grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|projectCostPercent
grant_single|deadlines
  • grant_single|openingDateMay 07, 2021
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
  • grant_single|allIndustries
grant_single|grantors
  • Native Commercial Credit Corporation
grant_single|status
grant_card_status|open

grant_single_labels|preview

If your First Nations business is looking to start-up, expand, acquire a new business, you can get a competitive term loan to help cover up to 70% of the costs, so long as you can contribute at least 10% of the costs yourself.

grant_single_labels|projects

This funding opportunity is available exclusively to First Nations businesses and individuals within specific geographic areas. It aims to prioritize eligible clientele from these recognized communities.
  • Abenaki
  • Algonquin
  • Atikamekw
  • Huron-Wendat
  • Malecite
  • Micmac
grant_single|admissibleProjectsExample

$112,000

Vancouver
Expand an Indigenous art gallery with new exhibition spaces

$56,000

Winnipeg
Start a First Nations-owned digital media company

$105,000

Toronto
Expand a sustainable clothing line with new equipment and increased inventory

$175,000

Edmonton
Expand a First Nations community grocery store

$126,000

Ottawa
Acquire a First Nations-owned coffee shop in downtown Ottawa

$175,000

Victoria
Start a First Nations-owned organic farm near Victoria, BC

grant_single_labels|admissibility

Eligibility for this term loan is focused on specific requirements related to the applicant's identity and business activities.
  • The applicant must be a member of a specified First Nation or the Native Alliance of Quebec, including Abenaki, Algonquin, Atikamekw, Huron-Wendat, Malecite, or Micmac.
  • The business must be an Aboriginal startup, acquisition, or expansion.
  • The borrower must demonstrate repayment capacity and provide sufficient guarantees to cover the loan amount.
  • A minimum of 10% equity of the total project cost is required, and asset transfers may be considered as equity.
  • Proof of Aboriginal ancestry, such as a copy of the Indian Status card or membership in the Native Alliance of Quebec, is required.

grant_eligibility_criteria|who_can_apply

This loan program is specifically designed for Aboriginal businesses and members of the First Nations in Quebec, including Abenaki, Algonquin, Atikamekw, Huron-Wendat, Malecite, and Micmac communities. Additionally, members of the Native Alliance of Quebec are eligible to apply for this financial assistance.

grant_eligibility_criteria|eligible_expenses

Eligible expenses for this grant include financing for start-up, acquisition, or expansion of an Aboriginal business, with loan amounts determined by the borrower's repayment capacity and guarantees offered covering the borrowed amount. Specific examples are:
  • Building and land - Up to 70%
  • Equipment - Up to 70%
  • Inventory - Up to 50%
  • Working capital - 0%

grant_single_labels|criteria

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

grant_single_labels|register

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.

grant_single_labels|otherInfo

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.

grant_single_labels|documents

SOCCA — Term loan for Indigenous businesses

Apply to this program