First Peoples Economic Growth Fund – Joint Venture Program
Highlights
This program is designed specifically for large-scale First Nations enterprises like yours. It offers up to $1,000,000 in financing or 50% of your total project costs, whichever is less. This can be a game-changer for your business, providing the capital needed to grow and succeed. The minimum funding starts at $200,000, ensuring substantial support for your ventures.
What You Get
- Flexible Financing Options: Choose from common shares, preferred shares, convertible debentures, term loans, mortgages, and more.
- Significant Funding: Up to $1,000,000 to cover startup costs, working capital, and other project expenses.
- Priority for High-Value Projects: Projects with higher-end value-added components are given priority, increasing your chances of approval.
Why Apply?
- Government-Backed Security: This program offers a secure and reliable source of funding.
- Tailored Support: Financing options are flexible to meet your specific needs.
- Growth Potential: With substantial funding, your business can expand, innovate, and thrive.
Applying is straightforward, and the criteria are clear. This program is an excellent opportunity to secure the financial support your business needs to reach new heights.
Financing Details
Type of Financing: Loan
Loan Terms and Conditions:
- Financing is available for up to the lesser of $1,000,000 or 50% of the fair market value of the total project costs.
- Minimum funding under this program is $200,000.
- Projects must have total costs exceeding $500,000.
- The loan must be for-profit and commercially viable.
Eligible Expenses:
- Startup costs
- Working capital
- Total project costs
Use of Funds:
- Funds cannot be used for non-profit projects.
Repayment Terms:
- Specific repayment terms and interest rates will be negotiated and set out in the agreement.
Fees:
- No specific fees are mentioned in the provided context.
Qualifications
- Must be a large-scale First Nations enterprise.
- Must have a profit objective (not-for-profit projects will not be considered).
- Must demonstrate viability through a sound business plan.
- Must primarily operate in Manitoba.
- Must be reputable and appropriate in nature.
- Must be at least 51% owned and controlled by Manitoba First Nations.
- Total project costs must be in excess of $500,000.
- Minimum funding under this program will be $200,000.
Financing is available for up to the lesser of $1,000,000 or 50% of the fair market value of the total project costs.
Disqualifications:
- Not-for-profit projects.
- Businesses not primarily operating in Manitoba.
- Businesses not at least 51% owned and controlled by Manitoba First Nations.
- Projects with total costs less than $500,000.
Description
This program offers your business up to $1,000,000 in financing. You can use this money to cover up to 50% of your total project costs, including startup expenses and working capital. The minimum amount you can receive is $200,000, and your project must have total costs exceeding $500,000.
You can use the funds for:
- Purchasing equipment
- Expanding your facilities
- Covering operational costs
The program supports various forms of financing such as common shares, preferred shares, convertible debentures, term loans, and mortgages. This flexibility allows you to choose the best option for your business needs.
Why is this beneficial for you? This program provides substantial financial support, helping you to grow and scale your business. It prioritizes higher-end, value-added projects, giving you an edge if your business aims for significant impact and profitability.
Program Steps
Download the Application Form: Access the Joint Venture Financing Application in either PDF or Word format from the program's website.
Prepare Business Documentation: Gather the necessary documents to support your application. This includes:
- A detailed business plan
- Financial statements
- Proof of ownership (showing at least 51% ownership by Manitoba First Nations)
- Market analysis
- Project cost estimates
- Any other relevant documents that demonstrate the viability and commercial potential of your project
Review Loan Terms and Conditions: Understand the financing options available, such as common shares, preferred shares, convertible debentures, term loans, and more. Ensure you are familiar with the terms, including the minimum and maximum funding amounts, and the requirement that total project costs exceed $500,000.
Complete the Application Form: Fill out the Joint Venture Financing Application form with accurate and detailed information about your business and project.
Submit the Application: Send the completed application form along with all required documentation to the designated contact point provided by the program.
Await Initial Screening: The program will conduct an initial screening of your application to assess the business concept and its potential.
Respond to Follow-up Requests: Be prepared to provide any additional information or clarification if requested by the program during their review process.
Review Approval Criteria: Familiarize yourself with the Joint Venture Approval Criteria to understand the factors that will be considered in the final decision.
Receive Decision and Funding: Upon approval, review the final loan terms, including the interest rate, repayment schedule, and any associated fees. Once agreed upon, the funds will be disbursed to support your project.