Small Business Funding in Nunavut

Canada is witnessing something of an “Arctic Renaissance.” While population centers such as Toronto, Vancouver, and Edmonton have traditionally been thought of as the economic powerhouses of the country, Canada’s Arctic-adjacent provinces and territories have been more than holding their own.

Look at Nunavut for example. Canada’s most northerly territory is on track to achieve its fifth consecutive year of growth levels of above 5%, followed by a projected sixth in 2021. All of this is despite the coronavirus pandemic that has ravaged Canada and the rest of the world.

There are many reasons for these successes. But one of the most important is the proliferation of small businesses in Nunavut. The dynamism and innovation of these small businesses is helping to make Nunavut a more diverse economy than ever before. And, the contribution that is being made to the local economy and to the jobs market is huge.

Here at SharpShooter Funding, we are proud to be able to help businesses in Nunavut reach their potential. We offer funding packages and funding designed to support small businesses and to make life easier for all residents in the region. Our team recognizes how important small businesses are to the local community, and it is this that drives us onward.

Like many of Canada’s provinces and territories, it is natural resources that dominate the economy. Mining, quarrying, and oil and gas extraction provide the vast majority of the territory’s GDP every year ($876.1 million, compared to construction in second place with $585.1 million).

However, there are a great many small and medium-sized businesses that are also making powerful contributions. Real estate, for example, is another major driving force in the local economy, along with retail and wholesale, transportation and warehousing, information and cultural industries, admin and support, waste management, financial services, and more. In these sectors, entrepreneurs and start-ups are achieving great successes.

Tourism is also an important industry in Nunavut, along with traditional crafts and artworks from the First Nation communities that have called this area home for millennia. 

These are all areas in which small businesses are thriving in Nunavut. And, SharpShooter Funding can be found right there alongside these smaller enterprises, supporting them every step of the way.