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2014 Nunavut Trade Show Opportunities for Business in Nunavut

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Nunavut Business Credit Corporation * – PowerPoint PPT presentation

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Title: 2014 Nunavut Trade Show Opportunities for Business in Nunavut


1
2014 Nunavut Trade Show Opportunities for
Business in Nunavut
  • Nunavut Business Credit Corporation

2
Mandate
  • 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

3
Mandate
  • NBCC supports Nunavuts businesses through
  • Financial Services
  • Credit facilities
  • Business development advisory services

4
Approach
  • NBCCs 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.

5
Approach continued
  • Provide much-needed financial services
  • that are unavailable through traditional
  • banking channels in communities
  • Loans up to 1million
  • Lines of credit up to 1 million
  • Contract security
  • Standby letters of credit
  • Bid security

6
Community Outreach
  • It is imperative that all NBCC advisory and
  • financial services are available to
  • businesses and emerging entrepreneurs in
  • all communities.
  • We work with the community economic
  • development officers and other hamlet
  • officials to assist with organizing our
  • community outreach.

7
Community Visit Format
  • 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 NBCCs visit
    to the community.
  • Community radio announcements about NBCC services
    and visit/meeting times.
  •  

8
Community visit format
  • 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.

9
Community Economic Developers
  • Participated in NEDAs webinar CEDO
  • training program.
  • In May, NBCC participated in the Kivalliq
  • Community Economic Developers
  • Conference that was organized by EDTs
  • Kivalliq Community Operations offices.
  • Presenting at the upcoming NEDA
  • conference in November.

10
Website
  • 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.

11
In house training
  • Debt financing analysis and due
  • diligence 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.

12
Industry Sectors
  • Communications - 2 Loans
  • Construction 1 LOC 8 Loans
  • Finance - 1 Loan
  • Fishery - 1 Loan
  • Real Estate -1 LOC - 3 Loans
  • Hospitality 1 LOC 4 Loans
  • Retail - 2 LOC - 6 Loans
  • Service - 3 LOC - 9 Loans
  • Transportation 1 LOC 2 Loans

13
Credit Facilities Communities
  • Qikiqtaaluk
  • Cape Dorset 4
  • Clyde River 2
  • Iqaluit 21
  • Qikitarjuaq 1
  • Total 28

14
Credit Facilities Communities
  • Kivalliq
  • Arviat 2
  • Coral Harbour 4
  • Rankin Inlet 6
  • Total 12

15
Credit Facilities Communities
  • Kitikmeot
  • Cambridge Bay 5
  • Gjoa Haven 2
  • Kugluktuk 1
  • Total 8

16
Supporting Youth Entrepreneurs
  • Youth Clients
  • Total of 5
  • 2 Services
  • Hospitality
  • Multi Media
  • Transportation
  • Youth Clients in all three regions .

17
Developing Business Skills
  • - Finnancial Management
  • Understanding Debt Management
  • Implementation of long term sustainble and
    profitable business plans
  • Managing Canada Revenue Agency Obligations and
    Benefits

18
Future opportunities
  • 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.

19
Assisting with establishing partnerships
  • Supporting Nunavut Business investment in
    developing and establishing partnerships and
    joint ventures.
  • Facilitating expertise, technology and investment
    transfer to Nunavut businesses .

20
Types of businesses and scenarios
  • Sole proprietorship or incorporated start up
  • Expansion of existing business
  • Formation of partnerships or joint ventures .

21
Types of Projects Considered
  • 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

22
Types of Projects Considered
  • Purchase of fixed assets, such as buildings, real
    estate and furniture that belong to the company
  • Leasehold improvements renovations and expansion.

23
Lending Parameters
  • 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.

24
Mandatory Requirements
  • There are two mandatory requirements in applying
    for a loan from NBCC
  • Your business must maintain an office in Nunavut.
  • It does not have to be the companys head office,
    but you must have people working in Nunavut in
    your business as a fundamental requirement.

25
Mandatory Requirements continued
  • 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.

26
Legislative and Policy improvements
  • On going work to improve NBCC
  • Legislation and Policies to ensure
  • relevance and consistency with current
  • and projected economic circumstances in
  • Nunavut .

27
Minister
  • The Honourable George Kuksuk is the Minister
    Responsible for the Nunavut Business Credit
    Corporation.

28
Board of Directors
  • Chairperson Greg Cayen - Iqaluit
  • Vice Chairperson Nancy Karetak-Lindell - Arviat
  • Marg Epp Cambridge Bay
  • Donald Havioyak - Kugluktuk
  • Elijah Evaluarjuk Igloolik
  • Tommy Owlijoot - Arviat
  • Allan Lahure - Baker Lake

29
Board of Directors
  • 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

30
Board of Directors continued
  • The BOD has three pro active committees
  • that were established to ensure
  • Policy Planning Committee
  • Effective policy business planning
  • Finance Audit Committee
  • Accurate financial reporting and auditing
  • Credit Facility Committee
  • Accountable Credit Facility management
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