Process from A-Z

First, read the following list of documentation required. If you are unsure of what any of these documents are, please contact NBCC’s Service Professionals who will walk you through what is required, and help you identify how to obtain what you need if you don’t already have it.

Please note: NBCC requires a significant amount of information to ensure its loans and other credit facilities are processed legally. NBCC cannot process your application without all of the necessary information being submitted. Producing all of the required documentation does not guarantee approval by NBCC. All applications undergo a rigorous evaluation and due diligence process and any decision regarding approval or rejection of an application rests with the Board of Directors of NBCC.

To be eligible for credit with NBCC, you will need to provide evidence that your business was unable to obtain a loan from a financial institution on reasonable terms and conditions; or there is not a financial institution or branch of a financial institution in a community in which you carry on business.

Follow the steps A to Z.

For forms and samples of the documents outlined, you can download many of them at Loan Application Documents or link to them from this list.


Obtain a Business License (Samples) from the city or community in which your business is operating. The City of Iqaluit requires an application to be completed for a business license, with its own set of requirements. For more information for Iqaluit business licenses, please refer to:
For information from other communities, please contact your local economic development officer.


Obtain your Workers Safety and Compensation Commission certificate. See Employer Forms for more information on obtaining the correct forms for your business.


Gather Corporate Documents:
  • Certificate of Incorporation (Nunavut) (Sample) or Certificate of Incorporation (Federal) (Sample)
  • Certificate of Compliance (Nunavut) (Sample) or Certificate of Compliance (Federal) (Sample) or Certificate of Compliance (Extra-Territorial) (Sample)
  • Articles of Incorporation (Nunavut) (Sample) or Articles of Incorporation (Federal) (Sample)
  • Certificate of Incumbency (if applicable) (Sample)
  • Shareholders register (if applicable) (Sample)


Create your business plan. If the loan is for a specific project in addition to you existing business, include a project plan that details your plans for expansion. For more information on creating a business plan, please refer to business planning information at Seven Steps to Help You Start Your Business or

Item in this list from E to M below should form part of your business plan.


Contact information for key people included in your business plan, including the name, email, phone number, fax number, and full address in Nunavut for the following people:
  • principal contact person for your company
  • your guarantors,
  • bookkeeper or accountant,
  • your lawyers, and
  • your insurance broker.


Compile the resumes of major management and principle owners, which should be included as part of your business plan. If you have hired or are including additional people that are critical to the success of your project, their resumes should also be included in your business plan.


Provide proof of Canadian citizenship and residency of principal owners as part of your business plan, providing photocopies of the following:
  • Passport or birth certificate
  • Social Insurance Number (SIN) card
  • Driver’s license


Provide proof if you are a beneficiary under the Nunavut Land Claim Agreement in your business plan by providing a copy of your NLCA Beneficiary card.


Produce a Net Worth Statement (NBCC Form) of the principle owners. Include the Net worth statements for all of the major players for your project in your business plan.


Produce your current financial statements of your business. For established businesses, provide 3 years worth of annual Financial Statements. For new businesses that do not yet have financial statements, provide the past 3 years of your personal income tax returns.  These financial statements should be included as part of your business plan.


Write a letter outlining your loan requirement details:
  • the amount of the loan you require
  • when you need the loan
  • how and when you intend to pay back the loan

The contents of this letter should be reflected in the executive summary of your business plan.


Produce a proforma budget for your project. Show how you plan to repay all borrowed money from lenders. Include the pro forma budget in your business plan.


Pass a resolution for the company to approach NBCC for a loan, for companies with boards. Include a copy of the resolution in your application package to NBCC, preferably as part of your business plan.



Complete Sections 1 and 5 of Canada Revenue Agency form RC59 - a Canada Revenue Agency form that allows NBCC to access information on your company’s tax status.


Complete Sections 1 and 5 of Canada Revenue Agency form T1013 - a Canada Revenue Agency form that allows NBCC to access information on your personal tax status.


Optional:  Obtain letters of support in the event you have borrowed from other lenders, demonstrating your success in repaying loans in the past.



Compile all of the items above, including your complete business plan, and send them to:
  • Email all documents to AND
  • Mail the original signed copy of the application form and the two CRA forms; plus include copies of all supporting documents to:

Loan Applications
Nunavut Business Credit Corporation
PO Box 2548, Suite 100, Parnaivak Building
Iqaluit, NU
X0A 0H0


NBCC review process:
  • NBCC staff will confirm the receipt of your full application, and let you know if any components are missing within 2 working days of receiving your documents by email.
  • NBCC staff will then arrange to meet with you to discuss your project and application and will arrange a discussion paper based on your meeting to settle any questions you or NBCC may have regarding your project.
  • NBCC staff will then conduct its due diligence analysis of your business.
  • Credit facility committee: The credit facility committee of NBCC reviews the analysis of your plan, and makes a recommendation to the NBCC Board to approve or reject your loan application.
  • The NBCC board will meet in person or by teleconference to make a timely final decision on your application.


Notice of Approval/Rejection:  If your application is approved you will receive an email from NBCC staff to move onto the next step. If rejected, you will receive a letter outlining why your application was rejected. Under NBCC rules, you are allow to appeal a decision if you wish.


A Letter of offer from NBCC is issued to you, for your review and acceptance of the terms and security required. You review, sign, and return the letter of offer to NBCC in order to complete the final steps.


Lawyers prepare and register the security documents upon signing of the letter of offer. This can take from a few days to several months depending on the type of security.


Fill in the 05610 PAP Authorization Form that allows NBCC to withdraw payments from your bank account on a pre-agreed scheduled basis.


NBCC provides funds in trust to your legal counsel, who then disburses the funds to your business.


Make sure to communicate regularly with NBCC on your progress, to keep them updated on how well your business is growing!

If you have any questions on any of these steps, contact NBCC’s Service Professionals for more information.