FIJE Fund

The FIJE Fund provides accessible financing solutions aimed at empowering women, immigrants, and young entrepreneurs embarking on business ventures. This initiative facilitates access to necessary capital, tailored conditions, and supportive resources to foster innovative and impactful business projects.

• Loans available up to $50,000.
• Interest rate set at the prime rate plus 3%.
• Loan amortization period of up to 5 years.
• Requires a minimum down payment of 10%.
• Option for capital leave ranging from 6 to 12 months.
• Reduced set-up fees and applicable management fees.
• Personal guarantee and other securities are needed.
• Submission of financial statements and financial forecasts is required.

Eligibility for the FIJE funds is based on specific criteria regarding the profile of the entrepreneurs or business owners.

• The applicant must be a woman, an immigrant, or a young person aged 18-39.
• The funding supports business creation projects aiming for creativity and meaningfulness.
• Applicants must meet personal guarantee and other applicable security requirements.
• The applicant must provide financial statements and financial forecasts.

Who is eligible?

Eligible applicants for the FIJE funds include citizens between the ages of 18 and 39, with a focus on women entrepreneurs and immigrants.

Eligible expenses

Yes, there are eligible expenses for this grant. Businesses can use the funds for various purposes such as start-up costs, equipment modernization, business acquisition, and expansion projects.

• Start-up costs
• Equipment modernization
• Business acquisition
• Expansion projects

There are evaluation and selection criteria for this grant. The evaluation and selection criteria include:

• Business viability and growth potential
• Entrepreneurial experience and skills
• Relevance of the project to the region
• Job creation and economic impact

Here are additional relevant details for this grant:

• Workshops and mentoring sessions are available to assist applicants in their business development and enhance their entrepreneurial skills.
• Some resources may be provided to help applicants successfully manage and grow their business post-funding.
• The loan offers flexible capital leave which allows deferment of payments for a period ranging from 6 to 12 months, providing new businesses with breathing room to establish themselves.
• Applicants are expected to provide personal guarantees and possibly other forms of security for the loans, ensuring the commitment towards repayment.
• Applicants must prepare comprehensive financial statements and forecasts as part of the application process, highlighting the business's potential and financial strategy.
• Reduced set-up fees and applicable management fees could make financial management more accessible for young businesses.