Northwest Territories (NWT) businesses can now apply to the Department of Industry, Tourism and Investment (ITI)’s Support for Entrepreneurs and Economic Development (SEED) Program for funding to get their financial books in order.
Up to $7,500.00 is available to individual businesses that need completed bookkeeping and/or financial statements to advance economic recovery or to apply for government funding. The total amount of funding available for this initiative is $400,000
The need for government supports to help small businesses assemble their costs and revenue reporting was identified by the NWT Business Advisory Council. Applications will be considered retroactive to April 1, 2020.
“The GNWT applauds the efforts that businesses are taking to adapt and recover during this unprecedented time. In turn, the government is also adapting to meet the needs of NWT-based entrepreneurs and small businesses. We are pleased to be able to address this identified and immediate need for financial assistance to cover the cost of required bookkeeping or to prepare financial statements, to meet the requirements of a funder or investor.”
Caroline Wawzonek – Minister of Industry, Tourism and Investment
· A minimum equity requirement of 10% will be required.
· This program will remain in effect until March 31, 2021 or when the allocated funding of $400,000 is spent.
· Businesses who have already received federal assistance for professional bookkeeping services are not eligible.
· Support for Entrepreneurs and Economic Development (SEED)
· Ministerial Directive re: SEED Policy to address COVID-19
For More Information, please contact:
Asst. Director Strategic Communications
Industry, Tourism and Investment
1-867-767-9202 (ext: 63037)