Economic Development

For information on funding programs and support for business development in Norman Wells, check the following information:

ITI Sahtu Regional Office

Serving the communities of: Colville Lake, Deline, Fort Good Hope,  Norman Wells, Tulita.

PO Box 149
1A Raven Road, 2nd floor Edward G. Hodgson Building, Norman Wells, NT X0E 0V0
Tel: (867) 587-7166 
Fax: (867) 587-3018

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:

Support for Entrepreneur and Economic Development (SEED) Policy -- Consists of five categories with multiple elements to each.  The program may help fund areas of business development such as business planning, start-up funding, expansion, business skills, and others.

Applications are available at the ITI office in Norman Wells, or please contact your local Economic Development Officer at busanalyst@theedgenw.ca or call 867-587-2016 at the Sahtu Business Development Centre.

See ITI's Investment and Economic Analysis website for more information:  http://www.iti.gov.nt.ca

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.
For more info visit - http://canadabusiness.ca/

Aboriginal Business Canada (ABC)

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.

BDIC

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.
Visit the BDIC website for more information - http://www.bdic.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

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.

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