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TACC First Citizens Fund (FCF) Loan
BC, Canada
Loans with partial forgiveness for Indigenous entrepreneurs in Coast Salish
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Tale'awtxw Aboriginal Capital Corporation
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a loan of up to $75,000, with 40% forgiveness of the principal amount, to start or grow a business.
grant_single_labels|terms_and_conditions
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.
grant_single_labels|projects
The TACC First Citizens Fund (FCF) Loan supports the entrepreneurial ventures of Aboriginal entrepreneurs, helping them establish and grow their businesses. Given the grant's focus, projects eligible for this loan revolve around business creation and expansion.
- New business ventures initiated by Aboriginal entrepreneurs.
- Expansion projects for existing Aboriginal-owned businesses.
- Investments in business infrastructure and operations improvements.
- Activities that enhance the sustainability and economic viability of Aboriginal businesses.
grant_single|admissibleProjectsExample
$ 75,000
Opening a new café that employs marginalized youth
$ 75,000
Launching a sustainable clothing line with locally sourced materials
$ 75,000
Developing a mobile app to improve mental health among teens
$ 75,000
Launching a tech startup focused on AI-driven healthcare solutions
$ 75,000
Expanding a local art gallery with new exhibitions and workshops
$ 75,000
Establishing a new community garden's Scarborough area
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
Aboriginal Entrepreneurs including Status, Métis, Inuit, and Non-Status Indians residing in the Coast Salish Territory.
grant_eligibility_criteria|zone
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
grant_single_labels|criteria
There are evaluation and selection criteria for this grant.
- Businesses must be at least 51% Aboriginal owned/ operated.
- 15% minimum cash equity contribution required.
grant_single_labels|register
Here are the steps to submit an application for financing through TACC:
- Step 1: Initial Inquiry
- Contact TACC to express your interest in applying for a loan.
- Ensure you meet the minimum eligibility requirements to apply.
- Step 2: Prepare Documentation
- Gather documentation proving Aboriginal ownership (minimum 51%).
- Prepare financial statements and business plans.
- Compile records to demonstrate the 15% cash equity contribution.
- Step 3: Complete Application
- Fill out the loan application form provided by TACC.
- Review the terms and conditions of the loan program carefully.
- Step 4: Submit Application
- Submit the completed application form along with all supporting documentation to TACC.
- Ensure all required signatures are affixed before submission.
- Step 5: Follow-up
- Wait for confirmation from TACC regarding the receipt of your application.
- Respond promptly if additional information is requested.
- Step 6: Decision Waiting Period
- TACC will review your application and conduct due diligence.
- Be prepared to provide additional information or clarification if required during this period.
- Step 7: Receive Decision
- Upon approval, receive details of your loan agreement including repayment terms and forgiveness options if applicable.
- Review the loan offer carefully before acceptance.
grant_single_labels|otherInfo
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.
