Additional equity funding for the Kakivak Association fosters growth of small and medium indigenous businesses
IQALUIT, July 8, 2016 /CNW/ - Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CanNor, announced an increase to the Entrepreneurship and Business Development equity fund being delivered by the Kakivak Association. The equity fund supports the development and expansion of small and medium indigenous businesses in the Baffin region of Nunavut.
Due to high demand from the business sector, CanNor is investing an additional amount of $1.5 million in the equity fund, for a total of $3 million. This source of capital will enable the Kakivak Association to fund eligible individual and community-owned businesses that will identify and take advantage of economic opportunities in Nunavut and support the creation and growth of Inuit-owned businesses in the region.
"Already proving to be successful, the Government of Canada is proud to be working in collaboration with the Kakivak Association to support small and medium Inuit-owned businesses to maximize economic opportunities and growth in Nunavut. SMEs strengthen the local economy, create jobs for Nunavummiut, and help diversify the northern economy."
The Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development
and Minister responsible for CanNor
"We are pleased that the service delivery arrangement for the Entrepreneurship and Business Development program has allowed Kakivak Association to increase the level of financial support available to Inuit-owned businesses in our region. We look forward to continued success with the delivery of the program, supported by the additional equity funding provided by CanNor."
Chair, Kakivak Association Board of Directors
- In 2015, CanNor entered into a three-year partnership with the Kakivak Association to deliver an equity fund of $1.5 million from CanNor's Entrepreneurship and Business Development fund. The Kakivak Association is a non-profit economic development organization located in the Qikiqtani region of Nunavut.
- As part of the partnership arrangement, the Kakivak Association accepts applications from businesses in the Qikiqtani region for contributions under the Entrepreneurship and Business Development fund.The Entrepreneurship and Business Development fund is one of two streams of CanNor's Northern Aboriginal Economic Opportunities Program.
- The partnership arrangement with the Kakivak Association is similar to arrangements CanNor has established with other Indigenous economic development organizations in Nunavut, the Northwest Territories, and Yukon.
SOURCE Canadian Northern Economic Development Agency (CanNor)
For further information: Contacts: Office of the Honourable Navdeep Bains, 343-291-2500; Canadian Northern Economic Development Agency, Craig Welsh, Communications Advisor, Nunavut Region, 867-975-3722; Kakivak Association: Glenn Cousins, Business Manager, 867-979-0911