How much funding can be received?

Funds up to 20000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the CDEM — Microcredit?

CDEM — Microcredit is funded by Corporation de développement économique montagnaise (CDEM)

What are CDEM — Microcredit's eligibility criterias?

The majority (51%) of the business's voting shares must be owned by members of the Innu or Naskapi communities. The business must be a commercial entity incorporated under provincial or federal law, or a partnership/coop with a majority of Indigenous members. The entity can be located on or off the community.

CDEM — Microcredit

Last Update: January 24, 2025

QC, Canada

Supports eligible businesses with competitive loans and microfinancing

CDEM — Microcredit at a glance

Eligible Funding

Max. $20,000

Timeline

Continuous Intakes

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Corporation de développement économique montagnaise (CDEM)

Status

Open

Overview of the CDEM — Microcredit program

The CDEM — Microcredit program provides up to $20,000 in financing for businesses primarily owned by members of the nine Innu communities and the Naskapi community in Quebec. This program, in partnership with the Business Development Bank of Canada, supports commercial endeavors by offering competitive interest rates.

Financing terms and conditions

The CDEM Microcredit program provides targeted financial solutions for viable business projects. This financing option is designed to support enterprises primarily owned by members of specific Quebec communities.

Microcredit financing up to a maximum of $20,000, offered in partnership with the Business Development Bank of Canada (BDC).
Loan limits of $500,000 for private enterprises and $1 million for collective enterprises.
Competitive interest rates comparable to traditional financial institutions, determined based on risk and collateral.
Initial file opening fee of $150 payable in advance.
Analysis fee of 0.5% of the loan amount, with a minimum charge of $150.

Eligible projects & activities

The CDEM Microcredit program is designed to support community-driven business projects for the Innu and Naskapi communities of Quebec. It aims to facilitate the growth and development of commercial enterprises that are majority-owned by these communities.

Support for incorporated commercial businesses following provincial or federal laws with majority Innu or Naskapi ownership.
Support for partnerships or cooperatives operating commercial enterprises controlled by Innu or Naskapi members.
Funding for businesses located both on and off the reserves of the specified Innu and Naskapi communities.

Examples of admissible projects:

$ 12,000

Implementing a digital inventory system for efficiency

Eligibility criteria of the CDEM — Microcredit program

Eligibility for the CDEM Microcredit grant is determined by specific criteria related to the applicant's ownership and community affiliation.

The applicant must be either a client or a business majority-owned by members of the nine Innu communities of Quebec or the Naskapi community.
Eligible applicants include all individuals listed on the band list of the Innu and Naskapi communities, residing either on or off the community in Quebec.
Businesses must be incorporated under provincial or federal law, with a majority (51%) of voting shares owned by Innu or Naskapi individuals.
For partnerships or cooperatives, a majority (51%) of partners or members must be Innu or Naskapi.
Eligible businesses can be located on or off the community.

Who is eligible?

The CDEM — Microcredit program is available to businesses and individuals primarily owned by members of the nine Innu communities of Quebec or the Naskapi community. These eligible applicants include:- All registered members of the Innu and Naskapi band lists, residing on or off their communities in Quebec.- Incorporated commercial entities under provincial or federal laws, where 51% or more of voting shares are owned by Innu or Naskapi individuals.- Partnerships or cooperatives operating commercial enterprises, with 51% or more of partners or members being Innu or Naskapi.Eligible communities include:- Mashteuiatsh, Première Nation des Pekuakamiulnuatsh- Essipit, Innue Essipit- Pessamit, Bande des Innus de Pessamit- Uashat mak Mani-Utenam, Innu Takuaikan Uashat Mak Mani-Utenam- Ekuanitshit, Les Innus de Ekuanitshit- Nutashkuan, Première Nation des Innus de Nutashkuan- Unamen Shipu, Montagnais de Unamen Shipu- Pakua Shipu, Montagnais de Pakua Shipu- Matimekush-Lac John, La Nation innue Matimekush–Lac-John- Kawawachikamach, Naskapi Nation of KawawachikamachIt's important to note that businesses must not be insolvent, under unresolved claims that may jeopardize financial health, be unable to show sufficient equity for the project, or lack sufficient business competence. Personal loans, unsecured loans, or those for non-commercial real estate or socio-community projects are ineligible.

Who is not eligible

Certain companies and business activities are not eligible for the CDEM Microcredit grant, mainly due to their financial status and the nature of their operations. The exclusions are meant to safeguard the financial integrity and strategic objectives of the grant.

Individuals or entities that are insolvent or undischarged bankrupts.
Businesses involved in legal claims or lawsuits posing potential financial liabilities.
Entities unable to demonstrate sufficient equity (funding) in their projects.
Individuals whose business competence is deemed insufficient.
Situations negatively impacting the success of the business project or operations.
Personal loans and loans without tangible security.
Real estate loans, including those for residential buildings, condominiums, or speculative real estate ventures.
Loans for community-purpose buildings.
Variable credit facilities such as lines of credit or operating credit.
Socio-community projects lacking a clear commercial objective.
Debt refinancing purposes.

Eligible geographic areas

This grant is targeted toward businesses located within specific Indigenous communities in Quebec. These geographical locations align with the funding body's focus on supporting Innus and Naskapis enterprises.

Mashteuiatsh - Première Nation des Pekuakamiulnuatsh
Essipit - Innue Essipit
Pessamit - Bande des Innus de Pessamit
Uashat mak Mani-Utenam - Innu Takuaikan Uashat Mak Mani-Utenam
Ekuanitshit - Les Innus de Ekuanitshit
Nutashkuan - Première Nation des Innus de Nutashkuan
Unamen Shipu - Montagnais de Unamen Shipu
Pakua Shipu - Montagnais de Pakua Shipu
Matimekush-Lac John - La Nation innue Matimekush–Lac-John
Kawawachikamach - Naskapi Nation of Kawawachikamach

How to apply to the CDEM — Microcredit program

Verification of eligibility

Confirm that the company or individual meets the eligibility criteria, including membership in one of the specified Innu or Naskapi communities.
Ensure that the business project complies with the loan conditions.

Preparation of the documentation

Gather all necessary documents proving the majority ownership by Innu or Naskapie.
Prepare the financial statements and the business plan detailing the projects and funding needs.
Provide the required tangible collateral for the loan.

Contact with the CDEM

Contact the CDEM using the provided contact details to obtain advice and confirm the application requirements.
Use the phone or email for any questions prior to submitting the application.

Submission of the request

Submit all prepared documents directly to the CDEM by mail or in person at the indicated address.
Pay the file opening fee of $150 in advance.

Follow-up on the request

Wait for a response from the CDEM after analyzing the request.
Remain available to provide additional information if required.

Additional information

Here are additional relevant details for this grant:

The Microcredit program is offered in partnership with the Business Development Bank of Canada (BDC).
The loan analysis fee is set at 1/2 of 1% of the loan amount granted, with a minimum charge of $150.
Borrowers must pay a loan processing fee of $150 in advance.