The GNWT has expanded a support program for businesses.
The Support for Entrepreneurs and Economic Development (SEED) was designed to provide short-term support during the pandemic in the form of $5,000 grants. The Department of Industry, Tourism and Investment (ITI) is now offering up to $12,500 to businesses that demand proof of vaccination from their customers.
“Recognizing that the territory’s small to medium business owners have been faced with significant challenges over the course of the pandemic, particularly in the last couple months, we hope that this increase in operational funding helps to support them as they slowly begin to welcome back customers and adapt to an evolving operating environment,” said Caroline Wawzonek, minister of ITI, in a statement.
“The GNWT will continue to listen to the needs of businesses across the territory.”
The department has set aside three-quarters of a million dollars for the fund. It’s available until March 31, 2022 (as long as public gathering limitations are in place or until the money is spent).
The SEED Policy Directive has also been amended to include funding for equipment, training, and new technologies.
To date, ITI has received more than 50 applications for the $5,000 operational support funding.
The GNWT also wishes to remind that “while NWT tourism operators are considered small businesses, the GNWT has created targeted support programs to help them sustain and plan for eventual reopening.”
They include the Pandemic Relief Extension Program (PREP), the Tourism Relief Investment Program (TRIP) and the Supplement for Tourism Accommodation Relief (STAR).
Over the past 18 months, ITI has provided more than $17 million specifically to support COVID-impacted small to medium businesses, including tourism operators, according to a news release. In 2020, there were approximately 24,000 employees in the NWT, with nearly 30 per cent of them working in small businesses across the territory.