Alberta Indian Investment Corporation
Highlights
This program is designed specifically for First Nation entrepreneurs in Alberta. It offers interest-bearing loans to help you establish, acquire, diversify, or expand your business. With competitive interest rates and flexible repayment terms, this program provides a financial boost that can make a significant difference.
Key Benefits:
- Loans for up to 5 years to support your business needs.
- Equity financing options available.
- Life insured loans for added security.
- Fixed or floating interest rates to suit your financial strategy.
- Flexible repayment terms to ease your financial planning.
What’s in it for you?
- Loans for equipment, working capital, and business expansion.
- Competitive rates and terms that are often better than other financing options.
- Support for both on and off-reserve businesses.
By getting approved, you can secure the funds needed to grow your business, ensuring you have the resources to succeed. The qualification process is straightforward, making it easier for you to access the support you need.
Financing Details
Type of Financing: Loan
Interest Rates and Repayment Terms:
- Interest-bearing loans with competitive rates.
- Loans are generally for periods of up to 5 years.
- Fixed or floating interest rates available.
- Flexible repayment terms.
Eligible Expenses:
- Loans to on and off-reserve businesses.
- Equipment loans.
- Loans to set up a new business.
- Loans to expand an existing business.
- Loans for working capital.
Ineligible Uses:
- Personal, housing, or consumer loans.
- Farming, ranching, or other agricultural ventures.
- Feasibility studies.
- Investment properties.
Fees:
- No specific fees mentioned.
Qualifications
- Must be a Status Indian who has resided in Alberta for at least one year.
- If a corporation or partnership, the Status Indian must:
- Own at least 51% of any shares.
- Participate more than 51% in profits.
- Be active in managing the business.
- The applicant’s head office must be in Alberta.
- Must have a business plan which shows that the business will be profitable.
- Must contribute their own equity as a portion of the total financing of the business.
- Must have adequate collateral security.
Must have an acceptable credit rating.
Disqualifications:
- Personal, housing, or consumer loans.
- Farming, ranching, or other agricultural ventures.
- Feasibility studies.
- Investment properties.
Description
This program offers you interest-bearing loans to help grow your business. You can use these loans to start a new business, expand your current one, or buy needed equipment. The loans are available for both on-reserve and off-reserve businesses.
Key benefits include:
- Competitive interest rates: You get rates that are fair and competitive.
- Flexible repayment terms: You can choose terms that fit your business needs.
- Loan periods up to 5 years: You have up to 5 years to repay the loan.
- Equity financing options: In some cases, you might also get equity financing.
You need to have a business plan that shows your business will be profitable. You must also contribute some of your own money and have good collateral and credit. This program is a great opportunity to secure the funds you need to grow your business.
Program Steps
Prepare Your Business Plan: Ensure you have a comprehensive business plan that demonstrates profitability. This plan should include your business goals, market analysis, financial projections, and strategies for growth.
Gather Necessary Documentation: Collect the following documents to support your application:
- Detailed business plan
- Proof of your equity contribution
- Collateral security details
- Credit rating report
- Proof of Alberta residency for at least one year
- Ownership details if your business is a corporation or partnership
Review Loan Terms and Options: Understand the different loan options available, including interest rates (fixed or floating), repayment terms, and any additional features like life insurance on loans. Choose the terms that best fit your business needs.
Contact AIIC for Guidance: Reach out to the Alberta Indian Investment Corporation (AIIC) for assistance with the application process. They can provide valuable insights and help clarify any questions you may have. You can contact them at 780.470.3600 or toll-free at 1.888.308.6789.
Submit Your Application: Complete the loan application form and submit it along with your prepared documentation to AIIC. Ensure all information is accurate and complete to avoid delays in processing.
Application Review: AIIC will review your application to ensure it meets all criteria. This may involve discussions or requests for additional information.
Approval and Loan Disbursement: Upon approval, finalize the loan terms, including interest rates and repayment schedule. Once agreed upon, the loan funds will be disbursed, allowing you to proceed with your business plans.