SOCCA — Term loan for Indigenous businesses
Canada
Term loan for Indigenous-led business projects
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
Projects eligible for this grant include start-up, acquisition, or expansion of Aboriginal businesses. The loan amount is determined by the borrower's repayment capacity, and the value of guarantees must cover the borrowed amount reasonably.
- Building and land - Up to 70%
- Equipment - Up to 70%
- Inventory - Up to 50%
- Working capital - 0%
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 criteria for this grant:
- For the start-up, acquisition, or expansion of an Aboriginal business
- The borrower's repayment capacity determines the loan amount
- The value of guarantees offered must reasonably cover the borrowed amount
- Applicants must be from eligible First Nations including Abenaki, Algonquin, Atikamekw, Huron-Wendat, Malecite, and Micmac
- Proof of Aboriginal ancestry required (Indian Status card or member of the Native Alliance of Quebec)
- Required documentation includes application form, personal balance sheet, business plan, and financial statements for evaluation
grant_eligibility_criteria|who_can_apply
Eligible companies for this grant include Aboriginal businesses seeking to start up, acquire, or expand their operations. The loan amount is determined by the borrower's repayment capacity, and the value of guarantees offered must reasonably cover the borrowed amount.
- Abenaki
- Algonquin
- Atikamekw
- Huron-Wendat
- Malecite
- Micmac
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
- Step 1: Obtain the required documents
- Step 2: Fill out the application for financing form
- Step 3: Complete the personal balance sheet form
- Step 4: Provide proof of Aboriginal ancestry
- Step 5: Submit the business plan (if already prepared)
grant_single_labels|otherInfo
There is no additional information provided beyond what has already been mentioned.
Apply to this program
Term Loan Grant
This grant provides financial assistance for the start-up, acquisition, or expansion of Aboriginal businesses, with competitive interest rates and a maximum loan duration of up to 30 years. Eligible clients include various First Nations communities, and applicants must provide specific documentation, such as a business plan and proof of Aboriginal ancestry, to apply for financing.
For First Nations entrepreneurs looking to secure funding for their business ventures, the Term Loan grant offers a valuable opportunity to access capital and support. With a focus on equity, interest rates, and loan duration, this grant aims to empower Indigenous businesses and drive economic growth within Aboriginal communities.
For entrepreneurs seeking to start a new business, acquire an existing enterprise, or expand their operations, the Term Loan grant presents a strategic financing solution tailored to the unique needs of Aboriginal businesses. By requiring a minimum equity contribution and offering competitive interest rates, this grant aims to facilitate sustainable growth and development in Indigenous entrepreneurship.
The Term Loan grant is specifically designed to meet the financial needs of First Nations entrepreneurs, providing access to critical funding for various business purposes, including building and land acquisition, equipment purchase, and inventory financing. With supportive terms and conditions, including a repayment capacity assessment and collateral requirements, this grant enables Indigenous businesses to pursue their goals and achieve long-term success.
Overall, the Term Loan grant serves as a vital resource for Aboriginal entrepreneurs seeking to establish or expand their businesses, offering comprehensive financial support, guidance, and assistance in building sustainable enterprises. By promoting economic empowerment and fostering entrepreneurship within First Nations communities, this grant plays a significant role in driving economic development and prosperity for Indigenous businesses in Quebec.
