TACC First Citizens Fund (FCF) Loan

This grant offers unique financing modalities for Aboriginal entrepreneurs, featuring distinct forgiveness benefits for eligible loans. The structure is designed to support business growth while providing financial relief through loan forgiveness.

• The First Citizens Fund (FCF) Loan includes a 40% forgiveness portion over the life of the loan.
• Businesses can borrow up to $76,125.00, minus fees.
• A 1.5% borrowers fee applies for business client care services.
• Flexible amortization terms ranging from 2 to 10 years are available.
• Payment terms can be chosen as monthly, semi-annual, or annual.
• The FCF loan has a fixed interest rate of 12%.
• A mandatory 15% minimum cash equity contribution is required from the borrower.
• The 40% forgiveness is structured as 10% deductions from the principal, applied four times throughout the loan term, conditioned by the FCF Agreement terms.

Eligibility for applying for financing with TACC is determined based on the following criteria related to the applicant's business ownership and financial contributions.

• The business must be at least 51% Aboriginal owned/operated.
• The applicant must meet the 15% minimum cash equity contribution requirement.

Who is eligible?

Eligible geographic areas

This grant is specifically available to Aboriginal Entrepreneurs residing in a particular territory. The eligible geographical area is defined by the cultural and historical boundaries of the Coast Salish Territory.

• Coast Salish Territory

There are evaluation and selection criteria for this grant.

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

Here are additional relevant details for these financing options:

• The FCF Loan offers a 40% forgiveness on the principal, which can significantly reduce the overall debt.
• The interest rates differ for each loan type, with FCF at a fixed 12% and Conventional Loan starting at 8% based on credit.
• Both loan options require a 15% minimum cash equity contribution from the applicant.
• For the FCF Loan, the forgivable portion is applied at four distinct intervals throughout the loan term based on specific conditions.
• Borrowers are subject to a 1.5% fee which covers business client care services provided by TACC.
• It's important to understand and agree to the terms and conditions outlined in the FCF Agreement to receive forgiveness benefits.