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Nunavut Entrepreneurship Incentive (NEI)
The Nunavut Entrepreneurship Incentive (NEI) provides $5000 ($2500 in two installments) in financial support to new entrepreneurs in Nunavut. Through the program, eligible clients receive career counseling from Career Development Officers (CDO) and business start-up support from designated business development partner consultants.
Nunavut-based entrepreneurs are eligible if they:
- Are starting a new business;
- Are 18 years or older and either a Canadian citizen or permanent resident;
- Have not received the Self Employment Option in the past;
- Have developed a viable business plan in collaboration with an eligible Nunavut business development partner;
- Have obtained a valid business license;
- Provide a confirmation letter from an eligible business development consultant.
Clients interested in the NEI should complete an Employment Assistance Services Application with a Career Development Officer and provide both a completed business plan from a community Business Development partner and a Nunavut business license are eligible to apply for the Nunavut Entrepreneurship Incentive. The CDO will determine client eligibility based on the established program criteria.
Clients will work through the development of a business plan for their new business utilizing the expertise of a business development partner. The duration for this process varies and may take just a few weeks or up to a few years to develop. Upon completion of the business plan, the client will obtain a Nunavut Business License.
Once these two documents are complete, an NEI application can be submitted to a Career Development Officer (CDO) and must be done within 12 months of receiving business plan approval.
Upon application approval, $5,000 is provided to clients in two installments. Upon meeting program criteria, an initial payment of $2,500 will be sent via direct deposit to the eligible client. The client must account for all eligible expenses (i.e. retain receipts) for that amount within 180 days (6 months). The CDO will verify the amounts and reconcile the statements/invoices, then determine the issuance of the second payment of $2,500. The client then has another 180 days to account for the funding.
Expenses related to the funding must match the initial application for funding which states area of need. The client has one full year from the time of application approval to submit all invoices.
The following are eligible expenses for the NEI program:
- Licensed child care costs for children under the age of 6;
- Utility costs including telephone for the business;
- Business rent or lease payments;
- Fuel costs for vehicle related to the business;
- Travel costs to attend training related to the business;
- Course costs directly related to the business;
- Purchase of special equipment for the business;
- Other related expenses may be eligible.