Aboriginal Business Loans — Youth and Womens 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.
What You Get
- Up to $750,000 for individual projects
- Up to $1.5 million for community projects
- Non-repayable contributions for eligible expenses
The funds can be used for:
- Business planning and feasibility studies
- Establishment, expansion, or acquisition
- Marketing initiatives
- New product or process development
- Adding technology to improve operations
The key difference between this financing and others is its flexibility and support structure. The program is designed to be sensitive to your needs, with minimal security requirements and a simple application process. Additionally, you will receive ongoing support from a dedicated team to help you succeed.
Financing Details
Type of Financing: Non-repayable Contribution
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
Use of Funds:
- Up to 75% for the development of business plans, marketing plans, and feasibility studies
- Up to 40% for establishment, expansion, or acquisition
- Up to 60% for marketing initiatives
- Up to 90% for business support and project-related management
Restrictions:
- Funds cannot be used for non-business-related expenses.
Fees:
- No fees are associated with this program.
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.
Disqualifications:
- Businesses not operated within the Atlantic provinces.
- Individuals who are not of Canadian Indigenous status or non-status, Metis, or Inuit Heritage.
Description
This program offers non-repayable business contributions to Indigenous entrepreneurs and community-owned businesses. This means you can receive funding without the need to pay it back, which can significantly boost your business.
You can use this money for various purposes, such as:
- Business planning
- Establishment and operating costs
- Business acquisitions and expansions
- Marketing initiatives
- New product or process development
- Adding technology to improve operations and competitiveness
Eligible expenses can be covered up to:
- 75% for business plans, marketing plans, and feasibility studies
- 40% for establishment, expansion, or acquisition
- 60% for marketing initiatives
- 90% for business support and project-related management
This program is a great opportunity to get financial support for your business without the burden of repayment. It helps you grow and develop your business with fewer financial risks.
Program Steps
Complete the Client Inquiry Form: Start by filling out the Client Inquiry Form to provide an overview of your business and its needs.
Review Recommended Tools: Utilize the tools provided to help with loan calculations, creating an online presence, and other immediate business needs.
Prepare Documentation: Gather the necessary documents for your application. These typically include:
- Business Plan
- Financial Statements
- Proof of Business Registration
- Identification Documents
- Quotes or Estimates for Intended Use of Funds
Explore Funding Program Options: Review the available funding options based on your completed Client Inquiry Form and the tools provided.
Submit Application Package: Put together your completed application package, including all required documentation, and submit it to the Client Services Officer.
Follow Up with Client Services Officer: Work with the Client Services Officer to navigate the application process and ensure all necessary information is provided.
Receive Continued Support: Regardless of the application outcome, the Business Development Team will continue to support you and your business.