How much funding can be received?

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.

grant_single_labels|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.

grant_single_labels|projects

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.

grant_single|admissibleProjectsExample

$ 12,000

Implementing a digital inventory system for efficiency

grant_single_labels|admissibility

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.

grant_eligibility_criteria|who_can_apply

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.

grant_eligibility_criteria|who_cannot_apply

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.

grant_eligibility_criteria|zone

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

grant_single_labels|register

Step 1: Confirm Eligibility
Ensure your organization or business is majority-owned by members of the eligible Innu or Naskapi communities.
Verify that you meet all the eligibility criteria for applicants.
Step 2: Contact CDEM
Reach out to CDEM for guidance on the application process using the provided contact details (phone, fax, or email).
Address: 1005, boul. Laure, bureau 110, Uashat (Québec) G4R 4S6
Phone: 418-968-1246 / Toll-Free: 1-800-463-2216
Fax: 418-962-2449
Email: info@cdem.ca
Step 3: Prepare Application
Gather all necessary documents, such as business incorporation papers, proof of majority ownership, and financial statements.
Prepare a clear business plan outlining your project and how the microcredit will support its goals.
Step 4: Submit Application
Submit the completed application form along with all required documents to CDEM via the chosen method (mail, fax, or email as instructed by CDEM).
Pay any applicable fees, such as the dossier opening fee and loan analysis fees.
Step 5: Await Confirmation
Receive confirmation from CDEM regarding the receipt of your application.
Be prepared for further communication if additional information or documents are required.

grant_single_labels|otherInfo

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.

grant_single_labels|contact

info@cdem.ca

4189681246

Apply to this program

Empowering Indigenous Enterprise Through Microcredit

The CDEM Microcredit program aims to support predominately Indigenous-owned businesses within specified communities in Quebec through strategic financial assistance. This initiative offers a partnership with the Business Development Bank of Canada to provide loans up to $20,000, promoting economic development and entrepreneurship.

Detailed Insights into the CDEM Microcredit Program

This unique microcredit program is designed specifically for businesses owned primarily by members of the nine Innu communities and the Naskapi Nation in Quebec. By collaborating with the Business Development Bank of Canada (BDC), CDEM ensures that Indigenous entrepreneurs have access to essential financial resources to either start or expand their business ventures, thereby contributing to the economic empowerment within their communities.

One of the key features of the CDEM Microcredit program is its competitive interest rate, which stands in alignment with traditional financial institutions. This competitive edge ensures that Indigenous entrepreneurs are not disadvantaged in accessing capital compared to their non-Indigenous counterparts, fostering an equitable financial environment. Additionally, the microcredit program is accompanied by a streamlined fee structure, including a $150 application fee and analysis fees calculated at half of one percent of the loan amount, with a minimum threshold. This transparent costing ensures borrowers have a clear understanding of the financial commitments involved.

Eligible borrowers of this microcredit facility are subjected to specific criteria ensuring that the support reaches those it is intended to help. Businesses must be incorporated under provincial or federal law with a majority stapled ownership by Innu or Naskapi individuals. This ownership structure ensures that the funds are directed towards empowering Indigenous communities, fostering local entrepreneurship and economic growth in these areas. The program supports individuals both residing within and outside their communities, acknowledging the diverse living situations and needs of Indigenous peoples across Quebec.

However, it is important to note that the CDEM Microcredit program does not support all types of financial requests. Certain categories such as personal loans, speculative real estate projects, or socio-community initiatives without a clear commercial objective are not eligible under this program. These exclusions maintain the program's focus on supporting genuine business ventures with tangible economic development potentials. The stringent criteria also extend to the borrower's financial and managerial viability, ensuring that only feasible and well-planned business projects are supported.

Ultimately, the CDEM Microcredit program is a purposeful initiative aimed at fostering the growth of Indigenous businesses in Quebec. By providing necessary financial support and leveraging partnerships with established financial bodies like the BDC, this program not only stimulates local economies but also promotes increased Indigenous participation in the broader economic landscape of Quebec. Through these efforts, CDEM hopes to spur innovation, sustainability, and resilient economic frameworks within these Indigenous communities.