Prosper NWT: Term Loans
Prosper NWT offers term loans of up to $5 million for projects or assets in the Northwest Territories. This is a repayable loan with interest rates of prime plus 2% to 4% based on credit risk.
“Fixed or variable interest rates are available and are quoted as prime plus 2%, 3% or 4%, depending on the credit risk involved.”
From the official program page
Before you spend any money
Approval must come before spending; do not incur costs until the loan is approved.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You run a business in the Northwest Territories and need capital for assets, expansion, or specific projects.
- You are seeking a larger loan between $2 million and $5 million for key sectors like housing, infrastructure, critical minerals, or emerging technologies.
- You can provide a solid business plan and financial statements or projections for evaluation.
Probably not the right fit if
- You operate outside the Northwest Territories.
- You need immediate cash flow for general operations without a specific project or asset purchase plan.
- You cannot provide the required financial documentation or business plan for evaluation.
How much you'd realistically get
Up to $5 million per business enterprise, with specific criteria for loans over $2 million.
What may be supported
- Purchase of business assets
- Business expansion
- Business projects
- Construction purposes (with specific insurance and permits)
What's excluded or restricted
- The official page does not list excluded costs. Loans between $2 million and $5 million are limited to key sectors. Ask Prosper NWT before you apply.
How applying works
Effort: involvedYou must complete an online application or PDF form, provide personal financial statements for all owners, a business plan, and financial projections or statements.
- 01Complete the online application at the Prosper NWT portal or download the PDF form.
- 02Fill out the Personal Statement of Financial Affairs Form for each owner/shareholder.
- 03Prepare a Business Plan and financial projections or statements as required.
- 04Gather additional documents like appraisals, insurance, or permits if applicable.
- 05Email completed forms and supporting documents to applications@prospernwt.ca.
Who to ask: Email: applications@prospernwt.ca; Phone/Address: Contact your regional office of the Department of Industry, Tourism and Investment or Prosper NWT (see https://www.iti.gov.nt.ca/en/regional-offices); General Contact: https://prospernwt.ca/contact-us
Documents commonly required
- Completed Application for Financing form
- Personal Statement of Financial Affairs Form for each owner/shareholder
- Business Plan (required for businesses operating less than 2 years or undergoing major changes)
- Financial projections for 3 years or financial statements for the most recent 3 years
- Standard Environmental Checklist
What to know before you count on it
- Interest rates are fixed or variable, quoted as prime plus 2%, 3%, or 4% depending on credit risk.
- Loans between $2 million and $5 million require the business to be in key sectors such as housing, infrastructure, critical minerals, or emerging technologies.
- Fees may apply. The official page does not list the amount. Ask Prosper NWT before you apply.
- The official page does not list the repayment term. Ask Prosper NWT before you apply.
What are your odds?
Approval depends on credit risk, sector eligibility for larger loans, and the strength of your business plan and financials.
Frequently asked questions
What is the interest rate for the loan?
Fixed or variable rates are available. The rate is prime plus 2%, 3% or 4%, depending on credit risk.
Are there fees for the loan?
There may be fees, but the official page does not list the amount. Ask Prosper NWT before you apply.
What documents are required for the application?
You need to complete the application form, personal financial statements for all owners, a business plan, and financial projections or statements.
Can I use the loan for any purpose?
The loan can be used for asset purchases, expansion, projects, or construction, but loans over $2 million are restricted to key sectors.
What you can combine it with
Prosper NWT offers related programs like Working Capital Guarantee and Venture Investment; check if you qualify for multiple supports.
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.