Aboriginal Business Financing Program - Private Project
Highlights
This program is designed for your business to thrive. It offers non-refundable contributions that can significantly reduce your financial burden. This means you receive funds that you do not have to pay back, unlike traditional loans. The program supports various business activities, including start-up, acquisition, expansion, marketing, and professional advisory services.
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 60% for marketing activities
- Contribution rates up to 40% for start-up, acquisition, or expansion
By being approved, you can focus on growing your business without the stress of repayment. The application process is straightforward, and if you meet the criteria, qualifying is easy. This program is a valuable opportunity to secure funding and propel your business forward.
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 or other)
- Development of a business plan, marketing plan, or feasibility studies (e.g., assessments, environmental studies)
Use of Funds:
- Funds can be used for the above eligible expenses.
- Funds cannot be used for expenses incurred prior to the approval of your file.
- Funds cannot be used for businesses involved in gambling, sex, alcohol, or tobacco sectors.
Contribution Rates:
- Up to 75% for the development of a business plan, marketing plan, or feasibility studies.
- Up to 40% for start-up, acquisition, or expansion of a business.
- Up to 60% for implementation of marketing activities.
- Up to 75% for project-related management.
- Up to 75% for professional advisory services after the business is launched.
Fees:
- There are no fees associated with the 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 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 gambling, sex, alcohol, or tobacco sectors.
Description
This program offers your business a non-refundable contribution. This means you receive funds that you do not need to pay back.
You can receive up to $99,999 for private projects and up to $1 million for community projects. These funds can be used for various activities, such as starting, acquiring, or expanding your business, implementing marketing activities, project-related management, and professional advisory services after your business is launched.
The contribution rates are generous:
- Up to 75% for developing business plans, marketing plans, or feasibility studies.
- Up to 40% for starting, acquiring, or expanding your business.
- Up to 60% for marketing activities.
- Up to 75% for project-related management and professional advisory services.
This program is an excellent opportunity to boost your business without the burden of repayment.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Project Plan (including cost estimates)
- Proof of Equity (minimum 10% of project cost)
- Credit Report
- Proof of Experience and Training in the field
Complete the Application Form:
- Fill out all required fields accurately.
- Ensure all information matches the supporting documents.
Submit the Application:
- Send the completed application form and all required documents to the designated submission address or portal.
Attend an Interview (if required):
- Be prepared to discuss your business plan and project details.
- Answer any questions from the review committee.
Wait for Approval:
- The review committee will evaluate your application and documents.
- You may be contacted for additional information or clarification.
Receive Funding:
- Upon approval, review the terms and conditions of the funding.
- Sign the agreement to receive the funds.
Implement the Project:
- Use the funds as outlined in your project plan.
- Keep detailed records of all expenditures.
Report Progress:
- Submit regular progress reports as required by the program.
- Include financial updates and project milestones.
Complete Final Reporting:
- Once the project is complete, submit a final report detailing the outcomes and financial summary.
- Ensure all documentation is accurate and complete.