Doing Business in Norman Wells
Economic Development
For information on funding programs and support for business development in Norman Wells, check the following information:
ITI Vision – Is to be recognized as a client-focused organization contributing to a vibrant, diverse and sustainable economy for the Northwest Territories.
ITI Mission – In partnership with others, the Department of Industry, Tourism and Investment will provide quality programs and services to promote and support Northwest Territories economic prosperity and community self-reliance.
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ITI Sahtu Regional Office |
Serving the communities of: |
Several programs are available through ITI; there is a local office in Norman Wells that provides support and program information. The following programs may be of interest:
Grants to Small Business – Loans for small business as well as for local arts and crafts producers and renewable resource harvesters
Business Development Fund – Consists of nine separate schedules or programs that fund areas of business development such as business planning, expansion, business skills, and others.
Applications for both of the above programs are available from the ITI office in Norman Wells, and approval decisions are generally made within a few weeks of application.
See ITI’s Investment and Economic Analysis website for more information:
Canada/NWT Business Service Centre – The Center is a gateway to government information for business. They provide a very broad range of information on government services, programs and regulations; they also provide several useful services to business operators. Two such examples are their web-based Interactive Business Planner (IBP) and their Online Small Business Workshop. The office is in Yellowknife, on the eighth Floor of the Scotia Centre – they also have a toll-free telephone number at 1-800-661-0599.
Aboriginal Business Canada (ABC)
Aboriginal Business Canada may be a source of financial assistance, information, resource materials and referrals. Clients must be individuals of Canadian Indian, Métis or Inuit heritage, or majority-owned (51% or greater) Aboriginal organizations, or community development corporations. There is no local office in Norman Wells; the NWT office is located in Yellowknife on the sixth floor of the YK Center and can be reached by calling (867) 920-6624. Staff from the Yellowknife office occasionally travel to NWT communities such as Norman Wells.
There are several types of programs available for assisting with business development, depending on whether it is a new or existing business. There are online applications available on the ABC’s website, and paper applications may also be may be mailed or faxed in to the Yellowknife office. Screening and then approval of applications generally takes a few weeks after a business plan is submitted to the ABC.
Northwest Territories Development Corporation – Assists Northern businesses in areas such as Projects and Business Development, Venture Investment, and assistance with Subsidiary Companies. The main office is in Yellowknife, and applications may be obtained from and submitted to that location. Their web site is located at http://www.ntdevcorp.com/ and their Yellowknife phone number is (867) 766-7700.
The BDIC, established on April 1, 2005 by the Northwest Territories Business Development and Investment Act, is a Crown Corporation of the Government of the Northwest Territories. The BDIC provides a range of programs and services to help northern business succeed.
The BDIC supports the economic objectives of the Government of the Northwest Territories by:
- Encouraging the creation and development of businesses;
- Providing information and financial assistance to businesses; and
- Making investments in business enterprises.
The BDIC promotes financial independence, assists communities in capturing economic development opportunities, and helps develop a diverse and viable northern economy. The BDIC’s role in promoting and maintaining economic development and employment has both economic and social aspects.
The NWT Business Development and Investment Corporation (BDIC) is consulting with stakeholders on six proposed new products. These products were developed at the request of the BDIC Board to meet needs identified by the Business community and to fill gaps in the existing line-up of BDIC products.
The proposed new products are:
- Winter/Summer Re-Supply Financing
- Seasonal Production Financing
- Working Capital Guarantees
- Equity Leveraging Assistance
- Angel Financing Network
- Three-Part Subsidiary Program
Proposed New BDIC Products, a pamphlet describing the products and the benefits they would bring to businesses in the NWT, has been distributed to stakeholders across the territory. The deadline for providing comments on the new products is August 15, 2007. For more information, or to provide feedback on the proposed new products, contact:
Ms. Pauline de Jong,
Manager Policy, Accountability and Communications,
NWT Business Development and Investment Corporation
Phone: (867) 920-3355
Fax: (867) 765-0652
Email: Pauline_dejong@gov.nt.ca
NWT Metis-Dene Development Fund Ltd. – This organization is a financial institution/development agency that provides direct loans to eligible applicants for capital, operating or interim financing for business purposes. Loans that have been granted have been as small as $1000; the maximum amount that may be borrowed is $375,000. Applicants must be of Metis or Dene origin and members of the Metis locals or Dene Bands of the Northwest Territories. More information can be obtained from http://www.nwtmddf.com/
Sahtu Business Development Centre – This local Centre can be reached by contacting:
Mr. Harold McGregor
Box 307
Ph: (867) 587-2016
Fax: (867) 587-2407
Email: exec.dir.spdc@theedgenw.ca
The Sahtu Business Development Centre is funded through the Community Futures program. They provide business loans to qualified applicants, and provide small business counseling and advisory services.