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Small Business Initiative (SBI)

Norton Sound Economic

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Funding Amount

Up to $35,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Small Business Initiative (SBI)

Overview: The NSEDC Small Business Initiative is a competitive grant program that helps spur economic activity and job growth by supporting entrepreneurs in developing or expanding their businesses in the Norton Sound region.

Eligibility:

  • Residents of NSEDC member communities

  • Entrepreneurs seeking to start or expand businesses

    • Geographic Scope:

  • NSEDC's 15 member communities in the Norton Sound region of Northwestern Alaska

    • Funding History:

  • Since 2008, NSEDC has awarded approximately $900,000 to 40 business ventures

  • 2014: $105,000 total awarded to 4 recipients

  • 2015: Increased to $150,000 total awarded to 4 recipients ($127,628 distributed)

  • Awards typically range from $20,000 to $35,000 per recipient

    • Program Process:

  • Competitive selection with independent panel of judges

  • Recipients have two years to implement business plans

  • Finalists receive a new laptop with QuickBooks Pro and Microsoft Office software

    • Contact:

  • Community Benefits Director Paul Ivanoff III

  • Phone: (907) 624-3190

  • Email: pivanoff@nsedc.com

    • Support Resources:

  • Kawerak Inc.'s Community Planning and Development department provides pre-application assistance

  • Contact: Alice Bioff (toll-free: 877-219-2599 or Nome: 443-4366)

    • How to Apply

    Application Process

    1. Application Period: Typically open April-July annually
    2. Application Materials: Available at www.nsedc.com, NSEDC offices, or from NSEDC Community Outreach Liaisons
    3. Submission: Complete application packet submitted by deadline
    4. Review Process: Independent panel of judges reviews all applications
    5. Finalist Selection: Panel narrows applicants to finalists (typically 5-6)
    6. Presentation: Finalists present business plans in person (late summer/early fall)
    7. Award Decision: Judges allocate available funding among award recipients (up to $35,000 per recipient)
    8. Implementation: Recipients have two years to implement business plans

      Required Materials

    • Business plan
    • Proposal documentation
    • Supporting materials as specified in application packet

      Application Support

    • Pre-application business planning assistance available through Kawerak Inc.
    • Contact: Alice Bioff at Community Planning and Development
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    Focus Areas & Funding Uses

    Fields of Work

    small-businessesstartups

    Categories

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