Business Loans: Term Loans and Bridge Financing
$500,000.00
Loan
Description:
Waubetek offers a variety of business loans to establish, expand or purchase a business in North Eastern Ontario.
Funding can take the form of Term Loans or Bridge Loans (temporary loans to carry or bridge projects until receipt of confirmed funds from third party lenders or government agencies).
Comments on Funding:
Funding:
– for Term Loans is up to $500,000;
– for Aboriginal Students/Youth for summer businesses is up to $1,500;
– for Bridge Loans is up to $250,000.
The Client Equity requirement for term loans, including loans for Aboriginal Students/Youth for summer businesses is 10%.
Continuous Intake
Eligibility:
Applicants must be:
1. Aboriginal communities and First Nation owned organizations,
2. have initiatives located within North-East Ontario;
3. active Entrepreneur on a full-time basis (no other employment).
Application Steps:
Applicants must:
1. consult with a Business Development Officer to obtain information on how to proceed with a full application or visit Application Process on their website.
2. submit the application and the supporting documentation online.
Documentation Needed:
The applicant must provide:
1. a government ID (driver’s license, health card,) etc, or, if corporation, copies of their incorporation documents, by-laws, and confirmation of signing authorities;
2. documentation of Aboriginal Ancestry; Proof of Aboriginal heritage is required through one of the following:
a) First Nation registered members must provide a copy of their Certificate of Indian Status card issued by First Nation/Government of Canada (may follow-up with First Nation to confirm).
b) Applicants of Inuit ancestry will provide a letter of confirmation from the Inuit Tapiriit Kanatami.
c) Non-Status Indians must provide a birth certificate proving a genealogical link to a First Nation registered member.
d) Metis citizens must apply to the Metis Voyageur Development Fund for financial assistance. 3. a resume;
4. a summary of its project;
5. its Cash Equity Confirmation & Documentation;
6. a full consulting proposal/marketing plan/business plan/business valuation once the client eligibility is established. Information on an appropriate structure for preparing a business plan will be provided.
Other Things to Note:
About the author
Maurice
