First Peoples Economic Growth Fund – Community Economic Expansion Program
MN, Canada
Funding to create jobs for Manitoba First Nations
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Retail trade
- Transportation and warehousing
- Professional, scientific and technical services
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- First Peoples Economic Growth Fund Inc. (FPEGF)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a repayable, interest-free loan up to $300,000 or 50% of the cost to start a new business, purchase an existing business, or upgrade your existing business. The intent is to provide for the creation of wealth and jobs for First Nations.
grant_single_labels|projects
This grant is specifically available to Manitoba First Nation community-owned businesses. Eligibility is confined to specific geographical areas within Manitoba to support regional economic expansion.
- Businesses primarily operating in Manitoba.
- Entities owned and controlled by Manitoba First Nations.
grant_single|admissibleProjectsExample
$300,000
Starting a tech startup focused on developing AI-driven healthcare solutions
$250,000
Purchasing an existing organic farm to enhance local food supply
$300,000
Launching an eco-friendly cafe with a focus on sustainable dining
$275,000
Upgrading a community theatre to offer more diverse performances
$300,000
Expanding a local craft brewery to increase production capacity
$225,000
Purchasing an existing automotive repair shop to modernize its operations
grant_single_labels|admissibility
Eligibility for the Community Economic Expansion program requires specific criteria related to the business ownership and operations.
- The business must have a profit objective as not-for-profit projects are not considered.
- It must demonstrate viability through a sound business plan.
- The business must primarily operate in Manitoba.
- The business must be reputable and appropriate in nature.
- It must be at least 51% owned and controlled by Manitoba First Nations.
- The community is expected to demonstrate its commitment through an injection of reasonable equity.
grant_eligibility_criteria|who_can_apply
Eligible applicants include small and medium-sized viable businesses that are at least 51% owned and controlled by Manitoba First Nations. These businesses must primarily operate in Manitoba and demonstrate a profit objective and viability through a sound business plan.
grant_eligibility_criteria|who_cannot_apply
This grant program is specifically designed to support Manitoba First Nation community-owned businesses. As such, certain types of companies or industries may not be eligible for this grant.
grant_eligibility_criteria|eligible_expenses
The Community Economic Expansion grant program is designed to bolster First Nation-owned businesses in Manitoba by providing financial support for key business activities. Eligible projects can receive loans to start or expand their operations, ensuring growth and the creation of local jobs in First Nation communities.
- Starting a new First Nation-owned business in Manitoba.
- Purchasing an existing business to ensure continued regional economic benefit.
- Upgrading or expanding current business facilities or operations to enhance profitability and operational scale.
grant_eligibility_criteria|zone
The loan proceeds are designated for specific business-related activities that aid in the establishment, purchase, or expansion of First Nation owned businesses.
- Starting a new business.
- Purchasing an existing business.
- Upgrading an existing business.
- Expanding an existing business.
grant_single_labels|criteria
The evaluation and selection of projects for this grant are based on specific criteria to ensure alignment with the grant’s objectives and the creation of employment and economic benefits for Manitoba First Nations.
- Feasibility of the applicant’s plan, including the education and experience of the principal persons involved.
- Availability of technical and financial expertise required for successful operation.
- Availability of necessary services such as utilities, communication, and transportation.
- Potential for growth and development of related businesses.
- Effect on the province and community, including provision of goods/services and employment creation.
- Applicant’s ability to secure funding, including previous financial assistance and terms.
- Equity investment indicating commitment from the principals.
- Management’s capability to operate the business successfully.
- Earning potential and ability to repay the loan.
- Social and economic impact in the community, including job creation.
- Other relevant criteria as considered by the Fund’s management.
grant_single_labels|register
- Step 1: Determine Eligibility
- Ensure the business is at least 51% owned and controlled by Manitoba First Nations.
- Confirm that the business operates primarily in Manitoba and demonstrates a profit objective.
- Step 2: Develop Business Plan
- Draft a comprehensive business plan outlining the feasibility and viability of the business.
- Ensure the plan includes details on the education and experience of principal persons, available expertise, and potential growth.
- Step 3: Prepare Financial Documentation
- Compile all necessary financial documents that demonstrate the ability to repay the loan.
- Include evidence of equity investment by the community or other stakeholders.
- Step 4: Submit Application
- Complete the application form as outlined by the First Peoples Economic Growth Fund (FPEGF).
- Attach the business plan, financial documentation, and any other required supporting materials.
- Step 5: Application Review
- FPEGF evaluates the application based on provided criteria and loan approval criteria.
- Step 6: Await Decision
- After submission, wait for FPEGF to communicate their decision regarding the application status.
- Step 7: Accept Award
- If approved, review the terms and conditions of the loan offer.
- Sign the necessary documents to accept the loan.
grant_single_labels|otherInfo
Here are additional relevant details for this program:
- Loans are interest-free, requiring repayment of the principal amount in equal monthly installments.
- Loan terms for business assets like buildings can extend up to 20 years, whereas other loans are capped at 10 years.
- Up to $75,000 or 25% of the total loan amount might be forgiven if the business remains operational and all payments are made consistently.
- Business assets must be registered as collateral for the loan, subordinate to other debts.
- The community's commitment is demonstrated by a reasonable equity injection into the business.
- The business must have a profit objective; not-for-profit projects are ineligible.
Apply to this program
Supporting Growth of First Nation Businesses in Manitoba
This grant program is designed to aid Manitoba First Nation community-owned businesses in their startup, expansion, or acquisition endeavors. By providing financial support, it facilitates wealth and job creation for First Nations communities, contributing to regional economic growth.
Exploring the Community Economic Expansion Grant: Opportunities and Benefits
The Community Economic Expansion grant targets the enhancement of economic activities within Manitoba First Nations communities, focusing on businesses that are primarily owned and controlled by these communities. The program offers loans of up to $300,000 or 50% of the fair market value of total project costs, which may encompass startup costs and working capital. This financing option seeks to empower First Nation entrepreneurs by enabling them to start new businesses, acquire existing enterprises, or expand their current ventures in a sustainable and economically viable manner.
One of the standout features of this grant is the potential for partial loan forgiveness. If the business remains operational at the end of the loan term, has not changed ownership, and has maintained timely loan repayments, up to $75,000 or 25% of the loan amount may be forgiven, providing a substantial financial relief to successful enterprises. This not only incentivizes robust business planning and operation but also reduces the long-term financial burden on entrepreneurs.
The grant stipulates that funded businesses must demonstrate profitability as part of a sound business plan. This requirement underscores the program’s focus on fostering economically viable enterprises that contribute positively to the local economy by creating jobs and potentially offering new products and services that were not previously available in the community. The emphasis on business viability helps ensure that funded projects have a sustainable impact, benefiting both the business owners and the broader community.
Eligibility criteria for the program requires that businesses be at least 51% owned and controlled by members of Manitoba First Nations, ensuring that the economic benefits derived from the grant are retained within the community. The program does not support refinancing of existing debt; hence, it is crucial for applicants to clearly articulate how the funding will directly aid in the growth or establishment of their business operations.
In evaluating applications, the fund considers a range of criteria including the feasibility and growth potential of the enterprise, the availability of necessary resources such as technical expertise and infrastructure, and the broader economic impacts on the community and province. The applicant’s credit history, previous financial aid received, and their relationship with financial institutions are also scrutinized to assess creditworthiness and ensure responsible financial management.
Beyond the financial aspects, this grant fosters growth opportunities by encouraging collaboration and partnership among First Nation entrepreneurs and stakeholders. Through collective efforts and shared knowledge resources, community businesses can enhance their operational efficiency and market reach, further driving economic prosperity for the First Nations people.
In conclusion, the Community Economic Expansion grant offers a robust framework for First Nation enterprises in Manitoba to thrive. By providing tailored financial support, emphasizing entrepreneurial accountability, and fostering an environment conducive to business growth, this grant not only powers economic expansion but also nurtures community self-reliance and empowerment, reshaping the future economic landscape of Manitoba’s First Nations.
