Kakivak gets $1.5M
CanNor funding specifically for growth and development of Inuit-owned businesses
Karen K. Ho
Northern News Services
Friday, May 8, 2015
QIKIQTANI
Small and medium Inuit owned-businesses in the Qikiqtani region have a boost coming through the pipelines.
CanNor Minister Leona Aglukkaq, vice-chair of the Kakivak board Annie Quirk, Kakivak board member Michael Qappik and business services manager Glenn Cousins stand for the camera following the signing of a three year partnership arrangement of $1.5 million between the Government of Canada and the Kakivak Association. - photo courtesy of Ted Laking
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The Canadian Northern Economic Development Agency (CanNor) is investing $1.5 million through a three-year agreement with economic development organization Kakivak Association to establish a local entrepreneurship and business development fund.
According to a news release, the equity fund is part of the Northern Aboriginal Economic Opportunities Program (NAEOP) and will "specifically support the creation and growth of Inuit-owned businesses in the Qikiqtani region."
It was signed by CanNor Minister Leona Aglukkaq, business services manager Glenn Cousins, Kakivak board vice-chair Annie Quirk, and Kakivak board member Michael Qappik.
David Mate, CanNor's director general of operations, told News/North the types of small and medium-sized individual and community businesses the funds will be granted towards will be very broad, they just have to be Inuit-owned.
"It's all non-repayable contributions," he said.
Under the Entrepreneurship and Business Development fund, the Kakivak Association will accept applications from Qikiqtani region businesses for these contributions. Funding limits are set at $100,000 for individual businesses and $250,000 for community businesses. Mate said these amounts were reflective of similar types of limits that programs in southern Canada use.
While the stated goal of the funding is to strengthen the local economy and create jobs, Mate could not say if there were any targets regarding the specific number of jobs, only that Kakivak would provide performance metrics across the period of the project.
"This new delivery arrangement is good news for our clients," said Enookie Inuaraq, chair of the Kakivak Association Board of Directors, in a news release. "We are excited about the business development projects that we will be able to support with the program."
