Business Development Project Fund (BDPF)
Core BDPF can be used to help fund expenses to start up or expand your business and short-term projects that create employment. The maximum in any 5 year period is $10,000 ($20,000 for businesses in level II communities*). Only businesses with $500,000 or less in annual revenues are eligible to apply.
The BDPF Aftercare can provide businesses with contribution funding to purchase accounting software or services, succession planning and business training programs. The lifetime maximum for BDPF Aftercare funding is $3,000 ($5,000 for businesses in level II communities*).
NEW: BDPF Aftercare Relief (COVID-19 Economic Relief)
The BDPF Aftercare Relief provides contribution funding to support new and existing employment with NWT businesses able to redeploy or reposition staff to adapt to changing needs. It can also help businesses in their efforts to create new revenue streams and reduce fixed overhead costs. In addition, this funding can support businesses with planning and/or financial training related to improving business sustainability. The maximum for BDPF Aftercare Relief is $2,500 ($3,500 for businesses in level 2 communities*).
* Level I communities include Yellowknife (including N’Dilo), Hay River, Fort Smith and Inuvik. All other NWT communities are considered level II.
Questions & Answers for BDPF Aftercare Relief
1. Is there a maximum amount that businesses can apply for under BDPF Aftercare?
BDPF Aftercare Relief provides businesses enhanced flexibility and funding up to $2,500 for businesses in level 1 communities and up to $3,500 for businesses in level 2 communities. This one-time contribution would be in addition to, and exempt from, the lifetime maximums of $3,000 and $5,000 (for level 1 and 2 communities) under the existing BDPF Aftercare program.
2. Can any NWT business apply for funding from BDPF Aftercare Relief?
In the funding application, NWT businesses will need to demonstrate negative impacts from the pandemic and a need for funding i.e. a significant drop in operating revenues greater than 25 percent in the last 3 months (versus same 3-month period prior to March 2020 or versus a 3-month average if the business began operating after March 2020) and an operating loss in the last 12 months or an inability to meet current liabilities (have a provable negative working capital due to operations rather than owner salaries or equity withdrawals).
3. How long will additional funding through BDPF Aftercare Relief be made available to businesses?
The funding through BDPF Aftercare Relief is provided on a temporary basis to support businesses during increased/extended restrictions and health measures announced on September 22, 2021. The BDPF Aftercare Relief will remain in effect until March 31, 2022 as long as the public health measures are in place or until the allocated funding is spent. Funds will be provided on a first-come, first-served basis.
For more information on the BDIC’s contribution program, please contact Ron Chiasson, Business Advisor: Ron_Chiasson@gov.nt.ca