FOR IMMEDIATE RELEASE
While there have been no cases of COVID-19 in Nunavut, small businesses have been hit hard. Nunavut Inuit businesses create jobs, offer training and advancement to youth and support other local businesses.
It’s critical they are provided with financial support to ensure their survival during the COVID-19 Crisis.
What We Require?
- Up to $50k forgivable loan available immediately.
- $250k LOC available immediately – to be distributed by an existing lender (i.e. Business Development Bank of Canada, A Community Futures lender or a regional Inuit delivery agent) at zero interest and without fees.
- Request for qualifications to be relaxed so businesses can qualify for a) the 75% wages subsidy for contract workers. b) Canada Emergency Bank Account – untie it from wages paid as contract workers do not qualify.
- Access to more capital may be needed depending on how long the mandatory shutdowns goes on.
Details
We applaud the Federal Governments’ efforts to support Indigenous peoples across Canada however this support will not reach our Inuit Businesses which are privately run across our homelands.
These businesses take risks and create their own jobs, invest in goods and services to resell, innovate and provide unique northern services. They do not have the luxury of stopping their work without the risk of their businesses suffering. Inuit business owners don’t have a government job which allows affords them to provide leave days, as do governments and Inuit organizations.
That is why we are requesting financial support to ensure our businesses will survive this pandemic.
We don’t want more debt. We’re requesting each northern business to have available a non-repayable contributions which will go towards basic items such as insurance, utilities, rental/mortgage payments and other vital costs associated with running their businesses.
Access to these funds must not be hindered by organizations desire to obtain critically important business intelligence. They must be fairly distributed to Inuit business owners without qualifications or hinging on other factors which may prevent them from obtaining funds.
The Inuit businesses that I have spoken with have made it clear to me, that a curve of another nature will occur. This will be a curve that depicts Canada’s economic stability. Inuit businesses will bear the brunt of ensuring our ability to regain the economic stability that will ultimately be required.
Most policy makers have not run a business. Money must flow immediately to avoid shutdowns or bankruptcy.
For more info:
Kirt Ejesiak – Interim Director, Inuit Business Council (Nunavut)
kirt@inuitbusinesscouncil.ca
Tel: 867-222-2055
Other ways to Support Inuit Businesses
Strongly request the hiring of Inuit owned businesses by Inuit Organization and Institutions of Public Governments. This can start with delivering critical services to our people during the COVID 19 crisis.
We also request representation at the table when discussing procurement in Nunavut (with financial support) to ensure our voices are heard that has a direct financial impact on our businesses.
Who Are We? Inuit Business Council of Nunavut
Ad hoc group of Inuit business owners who are privately owned (not a coop or a regional development corporation) with at least 75% Inuit ownership, Inuit managed and controlled.
Not to be confused with Inuit Development Corporation Association.
Background & Reference Info:
As detailed under the Canada’s Trade Commissioner Service- Indigenous businesses are those enterprises that are majority-owned and controlled by Indigenous individuals or communities.
Indigenous entrepreneurs are from the three main Indigenous groups (First Nations, Inuit and Métis), they are present in each province and territory, and are also represented in all sectors of the economy.
Indigenous companies are predominantly small businesses (1-99 employees) and most have less than 10 employees. Many of the larger enterprises that exist are owned by First Nation or Inuit communities. (Source)
Tim Davis: Small business is the backbone of the economy. … It’s these businesses that are driving local economies, providing jobs for local residents and impacting key community organizations, through charity and service.