Funding to support entrepreneurs in remote Northern communities hoping to grow or start their own business
Iqaluit, Nunavut – Small businesses are crucial to the economic success of Nunavut. Sectors including mining, fisheries, construction, the arts, and tourism are key contributors to the local economy and providing jobs. Too often, local entrepreneurs face barriers in expanding or starting their own business.
Dan Vandal, Minister of Northern Affairs, Minister for PrairiesCan and Minister for CanNor, announced that the Government of Canada is investing over $500,000 over two years to support a Community Economic Development and Business Development Tour. This tour will assist entrepreneurs in accessing the information they need to start or grow their local business, and in turn provide benefits to both local and territorial economies.
The Government of Canada recognizes that entrepreneurs in remote Northern communities face difficulties gaining access to the expertise and capital they need to develop their businesses. This investment will allow the Nunavut Economic Developers Association (NEDA), along with representatives from five other federal, territorial, and regional organizations, to conduct in-person consultations in 24 Nunavut communities.
These visits will provide personalized business services and advice to small- and medium-sized enterprises and give aspiring entrepreneurs the opportunity to talk to experts, who can collaboratively guide them through the available program supports, financing, and funding options.
“Nunavut is full of opportunity, and as we continue our economic recovery, it’s important that Northern and Arctic communities not get left behind. Local businesses are the backbones of their community, providing jobs and stability. That’s why our government is building on our support and collaboration with Nunavummiut to not only help existing Nunavut businesses grow, but also to give a head start to the next generation of entrepreneurs.” – Dan Vandal, Minister of Northern Affairs, Minister for PrairiesCan and Minister for CanNor