Alberta Indian Investment Corporation
AB, Canada
Loans for Alberta First Nations entrepreneurs
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
- grant_single|closingDateJuly 09, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Finance and insurance
grant_single|grantors
- Alberta Indian Investment Corporation (AIIC)
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Get a repayable loan for a period of up to 5 years to help you start, buy, expand or diversify a business. You must contribute some of your own equity to finance the business, and in some cases, some outside equity financing may be available.
grant_single_labels|projects
This financial assistance is intended for businesses located in Alberta, Canada. It is specifically targeted to support First Nation entrepreneurs residing in Alberta.
- Companies based in Alberta, Canada.
grant_single|admissibleProjectsExample
$50,000
Expanding an artisanal cheese production business
$40,000
Diversifying business operations in a sustainable fashion brand
$35,000
Acquiring a local bookstore to diversify product offerings
$35,000
Providing working capital for a social enterprise's expansion
$60,000
Establishing a new eco-friendly bakery with artisan products
$70,000
Purchasing new equipment for a tech startup
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's status, location, and business structure.
- The applicant must be a Status Indian who has resided in Alberta for at least one year.
- If the applicant is a corporation or partnership, the Status Indian must own at least 51% of any shares, participate more than 51% in profits, and be actively involved in managing the business.
- The applicant’s head office must be located in Alberta.
grant_eligibility_criteria|who_can_apply
p>AIIC provides financial assistance through loans to businesses owned by Status Indians in Alberta, focusing on those looking to establish, acquire, diversify, or expand a business. To be eligible for these financial services, applicants must meet specific criteria, including residency requirements, equity participation, and management involvement.
- Status Indians who have resided in Alberta for at least one year.
- Businesses where the Status Indian owns at least 51% of shares and profits and is actively managing the business.
- Head office must be located in Alberta.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain types of businesses and industries from receiving financial assistance. The restrictions focus on ensuring that the grant supports businesses aligned with specific economic activities and excludes personal or speculative investments.
- Personal loans, housing loans, or consumer loans.
- Agricultural ventures, including farming and ranching.
- Feasibility studies for projects without immediate implementation.
- Investment properties, which are intended primarily for passive income or speculation.
grant_eligibility_criteria|eligible_expenses
AIIC provides financial assistance through loans and equity financing to First Nation entrepreneurs in Alberta. These funds are aimed at supporting the establishment, acquisition, diversification, or expansion of businesses.
- Loans to establish a new business.
- Loans to expand an existing business.
- Equipment loans for business needs.
- Provision of working capital through loans.
- Availability of equity financing options.
- Life insured loans to secure business financing.
grant_eligibility_criteria|zone
This financial service provides loans specifically to First Nation entrepreneurs for business-related purposes.
- Equipment purchases for the business.
- Set up costs for a new business.
- Expansion costs for an existing business.
- Working capital needs.
grant_single_labels|criteria
The grant has specific evaluation and selection criteria that applicants must meet to be eligible for financial assistance:
- Applicants must have a profitable business plan.
- Applicants must contribute their own equity towards the financing.
- Applicants must provide adequate collateral security.
- Applicants must have an acceptable credit rating.
grant_single_labels|register
- Step 1: Confirm Eligibility
- Ensure you are a Status Indian residing in Alberta for at least one year.
- If applying as a corporation or partnership, confirm a Status Indian controls at least 51% of shares and profits.
- Make sure the business's head office is located in Alberta.
- Step 2: Develop a Business Plan
- Create a detailed business plan showing potential profitability.
- Establish a financial plan including your equity contribution and required collateral security.
- Obtain an acceptable credit rating.
- Step 3: Contact AIIC
- Reach out to AIIC for initial consultation and guidance on application process.
- Gather and understand the necessary documents and requirements for application submission.
- Step 4: Prepare Application Documents
- Compile necessary documents including your business plan, proof of equity, collateral security, and credit history.
- Ensure all required information adheres to AIIC guidelines.
- Step 5: Submit Application
- Submit your application form along with all supporting documents to AIIC.
- Ensure accurate contact information is provided for follow-up.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- AIIC provides loans with flexible repayment terms to cater to the borrower's financial capabilities.
- Loan terms from AIIC can go up to a maximum of 5 years.
- Interest rates for AIIC loans are competitive, meaning they are in line with or better than market averages.
- The granted loans are life insured, potentially offering additional security for borrowers.
- Loan options include either fixed or floating interest rates, allowing for flexibility in financial planning.
Apply to this program
Empowering First Nation Entrepreneurs with Financial Solutions
The AIIC offers a suite of financial services tailored to assist First Nation entrepreneurs in Alberta with starting, expanding, or diversifying their business ventures. Structured to provide competitive interest-bearing loans and equity financing, these services are crafted to empower business growth and sustainability.
Exploring the Extensive Benefits of AIIC Financial Services
AIIC underscores its commitment to supporting First Nation entrepreneurs through a robust financial framework. With a focus on nurturing business development across various sectors, the AIIC provides interest-bearing loans at competitive rates, ensuring financial accessibility for entrepreneurs looking to either establish or expand their enterprises. Recognizing the importance of business adaptability and sustainability, the loans are available for up to 5-year terms, offering both fixed and floating interest rates to cater to the diverse financial strategies of applicants.
Designed with flexibility in mind, AIIC’s loans support multiple business needs. Entrepreneurs can channel these funds into essential business areas including purchasing equipment, securing working capital, setting up new branches, or expanding existing operations. This adaptability extends to its repayment terms, which are structured to accommodate the unique financial dynamics of First Nation businesses, ensuring that loan recipients can manage repayments in a manner that aligns with their financial growth trajectories.
An integral feature of AIIC’s financing options is the inclusion of equity financing, providing an alternative or complement to traditional loans. This aspect not only enhances financial capacity but also integrates life insurance into the loans, a value-added benefit that secures both the entrepreneur’s investment and their peace of mind. Such comprehensive offerings illustrate AIIC’s strategic focus on fostering long-term success and stability among First Nation businesses.
Eligibility criteria for accessing these services are clearly defined to ensure that the financial support is effectively targeted. Loan applicants must not only be Status Indians residing in Alberta but also demonstrate adequate business planning, personal equity contribution, and suitable collateral security. These criteria are set to ensure the sustainability and profitability of the businesses seeking financial support, further underscoring AIIC’s commitment to impactful economic development.
By empowering First Nation entrepreneurs through strategic financial solutions, AIIC is not only facilitating immediate business growth but also contributing to the broader economic prosperity of communities within Alberta. This financial backing enables entrepreneurs to transform their business visions into reality, paving the way for successful, sustainable enterprises that reflect the ingenuity and resilience of First Nation communities.
The AIIC’s dedication to fostering entrepreneurship sets a precedent for financial support structures, aiming to bridge the gap between ambition and capability. In doing so, it not only supports individual business endeavors but also promotes a culture of entrepreneurship that can spur further economic development across the region. This holistic approach is key to unlocking the full potential of First Nation entrepreneurs, allowing them to thrive within and beyond their communities through sustained business success.
