Immediate Financial Assistance to Small Businesses by Northwest Territories Business Development and Investment Corporation:

• Defer Loan Payments for up to 3 months between April 1, 2020 and September 30, 2020, without penalty or additional interest charges. Businesses are automatically approved and not required to demonstrate financial hardship or impacts resulting from the COVID-19 crises.
  Deadline for requests for payment reductions/deferments: To be sent to the appropriate Department of Industry Tourism and Investment regional office on or before 24th day of the month prior to the payment date.
  For detailed information & instruction, visit, www.bdic.ca
• Working Capital Loans: Low-Interest Loans to Business Operators
  Loans of up to $25,000 (or more if the need is clearly addressed) are being made available to qualified NWT businesses at a rate of 1.75%. Loans will be amortized for up to five years with options for payment deferment.

To be eligible, business owners will need to,
i)  Reside in the NWT
ii) Demonstrate financial need due to cash flows issues resulting from the COVID-19 crises. 

Please note, priority will be given to businesses with fewer than 20 employees but the GNWT will consider applications from businesses with up to 50 employees.
Important Dates:
• Loan application form will be posted on www.bdic.ca : March 23, 2020
• First intake of loan application: April 3, 2020
For detailed information & instruction, visit, www.bdic.ca