The Small Business Support Program (SIP)

Overview of the The Small Business Support Program (SIP) program:

The Small Business Support Program (SIP), administered by the Department of Economic Development and Transportation of the Government of Nunavut, is designed to foster local business growth by offering financial contributions to entrepreneurs and small business owners. The program provides non-repayable funding to support various business activities that contribute to Nunavut’s economic development, including start-up costs, expansion efforts, and operational improvements. SIP funding is available to individuals, partnerships, and incorporated businesses that are majority-owned by Nunavut residents. The program also considers applications from cooperatives and non-profit organizations engaged in commercial activity. Funding can be used for a wide range of eligible costs, such as purchasing equipment, marketing, feasibility studies, facility upgrades, and product development. The goal is to reduce barriers to business growth, especially for Nunavummiut seeking to build sustainable enterprises in remote and northern communities. SIP is one of several business programs within the Nunavut Business Investment suite and is aligned with the government’s broader objectives to stimulate entrepreneurship, job creation, and local self-sufficiency. While not exclusively for Inuit beneficiaries, the program strongly encourages applications from Inuit-owned and community-based businesses. Applications are reviewed by regional offices and funding decisions are based on business viability, community impact, and alignment with territorial priorities. Applicants must submit a business plan and meet other documentation requirements. The program is open year-round with no fixed deadline, and businesses may reapply for new funding if conditions are met.

Benefits of the The Small Business Support Program (SIP) program:

• Up to $5,000 in non-repayable contributions per business per year
• Financial support for starting or expanding a small business
• Covers costs such as equipment, marketing, product development, facility upgrades, feasibility studies, and business planning
• Encourages economic self-sufficiency and local job creation
• Flexible support available to both new and existing businesses
• Program is accessible across all Nunavut communities through regional offices
• Supports Nunavummiut-led businesses, including Inuit and community entrepreneurs

Eligibility criteria of the The Small Business Support Program (SIP) program:

• Eligible applicants must meet the following criteria:
• Be residents of Nunavut
• Operate a small business, cooperative, or non-profit organization engaged in commercial activities
• Be a majority Nunavut-owned enterprise (51% or more)
• Submit a detailed business plan or project proposal
• Demonstrate that the project contributes to local or regional economic development
• Have a clear plan for how the funds will be used
• Be in good standing with the Government of Nunavut and not in default on previous contributions
• Ineligible:
• Businesses or organizations not majority-owned by Nunavut residents
• Non-commercial ventures or general non-profit activity not linked to business development
• Projects that have already received maximum funding within the fiscal year