QIA Launches the Business Capacity Start-up Fund

Press Releases

(October 7, 2015, Iqaluit, NU) -The Board of Directors approved the establishment of the Business Capacity Start-up Fund. The Fund is an initiative under Article 6 of the Mary River Project (MRP) Inuit Impact and Benefit Agreement (IIBA).

The Fund will provide $250,000 annually from the IIBA, the Board of Directors have decided to match that amount on annual basis for the next three years. The Fund will now have $500,000 annually to Inuit who wish to improve their business or start-up a new business.

“Contracting opportunities for Inuit businesses are a great benefit for building economic self-sufficiency in our communities. It is important that Inuit are equipped and supported adequately to take advantage of such opportunities,” said QIA President, PJ Akeeagok.

The Fund will be administered by QIA’s subsidiary: Kakivak Association, QIA and Baffinland Iron Mining Corporation (BIMC) will cost share the creation of a Coordinator position to administer the Fund. “The Fund was created shortly after the Capacity Assessment of Regional Inuit Business and Organizations (CARIBO) Survey. The Survey’s results helped identify the barriers faced by Designated Inuit Firms (DIFs) and shape the BCSF,” said Chair of MRP IIBA Implementation, Olayuk Akesuk.

The BCSF will provide support to Designated Inuit Firms in the Baffin Region with business star-ups and development of capacity in the following areas:

Locating start-up capital and financing;
Management development;
On-going business management;
Financial management;
Contracts and procurement, and
Human resources management.
The funding program is expected to be reviewed annually.

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Media Contact:

Maude Bertrand
Director of Communications
Qikiqtani Inuit Association
mbertrand@qia.ca
867.975.8413

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