This program is designed specifically for Aboriginal entrepreneurs like you. It offers two types of financing options to help your business grow and succeed. The First Citizens Fund (FCF) loan is particularly attractive because it includes a 40% forgiveness portion over the life of the loan. This means you can borrow up to $75,000 and have 40% of the principal amount forgiven, reducing your repayment burden significantly.

Key Benefits:

• Up to $75,000 in financing with a 40% forgiveness portion
• Flexible repayment terms (2-10 years)
• Multiple payment options: Monthly, Semi-Annual, and Annual
• Fixed interest rate of 12%
• 15% minimum cash equity contribution

Alternatively, the Conventional Loan allows you to borrow up to $250,000 with a sliding scale interest rate starting at 8%, based on your credit rating. Both loans come with a 1.5% borrower’s fee and flexible amortization terms.

Why Apply?

• Significant financial support tailored to your needs
• Flexible repayment options to suit your cash flow
• Support for sustainable economic development in your community

Applying for this program can provide the financial boost your business needs, making it easier to manage cash flow and invest in growth opportunities. The qualification process is straightforward, ensuring you can access the funds you need without unnecessary hassle.

Type of Financing:

• First Citizens Fund (FCF) Loan:

  • Loan Amount: Up to $76,125.00 minus fees.
  • Interest Rate: 12% fixed rate.
  • Repayment Terms: Flexible amortization terms (2-10 years). Payment terms can be monthly, semi-annual, or annual.
  • Forgiveness Portion: 40% of the principal amount borrowed is forgiven over the loan's life. This forgiveness is applied in four installments of 10% each, subject to the FCF Agreement terms and conditions.
  • Borrowers Fee: 1.5% for business client care services.
  • Equity Contribution: 15% minimum cash equity contribution required.
  • Eligibility: Businesses must be at least 51% Aboriginal owned/operated.

• Conventional Loan:

  • Loan Amount: Up to $250,000.00.
  • Interest Rate: Sliding scale starting at 8%, based on credit rating.
  • Repayment Terms: Flexible amortization terms (1-10 years). Payment terms can be monthly, semi-annual, or annual.
  • Borrowers Fee: 1.5%.
  • Equity Contribution: 15% minimum cash equity contribution required.

Eligible Expenses:

• Business operations.
• Equipment purchases.
• Leasehold improvements.
• Working capital.

Ineligible Expenses:

• Personal expenses.
• Non-business-related activities.

Fees:

• Borrowers Fee: 1.5% for business client care services.

The program offers two types of loans to help your business grow.

First Citizens Fund (FCF) Loan:

• Borrow up to $75,000 with a 40% forgiveness portion over the life of the loan.
• Flexible repayment terms from 2 to 10 years.
• Interest rate is fixed at 12%.
• You can make payments monthly, semi-annually, or annually.
• 40% of the loan amount is forgiven in 10% increments throughout the loan term.
• A 1.5% borrower’s fee applies for business client care services.

Conventional Loan:

• Borrow up to $250,000.
• Flexible repayment terms from 1 to 10 years.
• Interest rate starts at 8% and varies based on your credit rating.
• You can make payments monthly, semi-annually, or annually.
• A 1.5% borrower’s fee applies.

Both loans require a 15% minimum cash equity contribution from you. The FCF loan is particularly beneficial because 40% of the principal amount is forgiven, reducing your financial burden significantly. This program is designed to provide you with the necessary funds and flexible terms to support your business’s growth and sustainability.