Business loans in Nunavut
Iqaluit, Rankin Inlet, Cambridge Bay and every community in between: Nunavut businesses plan around the sealift and fly-in supply, which makes inventory and equipment timing critical.
Free referral service, not a lender. Applicants are usually called the same business day, often within minutes.
Where we work in Nunavut
- Iqaluit, Rankin Inlet, Arviat, Baker Lake and Cambridge Bay, plus rural areas
Local economy
Nunavut industries we see most
Nunavut is Canada's newest and largest territory, with communities spread across the Arctic and reachable mainly by air and seasonal sealift. Iqaluit is the capital and the centre for government, retail and services. Gold and iron ore mines in the Kivalliq and Qikiqtani regions have become major employers. Inuit-owned development corporations play a large role in construction, logistics and services. Arctic char, turbot and shrimp support fisheries, and Inuit art and carving are known worldwide. Construction and supply depend on the short open-water season, when a year's materials arrive by ship.
Tax remittances and your application
Nunavut has no territorial sales tax: businesses charge only the federal GST at 5%, administered by the CRA.
What fits
Products that match how Nunavut works
- Working capital for inventory ordered for the annual sealift.
- Equipment financing for construction and transport equipment.
- Invoice factoring for contractors billing governments and mines.
By industry
- Construction (all trades): Nunavut contractors must order and pay for a year's materials before sealift. A line of credit or working capital covers that spending until project payments come through.
- Grocery stores: Community stores carry large inventory that arrives by sealift or air freight. Working capital helps them stock up before the ships arrive and carry costs until goods sell.
- Hotels & motels: Hotels in Iqaluit and regional centres serve government, mining and business travellers. Renovation financing or working capital helps owners maintain buildings where materials are costly to ship.
Paperwork
Local paperwork
- Business registered with Nunavut Legal Registries (or federally incorporated)
- WSCC coverage if your industry requires it
- GST account in good standing with the CRA
Public help
Before you borrow: free Nunavut resources
- CanNor (Canadian Northern Economic Development Agency): the federal development agency for Yukon, the Northwest Territories and Nunavut.
- Nunavut Business Credit Corporation: the territorial Crown corporation supporting Nunavut businesses.
- WSCC Nunavut: the workers' compensation body for Nunavut, where employers register and obtain clearances.
- CSBFP: federal loans offered through participating lenders.
No affiliation implied.
FAQ
Nunavut business funding questions
Does Nunavut have a territorial sales tax?
No. Nunavut businesses remit only GST to the CRA. Lenders usually check that GST and payroll source deductions are up to date, so any arrears or payment arrangement is best mentioned early. Being upfront saves time.
Our revenue spikes around sealift. Is that a problem?
Not by itself. Lenders read the most recent six months of business bank statements, and sealift timing will show clearly. Explaining how the shipping season drives your purchases and sales helps them assess the business.
Can a business outside Iqaluit apply?
Yes. Businesses in Rankin Inlet, Cambridge Bay or any community can apply. Lenders look at business deposits, time in business and credit, and at a business bank account kept separate from personal funds. Have six months of statements ready.
Will a lender want a WSCC clearance?
Contractors are sometimes asked to show their Workers' Safety and Compensation Commission account is in good standing. Project owners often require the same before releasing payment, so keeping it current helps with both. Request it early.
Apply in two minutes, talk to a person, then pick an offer or walk away. Lowest network minimums*: 1 year trading, $20,000 a month in deposits, credit from 500. How it works. *Not guaranteed.
See your options in Nunavut
Soft start: no documents and no hard pull.