The government of Canada has taken the initiative to develop the northern side of the country. The Northern strategy came out in 2007 as an initiative to develop the economic situation, infrastructure for community development, create work opportunities, improve transportation, and grow businesses across the northern region.
The strategies vision includes four significant aspects of development, such as-
- Exercising the Arctic sovereignty of Canada.
- Promoting social & economic development in North Canada.
- Protecting the environmental heritage of Canada.
- Improving and devolving Canada’s Northern governance.
The government of Canada has Regional Development Agencies (RDA) to help develop the regional businesses. There are seven RDAs in Canada that help Canadian businesses thrive.
Among these seven RDAs, CanNor is the RDA that helps with the regional development of Northern Canada. On the other hand, Norstrat is a company that helps develop business in the north Canadian region; the company builds upon the Northern strategy.
Business Across North Canada
The vast northern part of Canada contains a massive portion of its underground and natural resources. Although the climate is on the opposite side of the efforts of development, the government cannot deny the potential and the natural resources of North Canada.
Investment in science projects has stimulated exploration companies into finding new minerals and natural resources in northern Canada. As a result, the number of jobs is also growing in the north of Canada.
The immeasurable wealth stored in the heart of northern Canada in the form of its mines, forestry, crude oils, natural gas open the way for many businesses to emerge in north Canada.
Northern Strategy Of Canada In Business Development
CanNor, the Canadian Northern Economic Development Agency, is working to help the small, medium, and large businesses across the territories to grow. They offer training, advisory services, and even frequent funding for multiple small and medium enterprises in north Canada.
This strategy intends to build a business system for north Canada that is diverse, competitive, and has a capacity for substantial innovation. By developing the different sectors of business, the strategic vision also strengthens bonds between northern communities.
The CanNor agency works with several businesses, communities, businesses, and territorial governments to develop businesses.
Through their various programs and services, they try to encourage entrepreneurship and innovation and develop a sustainable economic background based on tourism, geoscience, fisheries, and cultural traditions.
CanNor Supported North Canadian Business During The Pandemic
The pandemic has made the world suffer; the north Canadian businesses also got affected by the pandemic. But CanNor was there to support the entrepreneurs and businesses to help them during and after the pandemic.
In the light of the northern strategy, CanNor has been helping the north Canadian businesses with strategic investments for post-pandemic recovery. CanNor has made several relief funds to support the northern business such as-
- $15 million on northern business relief fund.
- $34.3 million on regional relief and recovery fund.
- $31.3 million investment in small and medium-sized businesses. This investment has saved more than 1600 jobs and supported around 565 businesses.
CanNor Contribution Programs For Business Development
CanNor uses the knowledge and expertise of the local people to help with the growth and development of the regional organizations and businesses. CaNor has some contribution programs that help and support small businesses in North Canada. Here are the name of those programs-
- (IDEANorth) Inclusive Diversification And Economic Advancement In The North.
- Women Entrepreneurship Strategy (WES).
- Northern Aboriginal Economic Opportunities Program (NAEOP).
- Regional Economic Growth through Innovation (REGI).
- Economic Development Initiative (EDI).
CanNor also offers third-party delivery arrangements to provide business advisory services. These services assist the aboriginal small business owners in accessing finance for start-ups, business expansion, and marketing. CanNor also serves as the federal managing partner of Canada Business Services Centres. The RDA, CanNor works upon the Northern Strategy of Canada.