How much funding can be received?

Funds up to 85% of admissible expenses, capped at $250000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the TACC Conventional Loan?

TACC Conventional Loan is funded by Tale'awtxw Aboriginal Capital Corporation

What are TACC Conventional Loan's eligibility criterias?

Businesses must be at least 51% Aboriginal owned/operated. A 15% minimum cash equity contribution is required.

TACC Conventional Loan

Last Update: January 24, 2025

BC, Canada

Conventional business loans for Indigenous entrepreneurs in Coast Salish

TACC Conventional Loan at a glance

Eligible Funding

Max. $250,000
Up to 85% of project cost

Timeline

Open Date : November 14, 2019

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Tale'awtxw Aboriginal Capital Corporation

Status

Open

Overview of the TACC Conventional Loan program

Get up to $250,000 with a sliding scale interest rate and flexible amortization if you want to start or grow a business in the Coast Salish Territory.

Financing terms and conditions

The TACC Conventional Loan offers Aboriginal Entrepreneurs in the Coast Salish Territory an opportunity to access substantial financing for their business ventures. With a range of terms tailored to meet different financing needs, these loans aim to support entrepreneurial growth and development while ensuring flexibility in repayment.

Maximum loan amount of $250,000.00.
1.5% borrowers fee applicable.
Flexible amortization terms ranging from 1 to 10 years.
Options for monthly, semi-annual, and annual payment terms.
Sliding scale interest rate starting at 8%, adjusted based on the credit rating of the borrower.
Minimum cash equity contribution of 15% required.

Eligible projects & activities

Examples of admissible projects:

$ 80,000

Set up a mobile tech repair service to serve the community

$ 120,000

Create a digital platform for Indigenous artists to sell their work online from Burnaby

$ 140,000

Establish a community gardening project to enhance local food security

$ 100,000

Launch a craft brewery focused on local ingredients and sustainable practices

$ 180,000

Develop an eco-friendly packaging line for a local food production company

$ 75,000

Expand a community kitchen project to offer cooking classes and food distribution

Eligibility criteria of the TACC Conventional Loan program

Eligibility for this financing requires specific conditions to be met by the applicant's business and ownership structure.

The business must be at least 51% Aboriginal owned and operated.
The applicant must be an Aboriginal Entrepreneur, including Status, Métis, Inuit and Non-Status Indians, residing in the Coast Salish Territory.
A minimum cash equity contribution of 15% is required.

Who is eligible?

This grant is available to Aboriginal Entrepreneurs residing in the Coast Salish Territory who are either Status, Métis, Inuit, or Non-Status Indians. The businesses must be at least 51% Aboriginal owned or operated to qualify.

Eligible geographic areas

This grant is available to companies located in specific geographical areas as determined by the funding body. It targets Aboriginal Entrepreneurs residing in Coast Salish Territory.

Businesses operating within the Coast Salish Territory.

How to apply to the TACC Conventional Loan program

Determine Eligibility

Review the types of loans available: FCF Loan and Conventional Loan.
Assess the minimum business ownership and cash equity contribution requirements.

Gather Required Documentation

Prepare documents related to business ownership and operation details.
Compile financial statements and a business plan to support your loan application.

Complete Application Form

Fill out the loan application form provided by TACC.
Ensure all information is complete and accurate before submission.

Submit Application

Send the completed application form along with all required documents to TACC.
Follow any specific instructions for submission provided by TACC.

Await Confirmation

Wait for confirmation of receipt from TACC, including any reference number.
Keep confirmation details for future reference.

Respond to Follow-up Requests

Check for any additional requests or inquiries from TACC regarding your application.
Provide any further information or clarification as needed.

Additional information

Here are additional relevant details for this grant:

The loan forgiveness portion is deducted in four installments of 10% each, which is based on specific terms and conditions outlined in the FCF Agreement.
For FCF loans, flexibility in payment terms includes choices of monthly, semi-annual, or annual payments, which can assist with cash flow management.
The structured forgiveness can significantly reduce the effective interest expense over the loan term on the FCF Loan.
Business client care services come with a fee of 1.5% for both FCF and Conventional loans, highlighting a need to account for these additional costs in budget planning.
The sliding scale interest rate of the Conventional Loan starting at 8% varies depending on the applicant's credit rating, indicating the importance of maintaining a good credit score.