber of Commerce, the Kivalliq Chamber, the Kitikmeot Chamber and the Iqaluit Chamber lobby to improve conditions and policy on behalf of member businesses and help raise their profile. Through its 2022-23 grants and contributions, the GN provided $208,731 to the Baffin Regional Chamber of Commerce in program partnerships funding, tourism and cultural industries support and the Small Business Development Program. Meanwhile, the Kivalliq Chamber received $115,000 and Kitikmeot Chamber benefitted from $90,000.
Atuqtuarvik Corporation
Atuqtuarvik Corporation is an Inuit-owned investment firm based in Rankin Inlet that provides debt and equity financing to businesses, as well as counselling and support. It’s also one of the largest shareholders in the First Nations Bank of Canada.
Between $150,000 and $3 million in financing can be arranged for qualifying clients who are Nunavut-based and Inuit entrepreneurs. More than $189 million has been advanced since June 2000. Atuqtuarvik’s clients have included Canadrill, Jago Services, Umingmak Lodge, Arqvartuuq Services Ltd., Nunamiut Lodge, Huit Huit Tours, Leelie Enterprises, NunaVet Animal Hospital and Peter’s Expediting.
Nunavut Economic Developers Association
The Nunavut Economic Developers Association, headquartered in Iqaluit, exists as a resource for economic development officers seeking to broaden their knowledge and skills. The association took in $350,000 in funding from the Government of Nunavut in 2022-23.
Canada-Nunavut Business Service Centres
Established in partnership between Ottawa and the GN, Canada-Nunavut Business Service Centres exist in all three regions of Nunavut. They provide free information and resources on pertinent government regulations, programs and services that may affect business.