The Business Capacity Start-up Fund is designed to support business start-up and capacity development.
It was created under Article 6 of the Mary River Project Inuit Impact and Benefit Agreement (IIBA).
The Business Capacity Start-Up Fund allots monies to Inuit who wish to improve their business or start-up a new business. To date QIA and Baffinland have each contributed $750,000 (for a total of $1,500,000) to the fund, with future contributions subject to discussion of the parties.
The Fund is administered by QIA’s subsidiary, Kakivak Association which leverages this program along with other existing programs to deliver business support.
The primary objectives of the fund is to assist Designated Baffin Inuit Firms with business start-ups and development of capacity in the following areas:
- Locating start-up capital and financing;
- Management development;
- On-going business management;
- Financial management;
- Contracts and procurement;
- Human resources management.
Eligible businesses will be:
- Inuit owned and controlled firms operating in the Qikiqtani region and listed on the Mary River Designated Inuit Firm List
- Priority will be given to Designated Baffin Inuit Firms operating in one of the five communities included in the Mary River IIBA. These communities are: Arctic Bay, Clyde River, Hall Beach, Igloolik and Pond Inlet.
- Priority will be given to Designated Baffin Inuit Firms with an interest and/or ability to provide goods and services in support of the mining sector.
Groups, firms or individuals with a net worth in excess of $1 million are not eligible for support.
For more information please see the application guide.