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|apply

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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

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