Another way Atuqtuarvik impacts communities and individuals is through its formal and active Corporate Social Responsibility (CSR) program. Every year a healthy budget is set aside for social, cultural and educational initiatives. Donations and sponsorships assist individuals, teams, events and various programs such as the Arctic Inspiration Prize, Students on Ice and others. We have also donated money directly to efforts like the breakfast programs at schools across the territory. In addition, Atuqtuarvik awards five scholarships worth $15,000 annually to students who are in post-secondary studies. The strengths of Atuqtuarvik are its insights into the challenge of finding and obtaining capital to establish a business in the North and having a good understanding of the needs of Nunavut communities. “One of the issues for sourcing financing is the geography and remote locations of businesses,” says Hick. “For example, in order for a business to open its doors in the coming year it may need to order materials the year prior because ships and barges can only make deliveries to communities from July or August to October. This situation can become a problem because a financier will not want to lend to the deal because of the higher risk associated with the project materials sitting idle for several months before they can be used. For entrepreneurs, if they wait to the following year to receive materials then their businesses are a year late in getting set up and running.” There is little that can be done to resolve this situation because it is due to the weather. However, by recognizing this predicament, Atuqtuarvik and the client can discuss options about the best FNBC Baker Lake Grand Opening with Community Members 40 APR 2023 | BUSINESS ELITE CANADA
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