Aboriginal Business Investment Fund
Highlights
This program is a fantastic opportunity for your business. It offers grants ranging from $150,000 to $750,000 to cover capital costs. This funding can be used for essential expenses like equipment purchases, construction, or infrastructure improvements. Unlike other financing options, this grant can cover up to 100% of eligible costs, making it a highly beneficial choice.
Why apply?
- Significant financial support: Up to $750,000 in grants.
- Flexible usage: Funds can be used for various capital costs.
- Government-backed: Assurance of reliability and support.
Being approved for this grant can help you start or expand your business, create jobs, and generate revenue for your community. The application process is straightforward, and your business already qualifies. This is a unique chance to secure substantial funding with fewer financial risks.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates applicable.
Eligible Expenses:
- Equipment purchases.
- Construction or improvement of buildings.
- Infrastructure development.
Ineligible Expenses:
- Operational costs.
- Salaries and wages.
- Marketing and promotional activities.
Fees:
- No fees associated with the program.
Qualifications
- Must be an Indigenous community in Alberta or a corporate entity owned by an Indigenous community located in Alberta.
- Community must own and control 51% or more of the proposed business or joint venture.
- Corporate entities must be in good standing.
- Must be in compliance with the terms and conditions of any previous Indigenous Relations funding.
Only one ABIF application can be submitted by an Indigenous community in any given funding year.
Disqualifications:
- Businesses not owned or controlled by Indigenous communities.
- Corporate entities not in good standing.
- Applicants not in compliance with previous Indigenous Relations funding terms and conditions.
- Multiple applications from the same Indigenous community within the same funding year.
Description
This program offers your business a grant ranging from $150,000 to $750,000. This money can cover up to 100% of eligible capital costs. You can use it for things like buying equipment or constructing and improving buildings.
Key benefits include:
- Full coverage of eligible costs: You can use the grant to pay for equipment, building construction, or infrastructure improvements.
- No payback required: This is a grant, not a loan, so you don't have to worry about repayment.
- Combining funds: You can combine this grant with other government or industry funding sources to maximize your project budget.
This funding aims to support Indigenous community-owned businesses. It helps increase the number of businesses, create jobs, and boost local revenue. This program is a great opportunity to strengthen your business and contribute to your community's economic growth.
Program Steps
Read the Guidelines: Refer to the ABIF Application Guidelines to understand the program’s terms and conditions.
Complete Your Application Package:
- ABIF Grant Application Form: Clearly define the business and scope of work, including:
- Estimated costs or funding sources
- A reasonable timeline for carrying out project activities
- Project milestones
- Detailed business plan for ongoing operations
- Project plan if construction is required
- Comprehensive Business Plan: Provide your own business plan or complete the provided business plan template. Ensure it includes all required content as detailed in the ABIF Application Guidelines.
- Community Support: Demonstrate organizational support for your project (e.g., Band Council Resolution).
- Supporting Documentation: Include relevant documents that support the viability of the project, such as:
- Feasibility studies
- Permits
- Environmental assessments
- Letters of support
- Franchise agreements
- Partnership arrangements and commitments
- ABIF Grant Application Form: Clearly define the business and scope of work, including:
Submit the Application Package:
- Submit one electronic copy of the entire application package to [email protected].
After You Apply:
- Your application will be evaluated based on community benefits, management risk, industry risk, and financial risk.
- Evaluation occurs in three phases:
- A cross-ministry panel reviews each application.
- Top-scoring projects receive an in-depth assessment.
- Each applicant is informed about the final funding decision.
- Applicants can request a debrief session to review the in-depth results of the evaluation process.
Reporting:
- Successful applicants must provide audited financial statements and a short narrative summary, including:
- Project significance to the community
- Relevant statistics (e.g., number of permanent jobs held by Indigenous people)
- General outcomes, challenges, successes
- Lessons learned
- Successful applicants must provide audited financial statements and a short narrative summary, including:
Follow-Up:
- The Alberta government may follow up with applicants to evaluate the project’s effectiveness and discuss best practices and progress.