Alberta Indian Investment Corporation
- Open Date : July 9, 2024
- Closing date : July 9, 2024
Overview
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.
At a glance
Funding available
- Complete an acquisition or business transfer
- Varies by project
- Open Date : July 9, 2024
- Closing date : July 9, 2024
Eligible candidates
- Finance and insurance
- Alberta
- For-profit business
- Sole proprietorship
- All revenue ranges
- All organization sizes
- Indigenous Peoples
Next Steps
Activities funded
The Alberta Indian Investment Corporation provides financial services specifically intended to aid First Nation entrepreneurs in establishing and growing their businesses. The eligible activities focus on business setup, expansion, and managing equipment or working capital needs.
- Loans to on and off-reserve businesses.
- Equipment loans.
- Loans to set up a new business.
- Loans to expand an existing business.
- Loans for working capital.
- Equity Financing.
- Life insured loans.
Eligibility
Who is eligible?
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.
Who is not eligible
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.
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.
Eligible geographic areas
This grant is specifically available to First Nation entrepreneurs whose businesses are based in Alberta. The geographical eligibility is focused on ensuring support for Status Indians who have lived in Alberta.
- Businesses with a head office located in Alberta.
Additional information
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.