Nunavut Business Credit Corporation

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• To support and promote economic development and increase

employment within Nunavut communities

• To work towards the reduction of poverty

in Nunavut by supporting business development

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NBCC supports Nunavut’s businesses through:

Financial Services Credit facilities Business development advisory

services

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NBCC’s approach is to help Nunavut residents and communities by:

Supporting emerging entrepreneurs with the establishment of new businesses.

Supporting expansion of existing businesses. Collaboration with funding agencies and business

support organizations such as Atuqtuarvik Corporation; Community Futures organizations; Regional Inuit funding agencies and Federal programs.

Collaboration with Nunavut based commercial banks.

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Provide much-needed financial services

that are unavailable through traditionalbanking channels in communities: Loans up to $1million Lines of credit up to $1 million Contract security Standby letters of credit Bid security

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It is imperative that all NBCC advisory andfinancial services are available tobusinesses and emerging entrepreneurs inall communities.

We work with the community economicdevelopment officers and other hamletofficials to assist with organizing ourcommunity outreach.

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Through collaboration with the Department of Economic Development Regional Offices and logistical support from Community Economic Development officers NBCC conducted the following:

Advertising in communities at key venues such as retail stores and community services offices about NBCC services and notice about NBCC’s visit to the community.

Community radio announcements about NBCC services and visit/meeting times.

 

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Community visits ranged from 1 night to two night stays depending on travel schedule logistics.

General public information sessions were held with the support of Community Economic Development Officers to provide an overview of NBCC services.

One on one meetings were held with interested businesses or emerging entrepreneurs following the public information sessions.

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Participated in NEDA’s webinar CEDOtraining program.

In May, NBCC participated in the KivalliqCommunity Economic DevelopersConference that was organized by EDT’sKivalliq Community Operations offices.

Presenting at the upcoming NEDAconference in November.

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Upgrade Website to include interactive business planning and calculation tools.

Continuing to work on up grading and improving online interactive access to NBCC financial services in all communities.

Funding received from EDT. 10

Debt financing analysis and duediligence review training is scheduled for

November 2014

Confirmed participants include: Staff from all three community future

orgs Atuqtuarvik Corporation Kakivak

Funding was received from GN.

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1. Communications - 2 Loans 2. Construction – 1 LOC – 8 Loans 3. Finance - 1 Loan4. Fishery - 1 Loan 5. Real Estate -1 LOC - 3 Loans 6. Hospitality – 1 LOC – 4 Loans7. Retail - 2 LOC - 6 Loans 8. Service - 3 LOC - 9 Loans 9. Transportation – 1 LOC – 2 Loans

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Qikiqtaaluk

Cape Dorset 4 Clyde River 2 Iqaluit 21 Qikitarjuaq 1

Total : 28

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Kivalliq

Arviat 2 Coral Harbour 4 Rankin Inlet 6

Total 12

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Kitikmeot

Cambridge Bay 5 Gjoa Haven 2 Kugluktuk 1

Total : 8

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Youth Clients

Total of 5

2 Services Hospitality Multi Media Transportation

Youth Clients in all three regions .

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- Finnancial Management Understanding Debt Management Implementation of long term

sustainble and profitable business plans

Managing Canada Revenue Agency Obligations and Benefits

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NBCC conducts in house analysis of viable downstream business opportunities stemming from mineral & marine resource development and infrastructure development.

Emerging sectors such as scientific research.

Supporting niche markets such as tourism, arts and culture.

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Supporting Nunavut Business investment in developing and establishing partnerships and joint ventures.

Facilitating expertise, technology and investment transfer to Nunavut businesses .

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1.Sole proprietorship or incorporated start up;

2.Expansion of existing business;

3.Formation of partnerships or joint ventures .

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• Consolidation of debt;

• Bid bond security for contractors; to facilitate applicants to be competitive during the tendering process;

• Working capital for inventory acquisition; such as sea lift purchases;

• Interim or bridge financing;

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• Purchase of fixed assets, such as buildings, real estate and furniture that belong to the company;

• Leasehold improvements; renovations and expansion.

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• Maximum term for credit facilities is five years.

• Amortization ranges in years, depending on the type of security being pledged, to a maximum of 25 years.

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There are two mandatory requirements in applying for a loan from NBCC:

1.Your business must maintain an office in Nunavut.

It does not have to be the company’s head office, but you must have people working in Nunavut in your business as a fundamental requirement.

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2. You must be prepared to provide security on your loan.

Security is a requirement for all financing

consisting of a combination of: mortgage on real property; pledge on personal property; personal/general guarantee from the

principals of your enterprise; assignment of revenues/contracts.

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On going work to improve NBCCLegislation and Policies to ensurerelevance and consistency with currentand projected economic circumstances

inNunavut .

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The Honourable George Kuksuk is the Minister Responsible for the Nunavut Business Credit Corporation.

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1. Chairperson: Greg Cayen - Iqaluit2. Vice Chairperson: Nancy Karetak-

Lindell - Arviat3. Marg Epp – Cambridge Bay4. Donald Havioyak - Kugluktuk5. Elijah Evaluarjuk – Igloolik6. Tommy Owlijoot - Arviat7. Allan Lahure - Baker Lake

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• The BOD takes a hands on approach to ensure

that NBCC is able to effectively support Nunavut businesses and maintain the highest standard of accountability

Through three commitees

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The BOD has three pro active committeesthat were established to ensure:Policy & Planning Committee Effective policy & business planningFinance & Audit Committee Accurate financial reporting and auditing Credit Facility Committee Accountable Credit Facility management