First Citizens Fund (FCF) Loan

By mmuise
Description:

The First Citizens Fund (FCF) Loan provides funding to Aboriginal entrepreneurs residing in the Coast Salish Territory. The lifetime maximum one can borrow is $75,000, and 40% of the loan is forgivable.


Comments on Funding:

The terms of this loan are as follows:

• Borrow up to $76,125.00 minus fees
• A 1.5% borrowers fee applies for business client care services.
• Flexible amortization terms (2-10 years)
• Monthly, Semi-Annual and Annual payment terms available.
• 12% fixed rate of interest
• Businesses must be at least 51% Aboriginal owned/ operated.
• 15% minimum cash equity contribution required.
• The forgiveness of 40% of the principle amount borrowed. The forgiveness portion of 10% is deducted from the principle of the loan four times throughout the term of the loan, subject to the terms and conditions of the FCF Agreement.

Deadline: Continuous Intake
Eligibility:

TACC provides financing to Aboriginal Entrepreneurs including Status, Métis, Inuit and Non-Status Indians residing in the Coast Salish Territory.

Application Steps:

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Documentation Needed:

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Other Things to Note:

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About the author
mmuise