Title:
Community Futures RRRF Delivery
Agreement Number:
2021-CN-000346
Agreement Value:
$3,933,333.00
Agreement Date:
Apr 1, 2020 - Mar 31, 2021
Description:
The purpose of this Project is to address the COVID-19 impacts on rural and remote communities in Nunavut, contributing to their short-term stability and readiness for economic recovery. Specifically, this funding will make available additional investment capital to the territory’s Community Futures organizations (“CFs”) to focus on the following two objectives:
1) increasing the capacity of SMEs and Social Enterprises within Nunavut, particularly in remote communities, to mitigate challenges related to COVID-19 through liquidity supports; and
2) providing ongoing support for the survival of SMEs and Social Enterprises within Nunavut affected by COVID-19.
Organization:
Canadian Northern Economic Development Agency
Expected Results:
The Recipient shall oversee that the NCFA shall create, capitalize and manage a Community Futures Regional Relief and Recovery Fund Pool (“RRRF Pool”) from which it will make interest-free conditionally repayable loans to CFs in Nunavut, in order for CFs to make Loans to SMEs and Social Enterprises in need of working capital or technical aid related to COVID-19. Priority will be given by the NCFA and CFs to businesses who are unable to access other federal relief measures available under Canada’s COVID-19 Economic Response Plan or unable to obtain a loan/credit from traditional financial institutions, and are struggling with working capital needs or technical aid as a result of COVID-19.
Location:
IQALUIT, Nunavut, CA X0A 0H0
Reference Number:
2021-CN-000346
Agreement Type:
Contribution
Report Type:
Grants and Contributions
Recipient Type:
Government
Recipient's Operating Name:
3503 - GOVERNMENT OF NUNAVUT-DEPARTMENT OF ECONOMIC DEVEL
Recipient's Legal Name:
3503 - GOVERNMENT OF NUNAVUT-DEPARTMENT OF ECONOMIC DEVEL
Federal Riding Name:
Nunavut
Federal Riding Number:
62001
Program:
Regional Relief and Recovery Fund
Program Purpose:
The Fund provides targeted relief and stabilization support in key sectors including, but not limited to, tourism, fisheries, the mining supply chain, local food production and processing, regional innovation ecosystems and community infrastructure, as well as support to Community Futures Networks in Nunavut and Northwest Territories and relevant stakeholders in Yukon.