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Financing New Business in Nunavut When You Have a Bad Credit

New businesses in Nunavut have different financing options available and even start-ups with bad credit and limited credit exposure qualify under some programs.

Government Programs

The Small Business Support Program is the first stop for start-up businesses in Nunavut. Under the Small Business Opportunities Fund, the goal is to offer support and assistance to pilot projects, expansions, and business start-ups. The Entrepreneur Development Fund also assists start-ups and provides training in risk management, tourism safety, business start-up, bookkeeping, and accounting. Under the Small Business Support Program, start-ups are offered services and advisory such as investment placement, bid security, loan guarantees, and loans. These services are available in Baffin, Kivalliq, and Kitikmeot and are offered through business development centre offices.

Private Lenders

Another option is to check with private lenders in Nunavut to see whether you qualify for business financing. Check with major and local banks to find more about their requirements. If you have some asset to pledge as a guarantee, you have better chances for getting approved. This can be anything of value, for example, machinery and equipment, inventory, accounts receivable, business inventory, deposits in bank and savings accounts, cash savings, and anything else. Secured business loans are available from banks, credit unions, and other establishments. There are other funding sources to look into if you have tarnished credit, including peer to peer lending networks and angel investors. Peer to peer lenders offer business and personal loans at competitive interest rates. There are no hidden fees. While the terms and loan amounts vary by lender, the repayment term is usually up to 5 years. The interest rate also varies from 5.9 to 20 percent depending on credit rating. Customers with average and bad credit scores are offered interest rates in the low 20s because they are risky borrowers. Another option is to contact angel investors to check their terms. Also known as angel funders and informal investors, they offer start-up capital to new businesses in exchange for a percentage of the ownership equity. Anger investors are usually entrepreneurs with free capital to invest and usually require a significant percentage in exchange for funding. Finally, you can use a low-interest business credit card with a high limit to cover some of the start-up expenses.

Resources:
https://www.lifeoncredit.ca/top-5-student-credit-cards-for-young-canadians/

https://www.lifeoncredit.ca/bad-credit-personal-loans-in-canada/

https://www.bdc.ca/en/i_am/aboriginal_entrepreneur/pages/aboriginal_fund.aspx

Protecting Workers in the Northwest Territories and Nunavut

Workers’ rights are protected under different regulations in the Northwest Territories and Nunavut with the goal of setting employment and safety standards with regards to standard hours of work, continuity of employment, exemptions, safety in the workplace, compensation, and more.

Safety in the Workplace

In the Northwest Territories, employers are responsible for workplace safety and occupational health. Employees who suffer injuries should be transported to the nearest medical centre or hospital for treatment. They have to submit a completed Worker’s Report of Injury form while employers are required to complete an accurate and detailed account of the accident. In Nunavut, a number of codes and acts set standards of safety and occupational health, including the General Safety Regulations, Code of Practice on Hazard Assessment, Code of Practice on Asbestos Abatement, and others. The Consolidation of Safety Act sets standards on posting notice of danger, imminent danger, work in case of unusual danger, duty to assist safety officers, and so on.

Protecting from Injuries

If you are a resident of Nunavut or the Northwest Territories and a federal employee, you have the right to request investigation and are entitled to compensation for work-related injuries. In addition, there are safety and health procedures set in place to help protect workers from injuries and accidents as well as health and safety programs that detail the responsibilities and roles of employees and employers. Employees and workers have the right to refuse, participate, and know while employers must comply with relevant acts and regulations as well as directions by appeals and safety officers. It is essential to develop and implement safety and hazards procedures to minimize the risk of work-related injuries and accidents.

Insurance Compensation

Employees are entitled to compensation for illnesses, accidents, and injuries at the workplace. Payments help cover physical disabilities, auxiliary care, clothing, medical equipment, training, and other expenses. Compensation covers payments for physiotherapy, medical treatments, prescription drugs, and lost income. Workers who are entitled to receive compensation are required to provide information such as type and amount of payments, weekly and daily amounts, and end and start date.

Resources: http://www.ccohs.ca/legislation/nunavut.html

http://www.voccompliance.com/elis/elis_docs.asp?doc_id=nun_029