News Release: Second Intake of Working Capital Loans Now Available to NWT Businesses

Yellowknife — April 27, 2020
News Releases

The Government of the Northwest Territories has opened a second intake of applications for low interest loans to support NWT businesses through the current COVID-19 pandemic.

Applications will be accepted and reviewed on an ongoing first-come-first-served basis.

Working Capital Loans of up to $25,000 (or more if need is clearly addressed) are available from the Government of the Northwest Territories, through the NWT Business Development and Investment Corporation (BDIC).  

Non-resident businesses that can demonstrate that they employ NWT residents and support local businesses are also eligible to apply.

Quote

“In these unprecedented times, local business owners are being called on to be more resilient, resourceful, and innovative than ever before. The Working Capital Loans are intended to offset some of the economic challenges faced by northern businesses and provide some relief. I encourage all northerners to come together and support local business whenever they can.”   

- Katrina Nokleby, Minister of Industry, Tourism and Investment  

 

Quick Facts

  • During the first intake, of applications for Working Capital Loans 61 loans were approved totalling $1.5 million.  
  • 56 NWT businesses have also benefited from the Loan Payment Deferment/Reduction initiative now collectively saving an estimated $269,000 per month.
  • The GNWT has already committed to $21.5 million in COVID-19 economic relief initiatives.   

 

Related Links

 

COVID-19 Media Requests, Contact
Cabinet Communications
Government of the Northwest Territories
presssecretary@gov.nt.ca