SOCCA – Support and coaching
Highlights
This program is designed specifically for First Nations businesses like yours. It offers a unique combination of non-refundable contributions, term loans, and coaching to help you start, acquire, or expand your business. This means you can access funds without the burden of repayment, along with flexible loan options tailored to your needs.
Key Benefits:
- Non-refundable contributions: Receive funding that you do not need to pay back.
- Term loans: Access loans with favorable terms to support your business growth.
- Coaching and support: Benefit from expert guidance to develop and execute your business plans.
What's in it for you?
- Flexible financing options: Choose from non-refundable contributions and term loans.
- Expert support: Get personalized coaching to navigate your business challenges.
- Easy qualification: The program is designed to be accessible, ensuring you can easily meet the criteria.
By being approved for this program, you will have the financial backing and expert support needed to achieve your business goals. This is a unique opportunity to secure funding and guidance tailored to the specific needs of First Nations businesses.
Financing Details
Type of Financing: Non-Refundable Contribution
Repayment Terms and Interest Rates:
- No repayment is required as this is a non-refundable contribution.
- There are no interest rates associated with this contribution.
Eligible Expenses:
- Business start-up costs
- Business acquisition costs
- Business expansion costs
- Equipment purchases
- Leasehold improvements
Ineligible Expenses:
- Personal expenses
- Debt refinancing
- Real estate purchases not related to business operations
Fees:
- No fees are associated with this non-refundable contribution.
Qualifications
- Must be a First Nations business.
- Must belong to one of the following First Nations:
- Abenaki
- Algonquin
- Atikamekw
- Huron-Wendat
- Malecite
- Micmac
- Must be involved in the First Nations business community.
Business must be located in Quebec.
Disqualifications:
- Businesses not belonging to the specified First Nations.
- Businesses not located in Quebec.
Description
This program offers your business a great opportunity to grow and succeed. You can receive up to $500,000 to help with various business needs. This money can be used for things like buying new equipment, making improvements to your workspace, or even expanding your business.
You can use the funds for:
- Purchasing new machinery or technology
- Renovating your office or retail space
- Expanding your operations
The best part is, the money you receive does not need to be paid back. This means you can invest in your business without worrying about future debt. This program is designed to support your business in achieving its goals and reaching new heights.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Project Proposal (if applicable)
- Quotes or Estimates for Project Costs (if applicable)
Complete the Application Form:
- Fill out all required fields accurately.
- Provide detailed information about your business and the purpose of the funding.
Submit the Application:
- Submit the completed application form along with all required documentation.
- Ensure all documents are up-to-date and correctly formatted.
Review and Follow-Up:
- Monitor the status of your application.
- Respond promptly to any requests for additional information or clarification.
Await Approval:
- Wait for the review process to be completed.
- Be prepared to discuss your application further if needed.
Finalize Terms and Conditions:
- Upon approval, review the terms and conditions of the program.
- Ensure you understand the repayment schedule, interest rates, and any other relevant details.
Receive Funds:
- Once all terms are agreed upon, the funds will be disbursed to your business account.
- Use the funds as outlined in your application and project proposal.