SOCCA — Term loan for Indigenous businesses
QC, Canada
Term loan for Indigenous-led business projects
grant_single|update March 27, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- SOCCA
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|terms_and_conditions
This term loan is specifically designed to support Indigenous businesses, offering competitive interest rates based on project risk and flexible terms tailored to the asset's lifespan.
- A minimum equity of 10% of the total project cost is required, and asset transfers may be considered as equity.
- The interest rates are competitive and vary according to the risk associated with the project.
- Loan duration can extend up to 30 years, determined by the asset's lifespan.
- Loan amount is dependent on the borrower's repayment capability, with sufficient guarantees required to cover the borrowed amount.
- Financing is available for building and land up to 70%, equipment up to 70%, and inventory up to 50%, but not for working capital.
grant_single_labels|projects
This grant facilitates funding for Indigenous businesses seeking to improve or develop their commercial activities in various sectors. Eligible projects focus on establishing new businesses or expanding existing structures.
- Starting a new Indigenous business.
- Acquisition of existing businesses by Indigenous entrepreneurs.
- Expansion of activities of an existing Indigenous business.
- Investments in buildings and land.
- Purchase of equipment necessary for the business.
- Renewal or increase of inventory.
grant_single|admissibleProjectsExample
$ 50,000
Food processing company upgrades production equipment to increase capacity and improve energy efficiency
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
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.
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.
