Opportunities NORTH BUSINESS ASSISTANCE

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While Kakivak hit $15 million in program spending, approximately $5.8 million was needed to cover operating expenses in 2022.

Kakivak finished 2022 with a total fund balance of $12.2 million, ahead of $11.8 million in 2021. The bulk of its funding comes from Employment and Social Development Canada ($14.3 million) with lesser amounts from Nunavut Tunngavik Inc. ($2.8 million), Indigenous Services Canada ($2.3 million), the Qikiqtani Inuit Association ($1.4 million) and The Canadian Northern Economic Development Agency ($520,235).

Sheila Kolola took over as Kakivak’s president and CEO in October 2022.

Community Futures crests $3 million

Kitikmeot Community Futures, which grants financial assistance to small- and medium-sized businesses, approved 10 loans worth a combined $1 million in 2021-22. That pushed the organization’s total loan portfolio to more than $3.3 million.

At 53 per cent, construction represented the largest sector among borrowers in 2021-22. Next came professional services (22 per cent); tourism (14 per cent); retail (10 per cent); and fisheries and wildlife (one per cent). Covid-19 relief funding for businesses were another major function for Kitikmeot Community Futures in 2021-22 with eight Regional Relief and Recovery Loan approvals worth $600,000 and six Emergency Loan Program approvals worth $240,000.

Grants and contributions

The Government of Nunavut’s 2021-22 grants and contribution doled out just over $500 million with 53.6 per cent going to territorial corporations, 10.7 per cent to individuals and 6.8 per cent to businesses. The remainder went to causes that were not business related.

The Baffin Business Development Centre in Iqaluit received $495,000 in funding through this program in 2021-22 while Kitikmeot Community Futures and the Kivalliq Business Development Centre each got $330,000.

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 202122 grants and contributions, the GN provided $115,000 to the Baffin Regional Chamber of Commerce in program partnerships funding while the Kivalliq and Kitikmeot Chambers each received $90,000 and the Iqaluit Chamber took in $64,500.

Atuqtuarvik Corporation

Based in Rankin Inlet, Atuqtuarvik Corporation is an Inuit-owned investment firm that provides debt and equity financing to businesses, as well as counselling and support. It’s also a shareholder in the First Nations Bank of Canada.

Up to $3 million in financing can be arranged for qualifying clients. 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 $225,000 in funding from the Government of Nunavut in 2021-22.

Canada-Nunavut Business Service Centres

Canada-Nunavut Business Service Centres, established in partnership between Ottawa and the GN, exist in all three regions of Nunavut. They provide free information on pertinent government regulations, programs and services that may affect business.