Aboriginal Entrepreneurship Program — Access to Capital
Highlights
The Aboriginal Entrepreneurship Program (AEP) is designed specifically for Indigenous entrepreneurs like you. This program offers non-repayable equity contributions to help you start, expand, or acquire a business. You can receive up to $99,999 in funding assistance as an individual entrepreneur, and up to $250,000 if you are an eligible Indigenous community business. This funding can be accessed through Indigenous Financial Institutions (IFIs) and Métis Capital Corporations (MCCs) across Canada.
What You Get:
- Non-repayable equity contributions to support your business
- Business services to help you succeed
- Funding to cover borrowing and operational costs for lenders, enhancing your access to capital
Benefits:
- No repayment required for the equity contributions
- Flexible funding amounts based on your business needs and budget
- Ongoing support from a network of IFIs and MCCs
Applying is straightforward, and there is no deadline, making it easier for you to take advantage of this opportunity at your own pace. Contact your local IFI or MCC to get started and see how this program can help your business thrive.
Financing Details
Type of Financing:
- Non-Repayable Equity Contribution: This program offers a non-repayable equity contribution to Indigenous entrepreneurs and businesses. This means you do not need to pay back the funds received.
Eligible Expenses:
- Start-Up Costs: Funds can be used to cover expenses related to starting a new business.
- Business Expansion: You can use the funds to expand your existing business operations.
- Business Acquisition: The program supports the purchase of an existing business.
- Operational Costs: Funds can be used to cover operational costs that support business activities.
Ineligible Expenses:
- Personal Expenses: Funds cannot be used for personal expenses unrelated to the business.
- Non-Business Activities: Any activities not directly related to the business operations are not eligible for funding.
Fees:
- No Fees: There are no fees associated with applying for or receiving this funding.
Qualifications
- Must be an Indigenous individual or a business owned and controlled by Indigenous Peoples.
- Must be an Indigenous organization or association, excluding those with charitable or religious purposes.
- Must be located in Canada.
- Must be a small or medium-sized business.
Must apply through Indigenous Financial Institutions (IFIs) or Métis Capital Corporations (MCCs).
Disqualifications:
- Charitable organizations.
- Religious organizations.
Description
The Aboriginal Entrepreneurship Program offers a great opportunity for your business. It provides up to $99,999 in funding assistance for individual Indigenous entrepreneurs and up to $250,000 for eligible Indigenous community businesses. This money can help you start, expand, or acquire a business.
The funding is non-repayable, meaning you don't have to pay it back. You can use it to cover various business needs, from purchasing equipment to improving operations. This program also helps lenders cover borrowing costs, making it easier for you to get the capital you need.
By participating in this program, you gain access to a network of Indigenous Financial Institutions (IFIs) and Métis Capital Corporations (MCCs) across Canada. These organizations are there to support your business journey and ensure you have the resources to succeed.
Program Steps
Contact Your Local IFI or MCC: Reach out to your local Indigenous Financial Institution (IFI) or Métis Capital Corporation (MCC) to express your interest in the program and get initial guidance.
Prepare Required Documentation: Gather the necessary documents for your application. These typically include:
- Business plan
- Financial statements (current and projected)
- Proof of Indigenous ownership and control
- Personal identification documents
- Details of the business proposal, including budget and scope
Consult with IFI or MCC: Schedule a meeting with your local IFI or MCC to discuss your business proposal and ensure all required documentation is in order.
Complete the Application Form: Fill out the application form provided by your IFI or MCC. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation to your IFI or MCC.
Review and Follow-Up: The IFI or MCC will review your application. Be prepared to provide additional information or clarification if requested.
Approval and Funding: If approved, discuss the terms of the funding, including the non-repayable equity contribution and any other support services available. Once agreed upon, the funds will be disbursed to support your business needs.