First Peoples Economic Growth Fund — Entrepreneur Loan Program
MN, Canada
Loans for Manitoba First Nations entrepreneurs
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
- grant_single|allIndustries
grant_single|grantors
- First Peoples Economic Growth Fund Inc. (FPEGF)
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grant_card_status|open
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Get a repayable loan that is the lesser of $200,000 or 50% of the fair market value of the total costs of your business project, including starting a new business and purchasing, upgrading or expanding an existing business.
grant_single_labels|projects
Business projects eligible for this grant must primarily operate in Manitoba and be at least 51% owned and controlled by a member of a Manitoba First Nation. Eligible activities include starting a new business, purchasing an existing business, or upgrading/expanding an existing business.
- Starting a new business
- Purchasing an existing business
- Upgrading or expanding an existing business
grant_single|admissibleProjectsExample
$40,000
Winnipeg
Starting a new Indigenous-owned organic farm
$30,000
Brandon
Expanding a community-owned coffee shop
$100,000
Flin Flon
Purchasing an outdoor adventure company
$90,000
Thompson
Upgrading a transportation business
$65,000
Selkirk
Purchasing an existing bakery
$20,000
Churchill
Starting a new IT consulting firm
grant_single_labels|admissibility
Eligibility Criteria for the grant:
- Be a member of a Manitoba First Nation, living on or off reserve in Manitoba.
- Be aged 18 and over, and eligible to work in Canada.
- Provide a sound business plan that demonstrates viability of the business.
- Not have owned a similar business in the past 12 months.
- Contribute equity equal to a minimum of 5% of the total project costs.
- Business projects deemed higher risk may require larger equity contributions.
- Business projects must have a profit objective and primarily operate in Manitoba.
- Business must be at least 51% owned and controlled by a member of a Manitoba First Nation.
grant_eligibility_criteria|who_can_apply
There are eligible types of companies for this grant:
- Businesses primarily operating in Manitoba
- Businesses owned and controlled by a member of a Manitoba First Nation
- Businesses with a profit objective and demonstrated viability through a sound business plan
grant_eligibility_criteria|who_cannot_apply
Some companies are not eligible for this grant. They include:
- Not-for-profit projects will not be considered.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant include project costs related to starting a new business, purchasing an existing business, or upgrading/expanding an existing business. Examples of eligible expenses are:
- Startup costs
- Working capital
- Business assets
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The criteria include assessing the viability of the business plan, the applicant's equity contribution, ownership by a member of a Manitoba First Nation, and the primary operation in Manitoba.
- Viability of the business plan
- Applicant's equity contribution
- Ownership by a member of a Manitoba First Nation
- Primary operation in Manitoba
grant_single_labels|register
- Step 1: Download the Entrepreneur Loan Application form in PDF or Word format.
- Step 2: Complete the application form with all required information and documents.
- Step 3: Submit the application form to the First Peoples Economic Growth Fund Inc.
Apply to this program
Entrepreneur Loan Program Summary:
This program, offered by the First Peoples Economic Growth Fund Inc., aims to support Manitoba First Nation entrepreneurs by providing interest-free loans to enhance their ability to secure financing for their business ventures. Loans of up to $200,000 or 50% of the total project costs are available for starting, purchasing, upgrading, or expanding businesses, with repayment terms typically not exceeding 10 years.
Entrepreneur Loan Program Details:
The Entrepreneur Loan Program administered by the First Peoples Economic Growth Fund Inc. targets Manitoba First Nation individuals looking to start, acquire, or grow businesses. The program offers interest-free loans to eligible applicants, with loan amounts capped at $200,000 per project or 50% of the total project costs, whichever is lower. These loans are intended to support the development and sustainability of First Nation-led enterprises within Manitoba.
To qualify for this loan program, applicants must be members of a Manitoba First Nation, aged 18 or above, and legally eligible to work in Canada. They are required to submit a comprehensive business plan demonstrating the viability of their proposed venture. Applicants should not have owned a similar business in the past 12 months and must contribute a minimum equity of 5% towards the total project costs, with higher-risk projects necessitating larger equity contributions.
The loan proceeds can be utilized for various purposes such as starting a new business, acquiring an existing one, or expanding current operations. Notably, loans are not provided for refinancing existing debts, and the business assets will serve as collateral for the loan, subordinate to other debt financing obtained. The repayment period for these loans typically ranges up to 10 years, with an extended term of up to 20 years for buildings.
Business projects supported by this program must have a profit objective, be primarily operational in Manitoba, and be at least 51% owned and controlled by a member of a Manitoba First Nation. The applicant's business plan should depict the long-term sustainability and growth potential of the venture, aligning with the program's goal of fostering economic development and entrepreneurship among First Nation communities.
Additionally, businesses funded under this program must undergo a thorough evaluation process to ensure their reputability, appropriateness, and compliance with the program's eligibility criteria. Successful applicants can receive supplementary loans based on certain conditions, including the time elapsed since the last loan granted under the program, the submission of satisfactory financial statements, and adherence to the total loan commitment limit.
In conclusion, the Entrepreneur Loan Program offered by the First Peoples Economic Growth Fund Inc. serves as a valuable resource for Manitoba First Nation entrepreneurs seeking financial support to establish or expand their businesses. By providing interest-free loans and promoting economic self-sufficiency within Indigenous communities, this program contributes to the overall prosperity and growth of First Nation-led enterprises in Manitoba.
