Commercial/Agriculture Loans
Highlights
This program is designed specifically for First Nation entrepreneurs like you. It offers commercial and agricultural loans to help you start, acquire, or expand your business. Whether you need capital for purchasing assets or operating loans to manage daily expenses, this program provides the financial support you need.
Why should you apply?
- Flexible Financing Options: Choose from capital loans, operating loans, or participation loans.
- Tailored Support: Receive business consulting services to enhance your success.
- Partnership Opportunities: Partner with other financial institutions if your needs exceed SIEF's lending limits.
What's in it for you?
- Access to Capital: Secure funding for essential business purchases.
- Operational Support: Obtain short-term loans to cover daily operational costs.
- Expert Guidance: Benefit from the expertise of Commercial and Agriculture Account Officers.
Applying is straightforward, and the program is designed to be accessible. By securing this financing, you can ensure your business has the resources it needs to thrive.
Financing Details
Type of Financing:
- Loan: SIEF offers commercial and agricultural loans to First Nation entrepreneurs and businesses.
Repayment Terms and Interest Rates:
- Repayment Term: The repayment term varies based on the loan agreement.
- Interest Rates: Interest rates are competitive and will be discussed during the loan application process.
Eligible Expenses:
- Capital Loans: Purchase of assets needed to start or expand your business.
- Operating Loans: Short-term cash flow needs for daily operations.
- Participation Loans: Partnering with another financial institution if financing needs exceed SIEF's limits.
Ineligible Expenses:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- There are no specific fees mentioned for applying or processing the loan. However, applicants must provide adequate collateral and cash equity as SIEF does not offer 100% financing.
Qualifications
- Must be First Nation-owned with at least 51 per cent ownership.
- Business must be operating in Saskatchewan or perform the majority of the work/operation in Saskatchewan.
- Applicant must be First Nations and a resident of Saskatchewan.
- Applicant must be at least 18 years old.
- Applicant must be starting a new business, acquiring an existing business, or expanding a current business.
- Must have prepared a business plan with financial projections for a minimum of three years.
- Must have completed a commercial or agricultural loan application.
- Must have adequate collateral so that the loan is fully secured.
- Must have cash equity to use towards the business as SIEF will not provide 100 per cent financing.
Description
This program offers commercial and agricultural loans to help your business grow. You can use these loans for starting a new business, buying an existing one, or expanding your current operations.
Here’s what you can get:
- Capital loans: Use these to buy assets needed to start or grow your business.
- Operating loans: These short-term loans help cover daily expenses when cash is tight.
- Participation loans: If you need more money than the program's limit, they can partner with another financial institution to meet your needs.
Why this is great for you:
- Flexible use: Whether you need to buy equipment, maintain operations, or expand, there’s a loan option for you.
- Support: You’ll get business consulting services to help you succeed.
- Respect for all sizes: Whether your operation is small or large, you’ll receive the best support and respect.
This program is designed to provide the financial support and guidance you need to succeed.
Program Steps
Prepare Business Plan: Create a detailed business plan with financial projections for at least three years. This plan should outline your business goals, strategies, and financial needs.
Gather Required Documentation: Collect the following documents to support your application:
- Completed commercial or agricultural loan application
- Business plan with financial projections
- Proof of First Nation ownership (at least 51%)
- Proof of residency in Saskatchewan
- Identification proving you are at least 18 years old
- Details of collateral to secure the loan
- Evidence of cash equity to be used towards the business
Contact SIEF Officers: Reach out to SIEF’s Commercial Account Officer or Agriculture Account Officer to discuss your loan needs and get guidance on the application process. You can call them at 306-955-4550.
Submit Application: Complete and sign the commercial or agricultural loan application. Submit this along with your business plan and other required documents to the SIEF officers.
Review and Approval: The SIEF officers will review your application and documents. They may request additional information or clarification during this process.
Finalize Loan Terms: If your application is approved, discuss the loan terms, including interest rates, repayment schedule, and any associated fees with the SIEF officers.
Receive Funds: Once all terms are agreed upon, the loan funds will be disbursed to your business, allowing you to proceed with your planned purchases or operations.