Today, the Northwest Territories Business Development and Investment Corporation (BDIC) announced that businesses impacted by evacuation orders due to wildfires in the NWT can now apply to Wildfire Assistance and Relief Measures (WARM).
Through WARM, eligible businesses can receive a contribution up to $5,000 (maximum limit per business) if located in an evacuated community and up to $3,500 (maximum limit per business) if located in a non-evacuated community but adversely affected by the evacuation orders due to wildfires. Costs incurred from May 2023 onward will be accepted and must be supported by receipts or equivalent proof. These supports through WARM are temporary additions to ADAPT and will be accessible until March 31, 2024.
The short-term funding available through Wildfire Assistance and Relief Measures (WARM) can support businesses with maintaining or creating employment; reduction of existing fixed overhead costs; clean-up and restoration of business operations to pre-evacuation conditions or levels; and planning for and/or providing training and assistance (including professional fees) to help businesses access insurance and cover business insurance deductibles, develop or update business/continuity plans, and pursue other activities required in response to the evacuations and wildfires.
In addition to WARM, the BDIC will be automatically deferring loan payments for all clients until September 30, 2023, without penalty or additional interest charges. A deferral means that loan payments do not need to be made at this time, however, regular interest will still be charged, as per the loan agreement. NWT businesses will be automatically approved and payments deferred unless the business notifies the BDIC.
Through these measures, the BDIC aims to help provide some immediate relief and support to NWT businesses impacted from the evacuations and wildfires in the territory.
Businesses can learn more about these initiatives and can apply at www.bdic.ca.
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“The Government of the Northwest Territories is committed to helping NWT businesses impacted by the evacuations and wildfires in the territory through initiatives such as Wildfire Assistance and Relief Measures (WARM) and Loan Payment Deferment from the BDIC. This has been a difficult time for everyone and we will continue to explore different ways to provide some relief and help businesses navigate through these challenges.”
-Caroline Wawzonek, Minister Responsible for the BDIC
Quick Facts:
- The BDIC was established to support the economic objectives of the Government of the Northwest Territories by encouraging the creation and development of businesses, offering financial assistance including investment, and providing information and support to businesses.
- The BDIC is focused on promoting business growth and diversification by providing flexible financing options and targeted programs and services that support businesses.
- The Accelerate Digital Adoption Projects for Tomorrow (ADAPT) Fund has been expanded to allow for contributions to support NWT businesses adversely affected by the evacuations due to the NWT wildfires. This funding will offer support through Wildfire Assistance and Relief Measures (WARM).
- WARM funding may be available to support businesses with maintaining existing employment or creating new employment, reducing existing fixed overhead costs, supporting clean-up and restoration of business operations to pre-evacuation conditions or levels, and supporting planning, training, and assistance for other activities related to or in response to the evacuations and wildfires including accessing business insurance policies and covering insurance deductibles.
- The BDIC is available to support businesses and can be reached at info@bdic.ca for questions or assistance.
Media Requests:
Leslie Dragon
Manager, Public Affairs, Marketing and Business Services
Northwest Territories Business Development and Investment Corporation
Leslie_Dragon@gov.nt.ca
867-767-9075
Follow-us on X: @NWTBDIC
Web: www.bdic.ca