Metis-Dene Development Fund
Highlights
This program is designed specifically for small- to medium-sized Northern businesses like yours. It offers a range of financing options tailored to meet your unique needs and challenges. By applying, you can access term loans, working capital loans, lines of credit, and loan guarantees. These options provide the flexibility to manage your cash flow, invest in new equipment, or expand your operations.
Why should you apply? This program stands out because it considers your character and capacity, not just your balance sheet. This means you have a better chance of approval compared to traditional lenders. Additionally, the program's deep understanding of the Northern economy ensures that the support you receive is relevant and effective.
What's in it for you? By being approved, you gain access to essential funds that can help stabilize and grow your business. The application process is straightforward, making it easier for you to qualify and benefit from the program. This is a unique opportunity to secure financing that is both accessible and tailored to your business needs.
Financing Details
Type of Financing: Term Loans
Repayment Terms:
- Interest Rates: Competitive fixed or variable rates available.
- Repayment Period: Up to 10 years, depending on the loan amount and business needs.
- Grace Period: Initial grace period of up to 6 months before repayment begins.
Eligible Expenses:
- Purchase of equipment and machinery.
- Leasehold improvements.
- Working capital requirements.
- Business expansion and development costs.
- Marketing and promotional expenses.
Ineligible Expenses:
- Personal expenses or debt repayment.
- Real estate purchases not directly related to business operations.
- Investments in non-business-related activities.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the loan disbursement.
- Late Payment Fee: 2% of the overdue amount, applicable after a 30-day grace period.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Business must be located in the Northern region.
Business must be engaged in economic activities relevant to the North.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can get up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
This loan program is flexible. If you've made significant purchases in the last 365 days that fit the program guidelines, you can apply them to this loan.
You have various options to pay back the loan. You can choose a variable interest rate, a fixed one, or even combine your loan amount and interest into blended payments.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation:
- Business plan
- Financial statements (last two years)
- Tax returns (last two years)
- Personal identification documents
- Proof of business registration
- Any existing loan agreements
Complete the Application Form: Fill out the application form available on the program's website or at their office.
Prepare a Detailed Proposal: Outline how the funds will be used to support and grow your business. Include specifics such as project timelines, cost estimates, and expected outcomes.
Submit the Application: Submit the completed application form along with all required documentation to the program office via mail, email, or in person.
Attend an Interview: Be prepared to discuss your business, your proposal, and your financial needs in an interview with a program representative.
Await Review and Approval: The program team will review your application and documentation. They may contact you for additional information or clarification.
Receive Funding: Once approved, you will receive the funds as outlined in your agreement. Ensure you understand the terms and conditions of the funding.
Implement Your Proposal: Use the funds as specified in your proposal to grow and support your business. Keep detailed records of how the funds are used.
Report Progress: Regularly report your progress to the program office as required. This may include financial updates and project milestones.
Repay the Loan: Follow the repayment schedule outlined in your agreement. Ensure timely payments to maintain good standing with the program.