BDIC announces a new relief initiative for businesses
YELLOWKNIFE (September 28, 2021) – Today, the Northwest Territories Business Development and Investment Corporation (BDIC) announced that businesses impacted by recent public health measures can now apply to the Business Development Program Fund (BDPF) Aftercare Relief.
Business Development Project Fund (BDPF) Aftercare Relief will provide enhanced flexibility and funding through BDPF Aftercare, up to $2,500 for businesses in level 1 communities and up to $3,500 for businesses in level 2 communities.
The total amount of funding available for this initiative is $100,000 and 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.
BDPF Aftercare Relief will help to create new and maintain existing employment with businesses being able to redeploy or reposition existing staff to adapt to changing operational needs. This short-term funding will also support businesses efforts to create new revenue streams and reduce costs. In addition, the BDPF Aftercare Relief can support businesses with planning and/or providing financial training related to improving business sustainability including undertaking relief/recovery measures and continuity plans.
Through these measures, the BDIC aims to help provide some immediate relief and support to businesses during the pandemic.
Businesses can learn more about this initiative at www.bdic.ca.
“The Government of the Northwest Territories continues to explore and implement different ways to help NWT businesses impacted by the most recent public health measures through relief funding and resources such as the BDPF Aftercare Relief. We acknowledge the enormous contributions that small and medium-sized businesses make to our communities every single day and remain committed to supporting them during these challenging times.”
-Caroline Wawzonek, Minister Responsible for the BDIC
- The one-time contribution from BDPF Aftercare Relief 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.
- Level 1 communities include Fort Smith, Hay River, Inuvik, and Yellowknife (including Ndilo) while level 2 communities include all other communities.
- Since the pandemic began, the BDIC has provided several COVID-19 initiatives in response to business’s changing needs – low interest working capital loans and loan payment deferment/reduction. In 2020-21, 150 businesses were approved for deferment/reduction and 99 were approved for working capital loans totaling $2.5 million in support.
- The BDIC was established to develop and deliver business assistance programming to enterprises in the Northwest Territories, as well as to operate selected subsidiaries for employment creation purposes.
- The BDIC promotes financial independence, assists communities, and helps develop a diverse and viable northern economy.
Manager, Public Affairs, Marketing and Business Services
Northwest Territories Business Development and Investment Corporation
Follow-us on Twitter: @NWTBDIC
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