Aboriginal Business Financing Program — Community project
Highlights
This program is designed for you. It offers a non-refundable contribution to support your business. This means you won't have to pay back the funds you receive. This can significantly reduce your financial burden and help you focus on growing your business.
Key Benefits:
- Up to $99,999 for private projects
- Up to $1,000,000 for community projects
- Contribution rates up to 75% for business plans, marketing plans, and feasibility studies
- Contribution rates up to 40% for start-up, acquisition, or expansion of a business
- Contribution rates up to 60% for marketing activities
- Contribution rates up to 75% for project-related management and professional advisory services
Why Apply?
- No repayment required: Unlike loans, this contribution does not need to be repaid.
- Flexible use of funds: Use the funds for various business needs, including start-up costs, marketing, and professional services.
- Easy qualification: If you meet the basic criteria, you have a good chance of being approved.
Applying for this program can provide the financial boost your business needs to thrive without the stress of repayment.
Financing Details
Type of Financing: Non-Refundable Contribution
Eligible Expenses:
- Start-up, acquisition, or expansion of a business
- Implementation of marketing activities
- Project-related management
- Professional advisory services after the business is launched (e.g., accountant)
- Development of a business plan, marketing plan, or feasibility studies (assessments, environmental studies, etc.)
Use of Funds:
- Start-up, acquisition, or expansion of a business: Contribution rate up to 40%
- Implementation of marketing activities: Contribution rate up to 60%
- Project-related management: Contribution rate up to 75%
- Professional advisory services after the business is launched: Contribution rate up to 75%
- Development of a business plan, marketing plan, or feasibility studies: Contribution rate up to 75%
Ineligible Expenses:
- Any expenses incurred prior to the approval of your file
- Sectors of activity such as gambling, sex, alcohol, and tobacco
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a First Nation or the Native Alliance of Quebec.
- Must be a member of a First Nation or the Native Alliance of Quebec.
- Must be a corporation owned by a First Nation, the Native Alliance of Quebec, or by one of their members.
- Must have the necessary financial resources (equity: 10% minimum of the cost of the project).
- Must present a viable business project.
- Must have a good credit rating.
- Must have experience and training in the field of activities.
Mandatory full-time involvement in the business.
Disqualifications:
- Businesses involved in the following sectors of activity: gambling, sex, alcohol, tobacco.
Description
This program offers your business a non-refundable contribution. This means you get funding that you don’t have to pay back.
You can receive up to $99,999 for private projects and up to $1 million for community projects. The money can be used for various purposes like starting, acquiring, or expanding your business. You can also use it for marketing activities, project management, and professional advisory services after your business is launched.
The contribution rates vary depending on the activity. For example, you can get up to 75% for developing a business plan or 40% for starting or expanding your business. This funding can significantly reduce your financial burden and help you grow your business effectively.
Program Steps
Gather Necessary Documentation:
- Business plan
- Financial statements
- Proof of equity (minimum 10% of project cost)
- Credit report
- Proof of experience and training in the business field
Prepare Project Proposal:
- Detailed description of the business project
- Marketing plan
- Feasibility studies (if applicable)
- List of eligible expenses
Complete Application Form:
- Fill out the application form provided by the program
- Ensure all sections are completed accurately
Submit Application:
- Submit the completed application form along with all required documentation to the designated office or online portal
Await Review and Approval:
- The application will be reviewed to ensure it meets all criteria
- Be prepared to provide additional information if requested
Receive Approval and Funding:
- Upon approval, discuss the terms of the contribution
- Funds will be disbursed according to the agreed terms
Implement Project:
- Use the funds to start, acquire, or expand your business
- Follow the approved project plan and budget
Report Progress:
- Provide regular updates on the project’s progress as required
- Submit any additional documentation or reports requested by the program
Complete Project:
- Ensure all project activities are completed as planned
- Submit a final report detailing the outcomes and benefits of the project