TACC Conventional Loan

To be eligible for the financing options provided by TACC, including the First Citizens Fund (FCF) loan and the Conventional Loan, you must meet the following criteria: 1. Businesses must be at least 51% Aboriginal owned and operated. 2. Applicants must be Status, Métis, Inuit, or Non-Status Indians residing in the Coast Salish Territory. 3. A minimum cash equity contribution of 15% is required. 4. For the FCF Loan specifically, there is a forgiveness portion of 40% over the life of the loan, with 10% being forgiven four times throughout the term of the loan. 5. Borrowers must be able to comply with the terms and conditions of the FCF Agreement. 6. For the Conventional Loan, borrowers will be subject to a sliding scale interest rate based on their credit rating, starting at 8%. By meeting these criteria and requirements, you may qualify for the financing options offered by TACC.

- The FCF Loan offers a 40% forgiveness portion over the life of the loan. - The forgiveness portion of 10% is deducted from the principal of the loan four times throughout the term of the loan, subject to the terms and conditions of the FCF Agreement. - Businesses must be at least 51% Aboriginal owned/operated to qualify for the FCF Loan. - A 15% minimum cash equity contribution is required for both the FCF and Conventional Loans. - The Conventional Loan does not include a forgiveness portion and is similar to mainstream financing. - The interest rate for the Conventional Loan is determined on a sliding scale based on the applicant's credit rating, starting at 8%.