Canada Government assistance to start-up and small business - northern enterprises
From www.entrepreneurstoolkit.org
The federal, provincial, territorial and Aboriginal governments have roles and responsibilities for economic development set out in legislation. Within the federal government, responsibilities for economic development rest with a number of federal Ministers. For the three northern territories, the Minister of Indian and Northern Affairs (INAC) has the regional development mandate as defined under the Department of Indian Affairs and Northern Development Act. Each territory has its own investment plan under the Strategic Investments in Northern Economic Development (SINED).
- Please note that a wealth of government sponsored and supported resources for northern economic development and entrepreneurial initiatives currently exist. This is a partial list, focusing primarily on federal and territorial resources.
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Federal
Strategic Investments in Northern Economic Development (SINED) – Through SINED, Indian and Northern Affairs Canada focuses on the following objectives: strengthening the sectors driving the territorial economy; broadening the economic base of the territory; and strengthening Northerners’ abilities to take advantage of economic opportunities. In the March 2004 Budget, the federal government committed to spending $90 million across the three territories over a period of five years in support of Northern economic development. SINED’s two main program elements to accomplish this goal are: the Targeted Investment Program and the Innovation and Knowledge Fund. Funding for the Targeted Investment Program is guided by a multi-year investment plan, based on the needs of each territory. It focuses on four main investment areas: building the knowledge base, enhancing the economic infrastructure base, capacity development and economic diversification. However, SINED is scheduled to end March 31, 2009.
Yukon
The Government of Yukon, Economic Development offers several programs for entrepreneurs, including the following:
• Product Development Partnership Program - Stimulate the development of niche tourism products, facilitates tourism workshops and builds capacity throughout the Yukon.
• Cultural Industry Training Fund - Funded by Department of Education and administered by MusicYukon, this fund assists Individual Yukon entrepreneurs, businesses, collectives, industry associations or organisations engaged in cultural industries or the arts.
• Regional Economic Development Fund - Funds are available for projects that promote organizational capacity and facilitate regional economic development.
• Small Business Investment Tax Credit - This tax credit is intended to create jobs and promote economic growth and expansion in the Yukon by reducing financial risk for investors in Yukon companies.
• Strategic Industries Development Fund - Assistance is available for strategic projects or activities in the preliminary, development and implementation stages.
• Tourism Cooperative Marketing Fund - Funding is available for market-ready or export-ready businesses and groups.
Northwest Territories
Northwest Territories Industry, Tourism and Investment - The Department of Industry, Tourism, and Investment has focused on finding better ways to promote diversification of its economy while continuing to promote and support development opportunities in all communities. The Support to Entrepreneurs and Economic Development (SEED) Policy intends to replace the existing Business Development Fund and Grants to Small Business Programs to focus more on smaller communities. In addition, under SINEAD, three complementary programs have been established in the NWT - the Targeted Investments Program (TIP), the renewed Innovation and Knowledge Fund (I&K) and the Partnership and Advisory Forums (PAF).
Nunavut
Under SINED and through the Targeted Investment Program fund, a total of $25.1 million will be distributed between 2005 and 2009 in Nunavut. The Small Business Support Program Policy is committed to supporting small businesses and community-based economic development by providing assistance to new and existing small businesses through investment in new business attraction, retention and expansion. Indian and Northern Affairs Canada works with the Government of Nunavut and the Nunavut Economic Forum to identify investment in projects based on the program’s four thematic areas. The policy establishes the general terms and conditions by which small business support and entrepreneur development funding will be provided by the Department of Economic Development & Transportation through: A. Small Business Opportunities Fund; B.Entrepreneur Development Fund, and; C. Sustainable Livelihood Fund.
