GNWT boosts small business funding limit to $75,000

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New funding of up to $75,000 is now available for business-related activities in the Northwest Territories.

The funds, available through the GNWT Department of Industry, Tourism and Investment, are part of a new pilot announced by the government on May 8 for the 2017-18 year.

The $75,000 is available for projects that increase a community’s economic activities and employment levels, and support regional economic development plans, according to the department.

The department is also increasing two of its current funds. The maximum the department can contribute through its Entrepreneur Support fund is now $25,000, up from $15,000, while Business Intelligence and Networking has increased to $4,000 from $3,000.

Additionally, funds provided under the Micro Business stream will be contributed over a shorter timeline of three years instead of five.