ECONOMY, ENVIRONMENT AND CLIMATE CHANGE
Commitment 1.1.13
We will support small communities by enhancing job-creation programs, building community capacity and supporting new economic opportunities, by:
- Updating the Support for Entrepreneurs and Economic Development (SEED) programs as necessary to better align with the needs of NWT entrepreneurs and businesses, including those in small communities
Support for Entrepreneurs and Economic Development (SEED) Policy
The Support for Entrepreneurs and Economic Development (SEED) policy was first introduced in 2008 as the principal economic development support program. It offers a variety of program-based funding supports to entrepreneurs and small businesses. It includes a special focus on Level 2 communities – those businesses operating outside of Fort Smith, Hay River, Inuvik and Yellowknife, which are Level 1 communities.
Feedback gathered from internal review of the SEED Policy indicated that adjustments were needed to match cost increases with SEED Policy programming.
The SEED Policy is being changed to better respond to client needs:
- A new Strategic Investments pilot project for the 2017/2018 and 2018/2019 fiscal years which allows for one-time contributions of up-to $75,000 for regional initiatives; and
- Program funding enhancements:
- Entrepreneur Support – increase the maximum contribution from $15,000 to $25,000;
- Micro Business – change the maximum contribution from $5,000 over five years to $5,000 over three years;
- Business Intelligence and Networking - increase the maximum contribution from $3,000 to $4,000; and
- Corrections and clarifications to reflect organizational changes since the introduction of the SEED Policy.
The results of the Strategic Investments pilot program will be assessed upon its completion in March 2019 (milestone 4).
Related Mandate Commitments:
- Commitment 1.1.12 - We will support the growth of Aboriginal business development corporations and the capacity of Aboriginal governments, through the completion and implementation of memoranda of understanding that reflect the economic opportunity objectives found in modern land claims.
- Commitment 1.2.2 - We will invest in artist-to-market and product-to-market opportunity chains, with a particular emphasis on making investments that enable the showcasing of art and increase sales at the regional level.
- Commitment 1.2.3 - We will support the film industry to further develop the skills and competencies of NWT film producers, build infrastructure, assist below-the-line crew and support services, and help develop marketing and communications plans for films made in the NWT.