First Peoples Economic Growth Fund — Entrepreneur Loan Program
grant_single|update January 24, 2025
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)
grant_single|status
grant_card_status|open
grant_single_labels|preview
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|terms_and_conditions
The Entrepreneur Loan Program offers strategic financing structures to support Manitoba First Nation entrepreneurs, enhancing their access to leverage financing from other institutions.
- Subordinated, interest-free loans provided to fund capital and/or working capital for eligible projects.
- Loans available up to $200,000 or 50% of the fair market value of the total project costs, whichever is lower.
- Repayment terms up to 10 years for most projects, with an extended term up to 20 years for buildings.
- Supplementary loans available contingent upon submission of satisfactory financial statements.
- Loan proceeds are to be used strictly for the purposes outlined in the application (not for refinancing or existing debt).
- The proceeds are registered as security or collateral for the loan.
grant_single_labels|projects
The Entrepreneur Loan Program focuses on supporting First Nations entrepreneurs in Manitoba by providing financial assistance for specific business-related activities. The eligible activities revolve around establishing, expanding, or acquiring businesses.
- Starting a new business that aligns with market demands and sustainability.
- Expanding an existing business to enhance operations and market reach.
- Acquiring a current business for growth and diversification opportunities.
grant_single|admissibleProjectsExample
$ 90,000
Upgrading a transportation business
$ 20,000
Starting a new IT consulting firm
$ 40,000
Starting a new Indigenous-owned organic farm
$ 30,000
Expanding a community-owned coffee shop
$ 100,000
Purchasing an outdoor adventure company
$ 65,000
Purchasing an existing bakery
grant_single_labels|admissibility
Eligibility for this loan program is based on specific criteria related to the applicant's background and the proposed business project.
- Applicants must be members of a Manitoba First Nation, regardless of residence on or off reserve in Manitoba.
- Applicants must be aged 18 and over, and eligible to work in Canada.
- A sound business plan demonstrating the viability of the business must be provided.
- Applicants must contribute equity equal to a minimum of 5% of the total project costs. In cases of higher risk, larger equity contributions may be required.
- All applicants will undergo a credit score review, though approval is not solely based on credit score. Unresolved collection issues must be resolved before proceeding with the application.
grant_eligibility_criteria|who_can_apply
This program is intended to assist Manitoba First Nation entrepreneurs by providing financial support through subordinated interest-free loans. Applicants must be members of a Manitoba First Nation, aged 18 or over, and eligible to work in Canada. They must also present a viable business plan and contribute at least 5% equity of the total project costs, which can be in cash or unencumbered business assets.
grant_eligibility_criteria|who_cannot_apply
There are specific considerations when applying for this grant, though detailed restrictions on company types or industries are not fully specified. However, businesses must meet certain operational and ownership conditions to qualify.
- Must primarily operate in Manitoba.
- Businesses must be at least 51% owned and controlled by a member of a Manitoba First Nation.
- Projects must have a profit objective; not-for-profit projects are not considered.
- The business should be reputable and appropriate in nature.
- New businesses, business purchases, or expansions only; refinancing is not eligible.
grant_eligibility_criteria|eligible_expenses
This grant is designed to support Manitoba First Nation entrepreneurs in establishing or expanding their businesses. The eligible projects focus on new business startups, expansion of existing businesses, and business acquisitions.
- Starting a new business venture.
- Expanding an existing business operation.
- Acquiring an existing business as part of business growth strategies.
grant_eligibility_criteria|zone
The Entrepreneur Loan Program exclusively targets First Nation entrepreneurs in Manitoba. Eligible businesses must be located within this province to apply.
- Businesses operated by members of a Manitoba First Nation, living on or off reserve in Manitoba.
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|apply
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grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Loan proceeds are required to be used strictly for the purpose they were applied for, such as starting, expanding, or acquiring a business.
- Loan proceeds cannot be used for refinancing or to pay off existing debt.
- The business funded through this program will be registered as security or collateral for the loan.
- Applicants are subject to a credit score review, but low credit scores are not disqualifiers, though unresolved collection issues must be addressed before the application can proceed.
- The applicant’s equity contribution to the project can be in cash or unencumbered business assets with appropriate documentation supporting the value.
- Supplementary loans may be available based on satisfactory financial statements provided to the fund.
- The program includes a flexible approach to accepting various types of financial statements depending on the complexity of the business.
Apply to this program
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