Aboriginal Business Loans — General
Highlights
This program is a great opportunity for your business. It offers flexible financing options tailored to meet your needs. Whether you are starting a new venture or expanding an existing one, this program can provide the financial support you need.
Why Apply?
- Flexible Loan Amounts: Up to $750,000 for individuals and $1.5 million for communities.
- Low Security Requirements: Minimal collateral needed, making it easier to qualify.
- Competitive Interest Rates: Various rates available, with terms up to 20 years.
Benefits for Your Business
- Non-Repayable Contributions: For eligible expenses like business planning, marketing, and technology upgrades.
- Continued Support: Ongoing assistance from the Business Development Team to ensure your success.
- Credit Rating Establishment: Helps build your business credit, opening doors for future financing.
Applying is straightforward, and the program is designed to be sensitive to your unique needs. This is a chance to secure the funding and support necessary to grow and sustain your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Loan amounts available up to $750,000 for individuals and $1.5 million for communities.
- Various interest rates apply, depending on the loan amount and terms.
- Maximum amortization period of 20 years.
Eligible Expenses:
- Business planning
- Establishment and operating costs
- Business acquisitions and expansions
- Local, domestic, or export-oriented marketing initiatives
- New product or process development
- Adding technology to improve operations and competitiveness
- Financial services, business support, business-related training, and mentoring services
Ineligible Expenses:
- Personal expenses
- Non-business-related activities
- Any expenses not directly related to the business operations
Fees:
- No specific fees mentioned; contact for further details.
Qualifications
- Must be an individual of Canadian Indigenous status or non-status, Metis, or Inuit Heritage (on or off reserve).
- Business must be operating within the Atlantic provinces.
Indigenous business and financial organizations, as well as development corporations, are also eligible for contributions.
Disqualifications:
- Businesses not operating within the Atlantic provinces.
- Individuals who are not of Canadian Indigenous status, Metis, or Inuit Heritage.
Description
This program offers non-repayable contributions to help your business grow. You can receive funding for various needs, such as business planning, operating costs, and marketing initiatives.
Eligible expenses include:
- Up to 75% for developing business plans, marketing plans, and feasibility studies.
- Up to 40% for establishing, expanding, or acquiring a business.
- Up to 60% for marketing initiatives.
- Up to 90% for business support and project-related management.
The program is designed to support Indigenous entrepreneurs by providing financial assistance without the need to pay it back. This can significantly reduce your financial burden and help you focus on growing your business.
Program Steps
Complete the Client Inquiry Form: Start by filling out the Client Inquiry Form. This helps us understand your business needs and strengths.
Prepare Necessary Documentation: Gather and prepare the following documents:
- Business Plan
- Financial Statements
- Marketing Plan
- Feasibility Studies
- Quotes for Equipment or Renovation Costs
Review Provided Tools: Utilize the tools provided to you, such as loan calculators and business templates. These will help you refine your plans and projections.
Explore Funding Options: Based on your completed Client Inquiry Form and the tools provided, review the funding options available to your business.
Submit Your Application: Once your application package is complete, submit it to the Client Services Officer. They will guide you through the submission process and ensure everything is in order.
Application Assessment: Your application will be assessed. The Client Services Officer will keep you informed about the status and any additional information needed.
Receive Continued Support: Regardless of the outcome, the Business Development Team will continue to support you and your business, providing ongoing assistance and resources.