Aboriginal Business Investment Fund
AB, Canada
Funding for Alberta Indigenous community development
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
grant_single|deadlines
- grant_single|openingDateMay 15, 2024
- grant_single|closingDateSeptember 15, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Ministry of Indigenous Relations (AB)
- Government of Alberta
grant_single|status
grant_card_status|closed
grant_single_labels|preview
If your organization is Indigenous community-owned, get a grant between $150,000 and $750,000 to cover the costs of an economic development project that has long-term viability for the community.
grant_single_labels|projects
The Aboriginal Business Investment Fund grant is available to Indigenous communities or corporate entities owned by Indigenous communities located in certain geographical areas. Eligible locations are specifically within Alberta.
- Indigenous communities in Alberta.
- Corporate entities owned by Indigenous communities located in Alberta.
grant_single|admissibleProjectsExample
$600,000
Building an agro-tourism facility on community-owned farmland
$500,000
Launching a community-owned artisan cooperative
$550,000
Establishing a community-owned renewable energy facility
$500,000
Expanding Indigenous-owned cultural tourism business
$700,000
Establishing a community-owned lumber mill
$700,000
Setting up a community-owned fish processing plant
grant_single_labels|admissibility
Eligibility for this grant is focussed on Indigenous communities and corporate entities in Alberta with specific ownership and compliance criteria.
- The applicant must be an Indigenous community in Alberta or a corporate entity owned by Indigenous communities located in Alberta.
- Communities must own and control 51% or more of the proposed business or joint venture.
- Corporate entities must be in good standing.
- Applicants must be in compliance with the terms and conditions of any previous Indigenous Relations funding.
- An Indigenous community may submit only one ABIF application in any given funding year.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the Aboriginal Business Investment Fund (ABIF) are Indigenous communities in Alberta or corporate entities owned by Indigenous communities located in Alberta. It is required that:- Communities must own and control 51% or more of the proposed business or joint venture.- Corporate entities must be in good standing.- Applicants must be in compliance with the terms and conditions of any previous Indigenous Relations funding.- An Indigenous community may submit only one ABIF application in any given funding year.
grant_eligibility_criteria|eligible_expenses
The Aboriginal Business Investment Fund focuses on funding capital costs for Indigenous community-owned economic development projects. These projects aim to enhance social and economic outcomes by creating businesses, employment, and revenue within Indigenous communities.
- Capital costs for starting or expanding Indigenous community-owned businesses.
- Construction or improvement of buildings and infrastructure related to business operations.
- Purchases of equipment necessary for business development.
grant_eligibility_criteria|zone
The grant covers specific capital costs associated with Indigenous community-owned economic development projects.
- Equipment purchases directly related to the project.
- Construction or improvement of buildings and other infrastructure necessary for the project.
grant_single_labels|criteria
The evaluation and selection of projects for the Aboriginal Business Investment Fund grant are determined by a set of criteria aimed at assessing their potential economic impact and viability.
- Community benefits: Projects must demonstrate significant benefits to Indigenous communities, such as job creation and revenue generation.
- Management risk: Evaluation of the management team’s capacity and experience to successfully execute the project.
- Industry risk: Assessment of the risks associated with the industry in which the business operates.
- Financial risk: Analysis of the financial soundness and sustainability of the project, considering funding sources and cost estimates.
grant_single_labels|register
- Step 1: Read the guidelines
- Refer to the ABIF Application Guidelines to learn the program’s terms and conditions.
- Step 2: Complete your application package
- Fill out the ABIF Grant Application Form, defining the business and scope of work clearly.
- Include a detailed breakdown of estimated costs or funding sources.
- Provide a reasonable timeline for carrying out project activities with project milestones.
- Submit a comprehensive business plan for ongoing operations or use the business plan template.
- Demonstrate community support with documents such as a Band Council Resolution.
- Attach supporting documentation like feasibility studies, permits, and partnership arrangements.
- Step 3: Submit the application package
- Submit one electronic copy of the entire application package to [email protected].
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The ABIF grants can cover up to 100% of eligible costs for capital projects.
- Eligible costs include equipment purchases and the construction or improvement of buildings and infrastructure.
- The amount of funding received may depend on the number of applications submitted in a given funding period.
- Applicants are advised to request the minimum amount necessary to successfully run the project.
- A comprehensive evaluation process includes a cross-ministry panel review and may include an in-depth assessment for top-scoring projects.
- Successful applicants must provide audited financial statements and a narrative summary detailing the significance of the project and its outcomes.
- The Alberta government may conduct follow-up evaluations of the project's effectiveness.
Apply to this program
Enhancing Indigenous Economic Development through the ABIF
The Aboriginal Business Investment Fund (ABIF) offers substantial funding to support Indigenous community-owned economic initiatives in Alberta, aiming to generate sustainable economic benefits and improve living conditions for Indigenous communities. This program is a pivotal component in boosting business activities, creating job opportunities, and fostering long-term socio-economic growth.
In-Depth Look into ABIF: Fostering Indigenous Economic Progress
The Aboriginal Business Investment Fund (ABIF) is an instrumental grant designed specifically to propel Indigenous economic development projects within Alberta. By focusing on capital investments, ABIF provides financial assistance ranging from $150,000 to $750,000 for Indigenous community-owned projects, facilitating infrastructure improvements and equipment procurement necessary for launching or expanding business operations. The fund’s primary goal is to enhance economic viability and increase the prosperity of Indigenous communities.
To qualify for this lucrative funding, projects must demonstrate their preparedness to commence operations within the funding year, echoing the fund's commitment to swift economic growth and community enhancement. Successful project proposals should vividly showcase their capacity to deliver sustained economic benefits such as increasing the number of Indigenous-owned businesses, creating local employment opportunities, and strengthening Indigenous economic ecosystems.
The grant application process is meticulous, requiring submissions to clearly articulate their long-term viability and financial plans. Each applicant needs to present a comprehensive business plan, illustrating cost estimates, revenue projections, and detailed operational strategies. The submission must also reflect a sound balance of grant funding, commercial financing, and own-source equity to ensure the project's financial sustainability and independence. The inclusion of robust community support, including formal resolutions and endorsements, is pivotal in gaining approval during the review process.
Applications undergo a rigorous three-phased evaluation by a cross-ministry panel to ensure the highest standards of accountability and transparency. This evaluation assesses community benefits, potential financial risks, and the overall management capacity of the applicants, with emphasis placed on demonstrated expertise and project viability. Notably, in-depth reviews will target top-scoring projects meeting these high standards, with feedback available through debrief sessions, aiding applicants in understanding the decision matrix, enhancing future submissions.
Funding awarded through ABIF can cover up to 100% of eligible costs related to specific capital elements like construction, operational logistics, or technological advancements, positioning projects robustly for future success. Additionally, ABIF funding can be combined with other financial supports, including governmental or industry-focused grants, broadening the scope for substantial growth and wider community impact.
By strategically aligning funding priorities with Indigenous community aspirations, ABIF plays a crucial role in not only fostering economic development but also promoting social cohesion and long-term prosperity among Indigenous communities in Alberta. This holistic approach ensures that funded projects not only meet current economic demands but also secure substantial spin-off business opportunities, reinforcing community resilience and economic stability for generations.
Finally, the importance of project monitoring and reporting cannot be overstated, as successful grant recipients are required to provide audited financial statements, summarizing project impacts, outcomes, and success measures annually. These reports are invaluable, offering insights into economic progress, lessons learned, and the continued advancement of Indigenous community enterprises, culminating in a best practices handbook for future endeavors. Through these strategic frameworks, ABIF remains committed to transforming the economic landscape, fostering inclusive growth, and fortifying the social fabric of Alberta’s Indigenous communities.
