The Easy-Step Assistant is designed to help direct you to specific information on our website that you need without having to search or navigate through the menus. It will take you to the information that interests you in 2 steps.
Step 1: Select a Path
Start/Expand a Business
Find Additional Funding
Apply for a Loan
Learn More About Atuqtuarvik Corporation
This page is intended as an aid in establishing your own small business. It is intended only as a reference guide and outlines the basic steps for starting a business. The steps included may not all be necessary. This will be determined by the business you wish to start.
One of the key things to remember throughout the process of starting your own business is to keep yourself informed of sector related issues- as the common phrase reminds us – knowledge is power. Research of the demographics you wish to reach; the most successful marketing techniques for your area and business; what are your competitors doing? etc. will make a difference in the success of your business.
There are many avenues of research available to you – reading related materials, Internet, talking to people in the business, talking to potential clients, ‘snooping around’ your community, and contacting the Canada Business Services for Entrepreneurs.
What should I know before I get started?
Before you can start anything it may be a good idea to think over a few things such as:
What do I do first?
Your very first point of contact – before you begin to plan all of your ideas for your business – is your Community Economic Development Officer (CEDO). Your CEDO will be able to direct you to information. Their job is to help guide you through the initial stages of your business plan development through counselling and assistance. Contact your Municipal office for the CEDO in your community.
If you are looking to start a business in a specific sector, you may want to contact a local Nunavut sector specialist or sector association (ie: Nunavut Tourism). For more information on sectors such as aboriginal arts and crafts, mining, tourism, fisheries etc., contact the Canada Business Services for Entrepreneurs.
Once you have done the above, you will need to decide what kind of legal structure you will want. There are four main forms of legal structure for business:
The type of business structure you decide on may be influenced by the following:
Once you have decided on the business you want to start, you should do some research into that business sector which you want to be involved. Research should be done to identify your target market and the demand for the product, etc. as well as the best location for your business.
I know what kind of business I want to start, what do I do next?
Once you have decided on the basics of the kind of business you want to start, you will need to develop a business plan to lay out your thoughts, ideas, information and finances. A business plan is necessary, first and foremost, to tell you if your idea is feasible. It also lets potential investors know that you are serious about starting your business and where you intend to spend their money, and it can also act as a reference guide for yourself when you are setting up your business. A business plan will generally include information on the following areas:
For more information on Business plans and sample plans, consult CNBSC document Business Plan Guide or use the Interactive Business Planner on the Internet at www.canadabusiness.ca/eng/.
I have a great idea, how do I finance it?
There are several places where potential business owners in Nunavut can go to obtain funding. Keep in mind that all agencies look at a mix of your own equity (cash and sweat equity), loan monies and grant/contribution monies (non-repayable equity). You can find a complete list of financial sources here.
I have a plan, and I have the money. What else do I need to know?
If you want to run a business, there are specific regulations to follow and licensing you must acquire. These regulations will vary depending on the type and location of your business but there are several mandatory requirements. Information on this and further registry information and contact information can be found on the Regulatory and Licensing Agencies Info-Guide web site or the Canada Business Services for Entrepreneurs.
There are also several things that are not required but are recommended:
There are also general health, fire and safety requirements which should be looked into before opening your business. For fire and general safety requirements, contact the Office of the Fire Marshall . For health regulations pertaining to your business, contact the Department of Health and Social Services.
Aboriginal Business Canada (ABC) – www.ainc-inac.gc.ca/ecd/ab/abc/abt/index-eng.asp
Note: program delivered in Nunavut by Kakivak Association (Baffin Region) and the Kitikmeot Economic Development Commission (Kitikmeot and Kivalliq Regions).
Indian and Northern Affairs Canada (INAC) – www.ainc-inac.gc.ca
Note: INAC’s “Economic Development Opportunity Fund”, the “Major Business Projects Program” and the “Resource Acquisition Initiative” are delivered in Nunavut by Kakivak Association (Baffin Region) and the Kitikmeot Economic Development Commission (Kitikmeot and Kivalliq Regions).
Business Development Bank of Canada (BDC) – www.bdc.ca
BDC services are made available through a broad network of more than 80 branches stretching coast to coast. To maximize the Bank’s reach, smaller and more remote communities are served through satellite branches, traveling account managers and consultants.
Community Futures Group
Baffin Business Development Corporation (BBDC)
Keewatin Business Development Centre (KBDC)
Kitikmeot Business Development Centre (KBDC)
Regional Inuit Economic Development Agencies
Kivalliq Partners in Development – www.ncedo.ca
Kitikmeot Economic Development Commission – www.kedc.ca
Kakivak Association – www.kakivak.ca
Department of Economic Development & Transportation – www.gov.nu.ca
Nunavut Business Credit Corporation (NBCC)
Helps individuals and businesses to take advantage of business opportunities through financial services including short and long term loans, contract security, equity positions and loan guarantees.
Nunavut Development Corporation (NDC) – www.ndcorp.nu.ca
A corporation of the Nunavut Government mandated to create employment and income opportunities for residents of Nunavut, stimulate the growth of businesses and promote economic diversification. NDC focuses on value added exportable products that utilize the unique talents and resources of Nunavut, specifically businesses in the arts and crafts, and meat and fish sectors.
Bank of Montreal – www.bankofmontreal.com
CIBC – www.cibc.com
First Nations Bank – www.firstnationsbank.com
National Bank of Canada – www.nbc.ca
Royal Bank – www.royalbank.com
Scotia Bank – www.scotiabank.com
Toronto Dominion – www.tdbank.com
Step 2: What would you like to know?
What is the purpose of Atuqtuarvik's funding?
Atuqtuarvik Corporation provides loans for the purposes of business start-up, business expansion and business acquisition. Eligible projects must be commercially viable, Nunavut-based and create benefits for Inuit in the areas of jobs, training and social improvements.
What are the limitations of the funding?
Applicants are eligible to have more than one loan.
Atuqtuarvik Corporation was created to improve the access of eligible businesses to various sources of commercial finance. As a result, if an application is submitted to Atuqtuarvik Corporation for financing, proponents will also be expected to maximize opportunities to secure commercial financing from other sources.
The general guidelines used when assessing loan amounts are:
What are the terms and rates?
Kivalliq Partners in Development – www.kitia.ca
Kitikmeot Economic Development Commission – www.kedc.ca
Kakivak Association – www.kakivak.ca
What are the evaluation criteria?
Four criteria form the basis upon which individual applications for funding are evaluated. They are:
There are no specific industry or sector restrictions on projects that will be considered.
What kind of documentation do I need to provide?
The following documentation will normally be required in order for applications to be accepted for analysis and a funding decision.
The applicant must also provide Atuqtuarvik Corporation with written authorization to verify information provided in the application through direct contact with the applicant’s bankers, accountants, creditors, employers, credit bureaus, etc.
What is the evaluation process?
Applications must be fully completed and submitted at least six weeks before one of Atuqtuarvik Corporation’s quarterly Board of Directors meetings to allow for sufficient time to conduct a preliminary analysis and decide whether to proceed to a more in-depth analysis. If a positive decision is taken, an analysis and final decision will be undertaken as quickly as possible. Times will vary depending on the complexity of the project.
Where can I get an application form?
To make an application for a loan from Atuqtuarvik Corporation, please download the Loan Application form in PDF format. Please read the Application Info section before you fill out the Loan Application.
Fax or mail us the completed application form to:
Atuqtuarvik Corporation Credit Department P.O. Box 900 Rankin Inlet, Nunavut X0C 0G0
Facsimile: (867) 645-5910
You can download the English form in PDF here.
You can download the Inuktitut form in PDF here.
You can download the Inuinnaqtun form in PDF here.
What is Atuqtuarvik Corporation?
What is Atuqtuarvik's vision/mission?
In support of its vision, Atuqtuarvik Corporation recognizes the importance of both traditional and non-traditional economies and the value of community involvement in improving the quality of life in Nunavut.
Trust and Integrity
At Atuqtuarvik Corporation, the business that we carry out with clients is important to us. We conduct our business dealings in a fair, honest and consistent way. Through our dedication and commitment, we strive for effectiveness, efficiency and meeting client needs. We believe in the value of our business reputation so we work to maintain its high standard by being accountable.
We believe our success is driven by our ability to act in the best interest of the corporation and our clients by using an independent and objective approach to business dealings.
Proactive and Responsive
Our success is based on having the products, services and advice our clients need. From administrative tasks to product development to continuous improvements in processes, our belief in planning and sharing information means our clients’ businesses have a better chance of succeeding. It also means that we are always looking for opportunities to implement innovative and leading-edge business practices within the corporation.
Our business and our clients’ businesses change continuously. Changes within operations, changes within industries and changes in government policy are constantly affecting us. Our belief in being adaptable to change is critical to our future success and our clients’ success.
Our success stems from our ability to work as a dedicated team. We draw on each other’s skills, abilities and diversity. In our interconnected and interrelated world, we value these relationships more than ever. The idea of ‘team’ speaks to our belief in the importance of working in a collaborative and supportive environment. Our objective is to create a business atmosphere in which each individual within the team is valued.
Education and Life-long Learning
Our commitment to continuous learning and sharing knowledge is rooted in everything we do. From the people we hire to the way we do business, we are committed to building a learning organization which in turn shares this knowledge with the community. We embrace all learning models including cultural traditions, structured education, mentoring, training workshops and the ability to explore.
Passion and Family
We are committed to building a corporation in which employees care about their work, see it as a challenge and enjoy coming to work. The desired result is having employees who are energized about Atuqtuarvik Corporation. We recognize that family plays an important role in the passion that an employee brings to work. It is important that employees enjoy a meaningful life and have work balance. Our objective is creating a better sense of self and community through the work we do.
What are Atuqtuarvik's corporate priorities?
What are Atuqtuarvik's policies on privacy and confidentiality?
Atuqtuarvik Corporation’s confidentiality policy outlines the expected commitment of keeping company documents secure and non-public. Atuqtuarvik Corporation’s board members, senior management and staff individually sign a confidentiality agreement. As well, individuals contracted to work for the corporation must sign the agreement thereby binding them to our principles of confidentiality.
Who is on the Board of Directors?
Who are the staff members?