Businesses in the NWT can now apply for grants of up to $7,500 to pay for bookkeeping and the production of financial statements.
On Wednesday, the territorial government said its Seed program would offer the support to help businesses “get their financial books in order … to advance economic recovery or to apply for government funding.”
The fund is worth $400,000 in total. Applications will be considered retroactive to April 1, 2020.
The territory said the program was devised after its business advisory council identified a need for small businesses to get help with their books.
There is a 10-percent minimum equity requirement. The program will run until March 31 this year or the $400,000 is spent.
Businesses that already received federal assistance for bookkeeping are not eligible.
Caroline Wawzonek, the NWT’s finance minister, said the funding met an “identified and immediate need for financial assistance to cover the cost of required bookkeeping or to prepare financial statements, to meet the requirements of a funder or investor.”