Nunavut Small Business Grants (2024): 90+ Business Grants, Government Loans in Nunavut
Category: Funding & Financing, Nunavut
Tags: . 2024 business grants, business grants, funding in Nunavut
Starting, or growing a small business in Nunavut, while exciting, can also be a challenging journey. One of the elements that can have a major impact on the success of your business, is access to funding.
Luckily, the province of Nunavut, offers a number of great business grants, government loans, tax breaks and incentives to help small businesses and to support entrepreneurs at different stages of their business development.
These business grants and funding options can provide a financial boost that is required to turn innovation into a reality, expand operations and overcome the unexpected challenges of business ownership.
Join us as we explore all available Nunavut business grants for 2024.
We will be looking at the regions in Nunavut which will be able to provide you with the funding, the different types of funding available, what the funds can be used for, eligibility criteria as well, your access to over 90+ business grants, government loans..etc
As a small business in Nunavut, there are various funding options that your business may be able to obtain.
This funding comes from local governments, as well as regional governments.
Qikiqtaaluk (Baffin) Region
The Qikiqtaaluk region includes communities like Iqaluit, Pangnirtung, and Cape Dorset. Special funding programs often target this region due to its unique economic and geographic challenges. This includes business grants, government loans, as well as tax breaks and incentives.
Kivalliq Region
The Kivalliq region encompasses communities such as Rankin Inlet, Arviat, and Baker Lake. Funding may focus on rural development, resource extraction, and economic growth.
Kitikmeot Region
Kitikmeot includes communities like Cambridge Bay, Kugluktuk, and Gjoa Haven. Given the remote location and distinct challenges, funding is often directed towards infrastructure, transportation, and social services.
Government funding in Nunavut is tailored to address the specific needs and opportunities of each of these regions, aiming to promote balanced growth and equitable resource distribution across the territory. You can review all regions of Nunavut within the Funding Database to access all options at your fingertips.
If you are considering starting a business, or have an existing business in Nunavut , you should consider government funding.
Remember, government funding does not meant just borrowing money (via Loan), but utilizing provided funding options such as government grants, incentives, tax breaks, credits..etc, towards the various expenses you may have in order to grow your business.
The benefit of being in Nunavut , or the above mentioned regions of Nunavut is that the government puts a lot towards the success of entrepreneurship, covering many audience types, including Startups, Women, Immigrants, Youth, Indigenous, Veterans, Minority Owned Businesses, Non Profits, Specific Regions as well as those in Specific Industries.
In other words, if you are a Canadian (or have PR); or are in business with a Canadian Citizen (or PR holder) and in need of funding support, chances are you are eligible for certain Nunavut business grants and government funding programs.
With that in mind, you must have expenses that you’d like to cover. Have a look at the below, to see what Nunavut small business grants can be used for!
Nunavut business grants and funding options can be used to cover a number of startup and expansion costs as you run your business. Here are some of the more commonly used user cases as how to benefit from the available funding:
☑️ To cover the initial startup and/or expansion costs
☑️ To assist you with purchase of tools, equipment and inventory to lower your initial costs
☑️ To help you adopt technology use in your business and get your business online
☑️ To provide you costs for marketing and advertising campaigns, or hire marketing related assistance
☑️ To give you working capital for the every day, day to day expenses
☑️ To cover the cost of wages for yourself, your staff and provide training
☑️ and much more
These are just a few of the expenses that Nunavut business grants and funding can be used towards. For a full list, access the Funding Database and take advantage of over 1,500 different options, covering hundreds of possible expenses your business may have.
The province of Nunavut , including the mentioned local and regional government offices provide a large number of options for small business owners to take advantage of. These options vary from business to business, however the majority will come in the form of business grants, business loans and tax breaks/credits.
While these funds are all government funds, some can be government backed as well (via banks and lenders).
Business grants, considered free money is often the best form of funding that a business owner can obtain as it can give a business several key benefits, including:
Government grants in Nunavut offer several benefits for businesses, including:
- Non-Repayable Funding: These are grants that do not need to be repaid, unlike loans, which helps businesses manage cash flow and reduce financial burden.
- Financial Support: These business grants provide crucial financial support, allowing businesses to invest in growth, innovation, and development without impacting their capital reserves.
- Risk Mitigation: Accessing these business grants reduces the financial risk associated with new projects, research and development, or expansion plans.
- Competitive Advantage: Government grants can enhance a business’s competitive edge by enabling investments in new technology, skilled labor, and market expansion.
- Encourages Innovation: Grants often target innovative projects, helping businesses develop new products, services, or processes that can lead to significant market advantages.
- Improves Credibility: Receiving a government grant can enhance a business’s credibility with investors, customers, and partners, as it demonstrates government support and validation of the business’s potential.
- Access to Expertise: Many grant programs offer additional resources such as mentorship, networking opportunities, and access to industry experts, which can be invaluable for business growth and development.
- Job Creation: These business grants aimed at job creation help businesses hire more staff, contributing to local economic development and increasing the company’s operational capacity.
Much like traditional bank loans, Nunavut government loans are not different in a standard sense that you are still borrowing money, however, government loans have number of key benefits to a business owner utilizing them, including:
- Lower Interest Rates: Government loans often come with lower interest rates compared to traditional bank loans, making them more affordable and reducing the overall cost of borrowing.
- Flexible Repayment Terms: These loans typically offer more flexible repayment terms, allowing businesses to choose repayment schedules that align with their cash flow and financial situation.
- Access to Larger Amounts: Government loans may provide access to larger amounts of capital than other funding sources, enabling businesses to undertake significant projects or expansions.
- Support for Specific Sectors: Many government loan programs are tailored to support specific industries or sectors, providing targeted financial assistance to businesses in those areas.
- Encourages Investment in Innovation: Government loans often support innovation and development projects, helping businesses invest in new technologies, research, and development efforts that can drive growth and competitiveness.
- Boosts Business Credit: Successfully securing and repaying a government loan can help build and improve a business’s credit history, making it easier to obtain additional financing in the future.
- Job Creation and Economic Growth: Government loans can facilitate job creation and contribute to local economic development, benefiting both the business and the wider community.
- Supplementary Support: In addition to financial assistance, government loan programs may offer supplementary support such as business advisory services, mentorship, and networking opportunities.
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Less Stringent Requirements: Government loans may have less stringent eligibility and collateral requirements compared to private sector loans, making it easier for small and medium-sized businesses to qualify
One of the easier funding types offered by the government of Nunavut and the federal government is the available tax breaks and credits. These tax breaks and credits directly reduce the amount of taxes a business owes, resulting in significant cost savings that can be reinvested into the business.
By lowering tax liabilities, businesses retain more of their earnings, improving cash flow and financial stability. This also can encourage businesses to invest in new equipment, research and development, employee training, and other growth initiatives that might otherwise be cost-prohibitive.
No matter of the type of funding, be it a government business grant, a government loan, or a tax break/credit, as a startup or growing business, you should regularly check available government funding options in Nunavut and take advantage of them.
Our Funding Database currently has over 1,500 different funding options available.
A typical business owner in Nunavut , starting up, or expanding their business, will be eligible to 4-5 different options. Multiple more options, if regular funding searches are conducted (this is done by our experts for you).
Funding amounts and how much you can get in grant funding varies from business to business, as it is based on your specific funding needs, in accordance to the expenses that you wish to cover.
Currently, for 2024, business grants and funding ranges from $1,000 to $500,000 (larger options are available when combined)
Based on the current availability of government grants for small businesses in Nunavut , there are key factors that can determine eligibility. Not all factors apply to every program, but worth noting to help maximize your access to grants and funding.
☑️Business Location (often your city or region)
☑️Business Type (ie: your industry)
☑️Business Stage, or Business Size (new business, existing business, # of employees and revenue)
☑️Funding Needs (what the funds will be used for)
☑️Economic Impact (what your business can do for the economy; ie: create jobs)
It is important to note: Most cities and regions within Nunavut , offer some sort of government business grants and funding options to startups and existing business owners. While not every single business can get funds for every single type of expense, working with a funding expert can unlock potential to these options for you.
As mentioned, using our Funding Database, a typical business in Nunavut is eligible to 4-5 funding options!
Government funding options are constantly changing.
New city and regional options are constantly closing; and new incentives are coming in. Staying on top of these funding options is crucial to ensure you don’t miss any business grants and funding options for the rest of 2024.
Below is a list of over 90+ business grants, government loans and funding options that can help your small business in Nunavut .
If you wish to consider any of the options, speaking with a qualified expert is recommended – call 1-800-288-9691.
| Nunavut Prospectors Program (NPP) | $8,000 |
To provide qualified prospectors in Nunavut with an annual $8,000 contribution for project-related expenses, such as: Fuel, vehicle maintenance, food allowance while in the field, assistant wages, and prospecting supplies and mineral assay costs.
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| Small Business Support Program – Sustainable Livelihood Fund | Various amounts |
Provides financial assistance for tools and equipment in support of small business, tourism, arts and crafts, and traditional economy sectors in Nunavut.
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| Community Tourism and Cultural Industries Program | $500,000 |
The CTCI program, which provides funding for community tourism, cultural tourism, and cultural industries projects for up to three years, is designed to encourage diverse and sustainable economic growth in Nunavut through the responsible development of the tourism and arts sectors. Grant funding of between $1,000 to $100,000 is available.
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| Economic Opportunity Fund (EOF) | $10,000 |
To provide assistance to tourism businesses within the Qikiqtani region.
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| Northern Business Relief Fund | Various amounts | Financial support for SMEs in Northern Canada. |
| Short Film Fund | $25,000 |
This initiative by Nunavut Film was established to assist emerging filmmakers with not just grant funding, but also professional support from established industry leaders. To this end, the Short Film Fund offers up to $25,000 in cash and support for short film productions of no more than 30 minutes in length. This includes the cost of the mentoring services provided.
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| Creative Content Development Fund | $7,500 |
This program supports Nunavut based production companies to develop creative content for film, television, and/or digital media.
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| Market Endowment Fund | $5,000 |
This program supports individual filmmaker/producers who wish to attend international markets, co-production conferences, or forums. Assistance is also available to directors or producers who have been nominated for an award or selected for a screening at a major film festival.
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| Inuktut Versioning Fund for Existing Programs | $10,000 |
The ‘Inuktut Versioning Fund For Existing Programs’ is an initiative to provide support for the versioning of existing programming of relevance to Nunavut into Inuktut, either Inuktitut or Inuinnaqtun.
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| Nunavut Spend Incentive Program | $25,000 |
This program provides a rebate to production companies for production goods and services purchased and consumed in Nunavut. This program is divided into Stream 1 (Majority Nunavut ownership) and Stream 2 (Equal or Minority Nunavut ownership).
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| Short Film Fund | $25,000 |
The Short Film Fund provides an opportunity for emerging filmmakers to participate in a mentored program that will provide mentoring from an established industry professional by offering advice, expertise, and support.
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| Small Tools Grant | $2,500 |
The grants offered by Kakivak’s Business Services Department is to assist Inuit artists and craftspeople in the Qikiqtani Region with their own businesses by providing funding for tools and supplies.
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| Arts Creation & Training | Various amounts |
Offers funding assistance to support education and training in Nunavut for small businesses, individuals, organizations and municipalities that seek to start, build upon or enhance service delivery.
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| Strategic Investments Program – Nunavut Equity Investment Fund (NEIF) | Various amounts |
The program offers assistance to businesses, community governments, not-for-profit corporations and societies.
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| Small Tool Grants | $2,500 | Funding for artists and craftspeople. |
| Desjardins GoodSpark Grants | $20,000 |
Grants are available for eligible SMEs across numerous provinces for projects focused on sustainable development, employment and innovation.
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| Wage Subsidy Program | Various amounts |
KPID’s Wage Subsidy Program provides a wage subsidy of up to 60% for Inuit employers of the Kivalliq region to hire and train workers who are youth under the age of 30, and are unemployed or underemployed. The aim of the program is to help trainees secure full time employment at the end of their training, and/or pick up the skills they need to transition to a full-time career.
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| NOHC-Investment Grow Stream | $1,000,000 |
The program provides funding to encourage business productivity as well as expansion in Northern Ontario.
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| Sivummut Grants to Small Business | $25,000 |
To provide residents of the Baffin region of Nunavut to start or grow a business. Funding will be provided for a business plan, licences, legal fees, renovations, machinery, supplies, and related business items.
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| Atuqtuarvik Corporation – Starting a Business | $3,000,000 |
To help develop the economy by providing loans and equity investments to Inuit-owned businesses.
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| Nunavut Entrepreneurship Incentive (NEI) | $5,000 |
The Nunavut Entrepreneurship Incentive provides $5,000 to support new entrepreneurs in Nunavut. Participants in the program also receive career counselling from a Career Development Officer, and business start-up support from business partner consultants.
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| Small Business Support Program – Small Business Opportunities Fund | $25,000 |
Provides financial assistance to help small business entrepreneurs in Nunavut pursue new business ideas and expansion opportunities.
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| Nunavut Sivummut Program | $3,000 |
Provides funding to new and expanding Inuit-owned businesses in order to create new jobs for Kitikmeot Inuits in the region.
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| Makigiaqvik Loans | $50,000 |
Provides assistance to new or expanding Inuit businesses to create 4 opportunities for the local communities.
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| Strategic Investments in Northern Economic Development (SINED) | Various amounts |
This program seeks out potential investment opportunities for projects lasting two years in the areas of building an economic knowledge base, enhancing economic infrastructure, increasing the economic development capacity of various organizations, and diversifying the economy throughout the Northern regions.
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| Strategic Investments in Northern Economic Development (SINED) | Various amounts |
This funding aims to increase the knowledge and skills of various individuals and organizations involved in Northern economic development through increased coordination amongst partners.
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| Pitch for the Purse | Various amounts | Pitch competition win seed funding for female founders |
| Small Business Support Program – Entrepreneur Development Fund | Various amounts |
Provides financial assistance for training and support to entrepreneurs in Nunavut to develop essential entrepreneurship and business skills.
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| Funding For Canadian Small Businesses | $300,000 |
Funding is available for Canadian SMEs across numerous industries.
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| Kitikmeot Business Assistance Program | $25,000 |
To provide residents of Nunavut who are Inuit and live in the Kitikmeot region with financing to start or grow a business.
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| LaunchPad | Various amounts |
This program is for businesses in other jurisdictions that want to set up operations in PEI.
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| First Nations and Inuit Youth Business Program | $10,000 |
Provides financial aid to Aboriginal youths wishing to start or expand a business in the Kitikmeot region.
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| Individual Student Sponsorships | Various amounts |
Funding to Nunavut Inuit beneficiaries hoping to further their education for employment. 
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| Canada-Nunavut Job Grant | $10,000 |
The Canada- Nunavut Job Grant provides training grants of up to $10,000 per trainee to assist employers in providing their choice of employees and new hires with the skills training required to do their jobs. The grant funding is meant to help employers in provide training for trainees from small remote communities.
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| Strategic Investments in Northern Economic Development (SINED) – Pan-Territorial Fund | Various amounts |
The Fund supports projects involving multiple territories (or a territory and one or more provinces) related to areas within the territories to promote inter-jurisdictional cooperation for shared economic interest.
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| Nunavut Business Credit Corporation | Various amounts |
To provide residents of Nunavut with capital to start or grow a business.
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| Contributions to Business Development Fund | $25,000 |
KPID’s Contributions to Business Development Fund provides non-repayable contributions for the financial needs of individuals, small businesses and communities in Nunavut. The aim of the program is to support planning and development, business creation and expansion, marketing, training, and business relief.
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| Entrepreneurship and Business Development Fund | $3,000,000 |
Financial support to Aboriginal entrepreneurs, businesses, and commercial entities to expand their business in Yukon, Nunavut and Northwest Territories.
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| Economic/Business Development | $5,000 |
The Kivalliq Inuit Association believes in developing healthy communities by increasing their economic capacity through enhancement services and support programs for the business community in the Kivalliq. The Kivalliq Inuit Association provides assistance for the various stages of a business by providing funding to investigate, plan, establish, manage or expand their business. Our goal is to help create viable and successful Inuit owned businesses that provide employment opportunities in the Kivalliq communities that they operate.f. |
| Strategic Investments in Northern Economic Development (SINED) | Various amounts |
This Fund supports territorial residents engaged in science, technology, innovation, and research activities in the North.
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| AgriInvest | Various amounts |
AgriInvest is one of the business risk management programs the Sustainable Canadian Agricultural Partnership (Sustainable CAP)
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| Fisheries and Sealing – Commercial Fisheries Freight Subsidy | Various amounts |
This program helps commercial fishers and harvesters compete with southern industries by subsidizing the cost of transporting their products to markets outside of Nunavut.
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| Food Security Research Grant | $131,000,000 |
The Government of Canada’s Food Security Research Grant is funding Indigenous-led projects that focus on food security and food access inequality in isolated northern communities.
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| Northern REACHE Program | $300,000 |
Supporting northern and Indigenous communities in their transition to renewable, sustainable and affordable sources of energy. Northern REACHE is a part of Wah-ila-toos, a new way to improve community access to federal clean energy programming.
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| Aboriginal Business Development Program | $99,999 |
To provide residents of the Canadian North with financial assistance to start and grow a business.<br><br>Support will also be offered for business planning, start-up and marketing.
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| Entrepreneurship and Business Development (EBD) | Various amounts |
The EBD fund provides financial support to Aboriginal entrepreneurs, businesses, and commercial entities to expand their business in the three territories. It helps applicants pursue economic opportunities that benefit Aboriginal people.
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| Critical Minerals and Emerging Tech | Various amounts |
Grant funding opportunity to support development of next-generation materials, critical minerals, and end products for a more competitive, modern, and sustainable minerals and materials industry.
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| Bioenergy and Circular Economy | Various amounts |
Grant funding opportunity to support projects focused on renewable fuels, waste conversion and building a circular economy in plastics
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| Global Grand Challenges Network | Various amounts |
Accelerating Catalyzing Solutions for Climate Change’s Impact on Health, Agriculture, and Gender
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| Humanitarian Grand Challenge: Transition to Scale | $1,500,000 |
$300,000 CAD up to $1.5 million CAD to fund groundbreaking, sustainable, and local solutions to pressing issues affecting communities touched by conflict
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| Grand Challenges Canada – Transition to Scale | $3,000,000 |
$250,000 to $3 M CAD in grant funding for global health innovations
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| National Arts Service Organizations | Various amounts |
Grant funding opportunity for Canadian arts service organizations with mandates to promote and support the arts on a national level.
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| Representation and Promotion – Arts Across Canada | $30,000 |
Up to $30,000 of grant funding for travel linked to promotion and the development of new markets for Canadian artists and artistic works.
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| Market Access Strategy for Official Language Minority Communities Fund | $60,000 |
Up to $60,000 of grant funding to support Canadian professional artists, arts professionals, artistic groups and arts organizations who self-identify as belonging to an OLMC
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| Strategic Innovation Fund: Seed Grants | $25,000 |
Up to $25,000 of seed funding to kickstart small-scale innovation activities that explore and develop capacity, partnerships, and promising innovation ideas.
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| Search and Rescue New Initiatives Fund | Various amounts |
Grant funding for projects that will improve Canada’s search and rescue system
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| Canada Digital Adoption Program | $15,000 | Up to $15,000 in grant funding for Canadian SMEs |
| R-LABS Entrepreneur-in-Residence | Various amounts | Funding opportunity for real estate entrepreneurs |
| Safe x Connected Cities Accelerator | Various amounts |
Safe x Connected Cities Accelerator – Funding opportunity for innovative startups
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| Arts Festivals and Presenters – Arts Across Canada | Various amounts |
Grant funding opportunity for Canadian arts organizations to present and exhibit quality art and literary works to Canadian audiences
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| Artistic Institutions – Engage and Sustain | Various amounts |
Grant funding opportunity for major Canadian arts organizations rooted in their communities and dedicated to supporting artists and a variety of arts practices
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| Artistic Catalysts – Engage and Sustain | Various amounts |
Grant funding opportunity for Canadian arts organizations that play a pivotal role in nurturing artistic practices and respond to the evolution of creative communities across Canada
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| Thrive Impact Fund | $700,000 | Up to $700k in loan funding for impact driven companies |
| Canada-UK Critical Minerals: Sustainability and Circularity | $500,000 |
Up to $500,000 in grant funding for Canadian SMEs looking to start joint R&D projects focused on driving circularity in critical minerals
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| Access Support – Strategic Funds | Various amounts |
Grant funding opportunity for individual applicants who self-identify as Deaf, having disabilities or living with mental illness, as well as groups and organizations that dedicate the majority of their resources towards supporting these communities
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| Digital Greenhouse | $50,000 |
Up to $50,000 in grant funding to support short-term projects that leverage digital technology
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| Digital Generator | $40,000 | Up to $40,000 of grant funding for artistic groups and collectives |
| Cultivate Grants | $250,000 |
Up to $250,000 in funding to implement, pilot and prototype innovation projects that address systemic issues and benefit the broader arts sector.
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| GMF funding | Various amounts |
Grant and loan funding for sustainability projects that help municipalities adopt climate solutions faster
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| Newcomer Entrepreneur Accelerator Program | Various amounts | Accelerator program for newcomer-owned start-ups |
| Velocity Fund | Various amounts | Funding opportunity for innovative startups |
| Venture Ready (VR) Pre-Incubator Program | Various amounts | Funding and mentorship opportunity for early-stage start-ups |
| Techstars Remote Accelerator | $120,000 | Funding & mentorship opportunity for innovative startups |
| Business purchase or transfer financing | Various amounts | Financing opportunity for merger and acquisitions |
| Financing for tech companies | Various amounts | Funding opportunity for tech businesses |
| Working capital financing | $350,000 | Up to $350,000 in loan funding for working capital |
| Climate Tech Fund II | Various amounts | Funding opportunity for clean tech startups |
| Creating, Knowing and Sharing Program | Various amounts |
Mentorship and grant opportunity for First Nations, Inuit and Métis-owned organisations in the arts industry
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| Explore and Create – Research and Creation | $25,000 |
Up to $25,000 in grant funding for artistic organisations to invest in R&D
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| Women Entrepreneurship Loan Fund | $50,000 | Funding opportunity for Indigenous women entrepreneurs |
| Kensington Capital Partners | Various amounts | Funding opportunity for innovative startups |
| Timia Capital | Various amounts | Funding opportunity for innovative startups |
| League of Innovators Labs Accelerator Program Batch 11 | Various amounts |
Mentorship and funding opportunity for young entrepreneurial leaders
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| Canada-UK: Biomanufacturing of Biologics and Advanced Therapies | $900,000 |
Up to $800,000 in funding for innovative technology that enables flexible, scalable, efficient and cost effective manufacturing of novel biological therapeutic products and delivery systems.
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| Good Fashion Fund | $2,500,000 | Funding opportunity for sustainable fashion startups |
| Closed Loop Plastics Fund | Various amounts |
Funding opportunity for startups focused on the recovery and recycling of plastics
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| Closed Loop Ventures Group | Various amounts |
Funding opportunity for innovative startups in the circular economy
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| Vevolution Collective | Various amounts |
Funding opportunity for plant-based and cellular agriculture startups
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| The Drive Ventures | $250,000 | Up to $250,000 in funding for innovative startups |
| Housing Accelerator Fund | Various amounts |
Supports the development of complete, low-carbon and climate-resilient communities that are affordable, inclusive, equitable and diverse.
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| The Canada Fund for Local Initiatives | $31,000 |
Up to $31,000 in grants for small-scale, high-impact projects abroad
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| The Momentum $1,000,000 Challenge | $1,000,000 | Up to $1,000,000 in funding for promising startups |
| Canada-Germany Digital Media Incentive | $300,000 | Up to $300,000 in funding for digital media projects |
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