Business Development Project Fund (BDPF)

PROGRAM INFORMATION

FUNDING LIMITS
The Business Development Project Fund (BDPF) has two components, Core BDPF and BDPF Aftercare, with separate criteria and limits. Funding limits depend on the community. Fort Smith, Hay River, Inuvik and Yellowknife (includes N’dilo) are Level I, all other NWT communities are Level II.
Level I / Level II / Time Period
Core BDPF Funding: / $10,000 / $20,000 / Limit within a 5 year period
BDPF Aftercare Funding: / $ 3,000 / $ 5,000 / Lifetime limit
If there is more than one related company, the above limits apply to the group of related companies.
CORE BDPF
Eligibility
The applicant must:

be an NWT-based business;
be one of the following:
An Individual, Sole Proprietorship or Partnership;
A Corporation registered under the NWT Business Corporations Act; or
A Co-operative registered under the NWT Business Co-operative Association Act.
have annual revenues of $500,000 or less;
not have a vendor account hold with the Government of the Northwest Territories (GNWT);
not have any loans or debts with the GNWT or the BDIC that are not in good standing; and
not have had loans or debts with the GNWT or the BDIC which have been written off or forgiven.

Uses of Funding
Core BDPF may be used for:

Business start up expenses including:
Feasibility assessments
Business plans
Assets
Software (purchase or 12 month subscription)
Marketing/advertising
Research projects
Short-term projects (that create employment)
Expansion expenses covering items listed under # 1 (only when creating new employment)
Acquisition of raw materials (only for arts and craft businesses in level II communities)

Core BDPF cannot be used for:

GST or other taxes
Motor vehicles designed for road transportation
Recreational vehicles
Recreational equipment
Home renovations
Business use of home expenses
Telephones or cellphones
Inventory (except for raw materials for arts and craft businesses in level II communities)

Core BDPF limitations:

$1,000 limit for website development/upgrades
$1,000 limit for computers and accessories
One month limit on monthly expenses (except software)

Core BDPF Considerations to be Included in Proposal

Job Creation
Need for funding
Potential for profit
The applicant’s commitment to the business
The necessity of the project costs for business success
Substantiation of project costs (include quotes)
The expected economic and social impact of approval

BDPF AFTERCARE
Eligibility
The applicant must:

be an NWT-based business;
be one of the following:
An Individual, Sole Proprietorship or Partnership;
A Corporation registered under the NWT Business Corporations Act; or
A Co-operative registered under the NWT Business Co-operative Association Act.
not have a Government of the Northwest Territories (GNWT) Vendor Account Hold;
not have any loans or debts with the GNWT or the BDIC that are not in good standing; and
not have had loans or debts with the GNWT or the BDIC which have been written off or forgiven.

Uses of Funding
BDPF Aftercare may be used for:

Accounting/bookkeeping software
Accounting/bookkeeping services
Website development/maintenance software or services
Succession planning software or services
Tuition fees for business training programs approved by the BDIC
Fees and travel cost associated with business education seminars promoted by the BDIC
(Not applicable unless the BDIC is actively promoting the educational seminar)

BDPF Aftercare cannot be used for:

GST or other taxes

BDPF Aftercare limitations:

$1,000 limit for each funding category (see above)
For category #6 for businesses based in level II communities the limit is increased to $3,000.
If an applicant applies for BDPF Aftercare more than once the above category funding limits still apply and are not reset.

BDPF Aftercare Considerations to be Included in Proposal

Aftercare applications are evaluated solely based on the applicant meeting the eligibility of the business and of the proposed project expenses

BDPF APPLICATION

Applicant Information
Personal Contact Information / Business Information
Name: / Registered Name:
Address: / Address:
Community &
Postal Code: / Community &
Postal Code:
Phone: / Phone:
Email: / Email:
CRA Business Number (9 digit BN #):
Business Legal Structure:Sole Proprietor☐ Partnership☐ Corporation☐ Other ☐(specify)
Owners / Shareholders / Partners(all owners must complete a personal statement of financial affairs)
Name / Social Insurance No.
(to issue tax receipt) / (%) Ownership
Project Information
Type of Business:
How many jobs do you expect to create/maintain with this funding?Full Time Created: Maintained:
Business Start Date: / Part Time Created:Maintained:
Expansion Start Date (if applicable): / Expansion Completion Date (if applicable):
Project Costs
(include detailed listing of all costs, should match quotes) / Sources of Financing
Eligible Costs (see eligibility information) / Loan / $
$ / Equity / $
$ / BDIC BDPF Aftercare / $
$ / SEED Contribution (ITI) / $
$ / $
$ / $
Subtotal of Eligible Costs / $ / $
Ineligible Costs / $
$ / $
$ / $
$ / Subtotal / $
GST Cost / $ / Shortfall to be covered by Core BDPF / $
Total Project Costs / $ / Total Sources of Financing / $
Please ensure the Total Project Costs equal the Total Sources of Financing
I declare I have personal knowledge of the matters discussed in this application and state that:
1)I have supplied all requested information;
2)To the best of my knowledge;
a)all written and verbal representations made by me or on my behalf are true and correct; and
b)all documents provided by me or on my behalf are genuine;
3)The proposed business activitiescomply with all federal, territorial and municipal laws; and
4)Any conflicts of interest (actual, apparent, perceived, or potential) relating to this project are disclosed in this application.
5)Everything in this declaration is true and is of the same force and effects as if made under oath.
I consent:
1)That the Northwest Territories Business Development and Investment Corporation (BDIC) or its agents can inspect;
a)My business premises; and
b)Any financial statements, receipts and business records;
2)That if my application is approved, the BDIC may publish the following information;
a)The name and location of my business in which it carries on its business in and where its head office is located.
b)My name and the community in which I reside or carry on business in; and
c)The details of my business activity, including the amount approved under this application and any previous financial assistance I have received from the BDIC or the GNWT;
3)Receive all correspondence at the email address(s) provided in this application. I understand that if I do not provide an email address, all correspondence may be sent through regular mail which may delay the decision on my application.
I certify that I have attached all the documents listed below:

Documents:

Enclosed:

Comments:(indicate reason if NO is checked)

Completed Application Form

YES

NO

N/A

Business Plan or Project Summary

YES

NO

N/A

Personal Statement of Financial Affairs

YES

NO

N/A

Historical Financial Statements(if applicable)

YES

N/A

Copy of Business License

YES

N/A

Project Costs Quotations(One quotation for purchases of $300 or more and two quotations for feasibility assessments, business plans, and research projects costing $2,500 or more)

YES

N/A

If you checked NO in any of the boxes above please indicate the reason.
Authorised Signature of Applicant / Date
Please ensure the application is FULLY completed as it will not be processed if there are any blanks.
Your application and all supporting documents can be submitted via email, mail, in person or fax.
Telephone: (867) 767-9075 • Toll Free: 1-800-661-0599 • Fax: (867) 765-0652
Email: • Address: #701, 5201-50th Ave • Yellowknife NT X1A 3S9

/ PERSONAL STATEMENT OF FINANCIAL AFFAIRS
All shareholders, partners and personal guarantors must complete and
attach a Personal Statement of Financial Affairs to the Application form*
General Information
First Name: / Middle Initial: / Surname: / Birth Date:
Home Mailing Address: / Community: / Postal Code:
Home Phone #: / Email:
Your Employer: / Position: / Work Phone #: / Your Annual Income:
Marital Status: / Spouse’s First Name: / Spouse’s Surname: / Spouse’s Annual Income:
*If you are married or common law then please complete the net worth statement together combining all of the assets and liabilities for both spouses. / Total Family Income:

PERSONAL NET WORTH STATEMENT

List all Assets / List all Debts & Liabilities
Cash & Bank Accounts: / $ / Mortgage - First: / $
Term Deposits/G.I.C. etc.: / $ / Mortgage - Second: / $
Stocks/Bonds/Mutual Funds**: / $ / Bank Lines of Credit: / $
R.R.S.P.s / Pensions: / $ / Overdraft Balance: / $
Real Estate – Personal use: / $ / Bank Loans: / $
Real Estate – Investment: / $ / Credit Cards: / $
Automobiles: / $ / Private Loans: / $
Recreational Vehicles: / $ / Cosigned/Guaranteed debt: / $
Other (specify): / $ / Other (specify): / $
Other (specify): / $ / Other (specify): / $
Other (specify): / $ / Other (specify): / $
Other (specify): / $ / Other (specify): / $
Other (specify): / $ / Total Liabilities: / $
Other (specify): / $ / Net Worth(Assets – Liabilities): / $
TotalAssetsAssAssets: / $ / Total Liabilities & Net Worth / $
** Do not include the value of the business that is applying.

Real Estate Details

Property Address / Registered Owner(s) / Market Value / Mortgage Balance / Equity

Debt & Liability Details (other than the mortgages included above)

Description / Lender/Creditor / Credit Limit / Balance / Security

GENERAL INFORMATION

1. Have you ever had an asset repossessed by a creditor? YES ( ) NO ( ) If yes, explain.
2. Are you involved in any lawsuits or claims that could affect your financial situation? YES ( ) NO ( ) If yes,
Explain.
3. Have you ever declared bankruptcy? YES ( ) NO ( ) If yes, when?
Are you discharged? YES ( ) NO ( ) If no, why?
4. Do you have any outstanding liabilities to the Government of the Northwest Territories, Canada Revenue Agency or the Workers Safety and Compensation Commission? YES ( ) NO ( ) Ifyes, please provide details.
5. Are you a shareholder, director or stakeholder of any other business, corporation, partnership, proprietorship, etc.? YES ( ) NO ( ) If yes, provide details (i.e. name of business, nature of your involvement and amount
and nature of your interest).

APPLICATION DECLARATION

I the undersigned hereby declares that all information provided herein is true, complete and correct, to the best of my knowledge. I understand that the information contained herein may be used by the NWT Business Development & Investment Corporation(“BDIC”) to determine program eligibility. I further consent to the BDIC making any credit and general inquiries necessary in relation to this application and to the disclosure of any credit information about me, to any credit reporting agency, organization or person with whom I have a financial relationship. This is to include the GNWT Department of Finance.

Signature: / Date:

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