In 1947, a group of business owners joined and formed an association that was incorporated with the territorial government as the Yellowknife Board of Trade. The main purpose of the Board of Trade was to lobby various levels of government to ensure that laws governing businesses locally, regionally, territorially and nationally were fair and equitable. Throughout the years, the association grew to become more involved with the community in general. An excerpt from its original constitution states that the Board was organized "for the purpose of advancing the commercial, mining, industrial and civic interests of the town of Yellowknife and vicinity. This Board of Trade in its activities shall be non-partisan, non-sectional and non-sectarian and shall take no part or lend its influence to the election of any candidate for federal, provincial, county or municipal office. The membership of the Board of Trade shall be composed of men of good standing interested in commercial, mining, industrial and civic progress of the community served by this organization."
In an effort to embrace all sectors of business, the Board of Trade became the Yellowknife Chamber of Commerce in 1973. The Chamber is a non-profit, voluntary organization made up of businesses, organizations and individuals who are dedicated to the prosperity of Yellowknife. The Yellowknife Chamber of Commerce counts among its members many businesses in Yellowknife, ranging from home offices and independent professionals to Yellowknife's largest corporations, including mines and major transportation companies. The mission of the Yellowknife Chamber of Commerce is to provide leadership to the business community and to promote growth and diversification of trade and commerce. This in turn will support the economic, civic and social welfare of Yellowknife. The Chamber endeavors to improve economic development through the provision of services and support to members. It is the goal of the Chamber to promote beneficial commerce within Yellowknife and between businesses in Yellowknife and other parts of the Northwest Territories and Canada. The Chamber offers training and seminars for entrepreneurs and staff, in all areas of quality service and business management. The Chamber operates on a yearly budget of approximately $275,000 dollars per year. Sources of funding include membership fees, private sector donations, service fees, retail revenues and training contacts. This organization receives no core funding or government grants.