Thank you, Mr. Speaker. I was happy to hear the Minister just now speak of SEED funding, and I'd like to take that a step further with her today.
Mr. Speaker, our NWT businesses need aggressive, innovative stimulus programs and an influx of cash so they can start the long journey of regenerating our northern economy. I was pleased to hear that ITI has topped up its SEED program by $140,000, to $4 million, to support new, innovative proposals that reflect the realities of the post-COVID-19 economy.
The program guidelines provide that funding should support forward-looking business proposals aimed at supporting employment, creating new business opportunities, or positioning businesses to recover and grow. Applicants should also demonstrate innovative approaches, ideas or solutions to the current economic operating environment. This top-up is welcome, Mr. Speaker, and I congratulate the Minister for finding the funding from within. However, I am concerned that the program, which was not designed to support existing businesses, will do little to help longstanding NWT businesses in this COVID-19 world.
SEED stands for Support for Entrepreneurs and Economic Development, and the new program was specifically designed to give new businesses the opportunity to take root. As it stands today, the policy guiding the SEED program contains a market disruption clause which gives ITI the authority to deny funding to anyone offering services similar to another business. Unless this is remedied, Mr. Speaker, most of our long-time established northern businesses will not qualify for SEED program funding. Most marketplace evolutions take place gradually, allowing entrepreneurs the time to determine how to make their businesses into living organizations that grow with the world around them so they do not risk losing out.
Mr. Speaker, COVID did not offer a gradual evolution to business owners. One day, the North was operating business as usual, and then, the next day, businesses were forced to close their doors. In this context, market disruption should be the least of our concerns.
Mr. Speaker, GNWT programs must be fluid, capable of change in a new world that shifts daily in response to COVID-19. SEED is a great opportunity to use existing GNWT dollars to regenerate our economy, but it needs further tweaks to ensure that as many northern businesses as possible can access the program.
I look forward to a productive discussion with the ITI Minister on how we can work together to evolve SEED to best support the regeneration of NWT businesses. Thank you, Mr. Speaker.