SOCCA — Term loan for Indigenous businesses

• Application for financing form
• Personal balance sheet form
• Declaration and consent form
• Résumé
• Proof of Aboriginal ancestry
• Business plan
• Financial statements for the last three years, if applicable
• Recent interim financial statements, if applicable
• Governing documents, if applicable
• Ownership agreement, if applicable

Who is eligible?

• First Nations businesses in Quebec
• Members of the Native Alliance of Quebec

Eligible expenses

This grant is intended to facilitate the financing of Indigenous initiatives in entrepreneurial development. Eligible activities particularly focus on the startup, acquisition, or expansion of Indigenous businesses.

• Startup of an Indigenous business.
• Acquisition of an existing business by members of First Nations.
• Expansion of existing Indigenous businesses.

Eligible geographic areas

• Quebec

There are evaluation and selection criteria for this grant providing support to Aboriginal businesses. The criteria include:

• Minimum 10% equity required
• Competitive interest rates based on project risk
• Loan duration based on asset lifespan (up to 30 years)
• Borrower's repayment capacity determines loan amount
• Sufficient guarantees to cover borrowed amount

Here are the steps to submit an application for this grant:

• Step 1: Gather Required Documents
• Obtain the Application for Financing form.
• Prepare a Personal Balance Sheet form.
• Complete the Declaration regarding the accuracy of information provided and consent to gather, keep, use, and disclose personal information form.
• Prepare your résumé.
• Provide proof of Aboriginal ancestry (copy of the Indian Status card or membership with the Native Alliance of Quebec).
• Develop a Business plan, if not already prepared.
• Step 2: Assemble Business Documentation (If applicable for Existing Business)
• Compile financial statements for the last three years.
• Prepare recent interim financial statements.
• Gather governing documents of the business.
• Include ownership agreement, if applicable.
• Step 3: Contact the Grant Provider
• Reach out via phone at (418) 842-0972 or 1 800 241-0972.
• Send inquiries or submit documents to administration@socca.qc.ca.
• Visit the office at 2936, rue de la Faune Bureau 200, Wendake, G0A 4V0, if needed.
• Step 4: Submission and Follow-up
• Submit the complete application with all required documents according to instructions provided by the grant provider.
• Follow up as necessary using the provided contact details to ensure receipt and completeness of the application.

Here are additional relevant details for this loan program:

• Equity requirement is a minimum of 10% of the total project cost, and asset transfer can be considered as equity.
• Interest rates are competitive, based on the associated project risk, and comparable to other financial institutions.
• Loan duration can extend up to 30 years, depending on the lifespan of the asset.
• The amount of the loan is determined by the borrower’s repayment capacity and the value of guarantees offered must reasonably cover the amount borrowed.
• The initiative specifically supports the start-up, acquisition, or expansion of Aboriginal businesses.
• The organizational contact information includes phone lines available from Monday to Thursday, 8:00 am - 4:00 pm, and Friday, 8:00 am - 3:00 pm at the Native Commercial Credit Corporation's address in Wendake.