Aboriginal Business Loans — Micro Loans

The Aboriginal Business Loans — Micro Loans program offers a simple and flexible loan structure designed to assist Indigenous micro-entrepreneurs in Canada. It supports small-scale business initiatives through modest loan amounts with manageable terms.

• Loan amounts available up to $5,000.
• Interest rate set at 9.25% over a maximum term of 2 years.
• A recommendation of 5% cash equity from the borrower.
• Limited security requirements, not secured by collateral.
• Helps establish a credit rating for applicants.
• Designed to meet the diverse and adaptable needs of micro-entrepreneurs.

Eligibility for the Aboriginal Business Financing Program (ABFP) is determined based on the applicant's heritage and business location.

• The applicant must be an individual of Canadian Indigenous status or non-status, Metis, or Inuit heritage.
• Applicants must be living and operating their businesses within the Atlantic provinces.
• Indigenous business and financial organizations, as well as development corporations, are also eligible for contributions.

Who is eligible?

Eligible expenses

This grant is designed to support Indigenous entrepreneurs and businesses in various developmental stages and sectors. The eligible projects include activities aimed at business development, expansion, and market innovation.

• Development of business plans, marketing plans, and feasibility studies.
• Establishment, expansion, or acquisition of businesses.
• Implementation of local, domestic, or export-oriented marketing initiatives.
• New product or process development for enhanced business operations.
• Adding technology to improve operations and competitiveness.
• Financial services and business support, including training and mentoring services.

Eligible geographic areas

This grant is specifically available to Indigenous entrepreneurs and businesses located within a particular region in Canada. The eligible areas are aligned to enhance the prosperity of Indigenous communities in these regions.

• Indigenous entrepreneurs and businesses operating within the Atlantic provinces of Canada.

The evaluation and selection criteria specifically for projects under this grant are not explicitly mentioned in the provided grant context.

Here are additional relevant details for applicants considering Ulnooweg funding:

• Ulnooweg supports both the creation of new businesses and the expansion of existing ones, demonstrating a focus on growth at multiple stages of entrepreneurship.
• The Micro Lending Program allows entrepreneurs to access funds with limited security requirements, ideal for smaller projects that may not qualify for traditional loans.
• The Women & Youth Lending program aims to assist traditionally underserved groups, offering young and female Indigenous entrepreneurs less stringent security requirements.
• General Lending offers significant capital amounts for larger projects, emphasizing flexibility and security based on cash flows and collateral.
• Ulnooweg offers comprehensive support services, from business planning to facilitating business partnerships and accessing financial assistance for management training.
• Ulnooweg focuses on providing not just financial assistance but also mentoring and business-related training services to enhance operations and competitiveness.