Kakivak Association: Makigiaqvik Loans
Inuit-owned businesses in the Qikiqtani Region can borrow up to $50,000 through a secured term loan at a fixed 8.5% interest rate, repayable over up to 7 years.
“Makigiaqvik Loans are available to eligible Inuit owned businesses that require financing to establish or expand their business.”
From the official program page
Before you spend any money
The official page does not say when the loan money is paid out. Ask your Kakivak Business Development Officer before you commit to any spending.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You own an Inuit business operating in the Qikiqtani Region of Nunavut.
- You need capital to launch a new venture or scale up your current operations.
- You can provide collateral and commit to a repayment plan of up to 7 years.
Probably not the right fit if
- You are not Inuit-owned or do not operate within the Qikiqtani Region.
- You are looking for a grant or funding that does not require repayment.
- You cannot provide security for the loan or manage the fixed 8.5% interest cost.
How much you'd realistically get
Up to $50,000 in secured term loans.
What may be supported
- Establishing a new business in the Qikiqtani Region.
- Expanding an existing Inuit-owned business in the Qikiqtani Region.
- Purchasing equipment or inventory for business growth.
- Covering startup costs for new ventures.
How applying works
Effort: moderateYou must make an appointment with a Kakivak Business Development Officer and complete an application form.
- 01Contact Kakivak Association by email at BusinessSupport@Kakivak.ca or call the toll-free number to make an appointment.
- 02Meet with a Business Development Officer to discuss your financing needs and eligibility.
- 03Obtain and complete the application form available on the Kakivak website.
- 04Submit your application and required documents for review.
- 05Work with the officer to finalize the loan structure, potentially combining it with grant contributions.
Who to ask: Email: BusinessSupport@Kakivak.ca. Kakivak also has a toll-free phone line, but the official page does not list the number.
Documents commonly required
- Completed application form from the Kakivak website.
- Proof of Inuit ownership.
- Business plan or expansion proposal.
- Financial statements or projections to support the loan request.
- Details of security/collateral for the secured loan.
What to know before you count on it
- This is a secured term loan, meaning you must provide collateral and repay the principal plus interest.
- The fixed interest rate is 8.5%, which is a cost you must factor into your cash flow projections.
- Repayment schedules extend up to 7 years, requiring long-term financial planning.
- The official page does not say when the money is paid out or which costs are excluded. Ask your Business Development Officer before you apply.
What are your odds?
Approval depends on eligibility as an Inuit-owned business in the region and the viability of your business plan.
Frequently asked questions
Is this money a grant or a loan?
It is a secured term loan with a fixed interest rate of 8.5%. It can be combined with grant contributions, but the loan portion must be repaid.
Who is eligible to apply?
Eligible Inuit-owned businesses located in the Qikiqtani Region of Nunavut that need financing to establish or expand.
How much can I borrow and what are the terms?
Up to $50,000 with repayment schedules of up to 7 years at a fixed interest rate of 8.5%.
How do I start the application process?
Make an appointment with a Kakivak Business Development Officer by emailing BusinessSupport@Kakivak.ca or calling the toll-free number.
What you can combine it with
Kakivak officers can help structure financing that combines this loan with grant contributions.
Get alerted when this changes
Programs open and close, budgets run out, rules change. We send one short email when something changes that matters for this program.
Page last updated ; status and deadline checked . Source: official program page.