Aboriginal Business Loans — Micro Loans
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 to succeed.
Key Benefits:
- Non-repayable contributions for eligible expenses, reducing your financial burden.
- Loan amounts up to $750,000 for individuals and $1.5 million for communities, with various interest rates and terms.
- Flexible loan programs with minimal security requirements, making it easier to access funds.
What You Get:
- Up to 75% funding for business plans, marketing plans, and feasibility studies.
- Up to 40% for establishment, expansion, or acquisition costs.
- Up to 60% for marketing initiatives.
- Up to 90% for business support and project-related management.
By applying for this program, you can access essential financial resources and expert guidance to help your business thrive. The application process is straightforward, and the support team will assist you every step of the way.
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.
- 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
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).
- Must be living and operating the business within the Atlantic provinces.
Indigenous business and financial organizations, as well as development corporations, are also eligible for contributions.
Disqualifications:
- Businesses not operated within the Atlantic provinces.
- Individuals not of Canadian Indigenous status or non-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, marketing, and technology upgrades.
Here’s what you can use the money for:
- Developing business plans, marketing plans, and feasibility studies (up to 75% of costs)
- Establishing, expanding, or acquiring a business (up to 40% of costs)
- Marketing initiatives (up to 60% of costs)
- Business support, project-related management, and training (up to 90% of costs)
The best part? You don't have to pay this money back. This means you can invest in your business without the burden of future repayments. This program is designed to help you succeed and make your business more competitive.
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 the required documents for your application. These include:
- Business Plan
- Financial Statements (e.g., income statements, balance sheets)
- Proof of Indigenous status (if applicable)
- Quotes for equipment or services (if applying for specific funding)
- Marketing Plan (if applicable)
- Feasibility Studies (if applicable)
Utilize Provided Tools: Use the tools we provide to help you with loan calculations, creating an online presence, and other business needs while your inquiry form is being reviewed.
Review Funding Program Options: Based on your submitted inquiry form and business tools, review the funding options available to you. This will help you choose the best program for your business.
Submit Completed Application Package: Once you have all your documents and have chosen a funding option, submit your completed application package. A Client Services Officer will assist you through this process and ensure your application is sent for assessment.
Await Assessment and Approval: Your application will be reviewed. The assessment process may include discussions or requests for additional information.
Receive Continued Support: Regardless of the assessment outcome, our Business Development Team will continue to support you and your business. This includes advice, financial support, and access to additional resources.