$4 million Support for Entrepreneurs and Economic Development (SEED) Program Budget to Focus on Business Recovery

Yellowknife — May 11, 2020
News Releases

The Government of the Northwest Territories’  Support for Entrepreneurs and Economic Development (SEED) program, led by the Department of Industry, Tourism and Investment (ITI), is open for applications.

The Department of ITI has developed a program guideline for 2020-21 focused on keeping investment within our communities and supporting local employment. It will work to prioritize applications from NWT businesses whose proposals focus on economic recovery.

The SEED program will be used to help businesses recover as the COVID-19 pandemic subsides and encourage new, innovative proposals that reflect the realities of the new post-COVID-19 economy.

A key milestone in the re-opening of SEED applications was the establishment of CanNor’s Northern Business Relief Fund on April 20, 2020. Complimenting this federal relief program, the GNWT’s SEED program is well-positioned to support economic recovery efforts and help our small businesses survive.

The GNWT will continue to advocate for federal support to address key gaps that have been identified in the federal relief efforts including support for home-based businesses and additional supports for the tourism and resource sectors.

 

Quote

“With federal initiatives providing immediate relief for businesses, the Government of the Northwest Territories is focusing its resources on what comes next for our business community, recovery. Given the territorial economy prior to Covid, it is important that we be strategic with our resources and not duplicate federal efforts. Our business community will need ongoing support as they rebuild, rehire, and revitalize. 

-Katrina Nokleby, Minister of Industry, Tourism and Investment

 

Quick Facts

·       The 2020-21 SEED budget approved by Members of the Legislative Assembly in the 2020-21 Interim Appropriation totals $3.86 million. ITI has increased this budget to $4 million through a reallocation of internal resources.

·       In 2018-19, the SEED program resulted in an average of one dollar of expenditure translating into $1.6 additional GDP.

·       CanNor’s Northern Business Relief Fund began accepting applications on April 20, 2020.

 

Related Links

·       Support for Entrepreneurs and Economic Development

·       ITI Website: Resources for Businesses

·       Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

·       Canadian Northern Economic Development Agency

·       Northern Business Relief Fund Guidelines

 

Media contact

Cabinet Communications

Government of the Northwest Territories

PressSecretary@gov.nt.ca