NADF Aboriginal Business Financing Program (ABFP)
$249,999.00
Grant
Description:
The Aboriginal Business Financing Program (ABFP) provides non-repayable grant funding to eligible Aboriginal entrepreneurs and businesses in need of funds to start, acquire, or expand their business
Comments on Funding:
Funding for Individual Aboriginal entrepreneurs is up to $99,999. Funding for Community-owned businesses is up to $249,999.
While there are contribution maximums, actual ABFP contributions will be limited to what is required to ensure your project proceeds and is viable.
In general ABFP may contribute:
– up to 75% of eligible costs for Business Support;
– Youth Applicants: up to 40% of eligible costs for Capital and Operating;
– Non-Youth Applicants: up to 35% of eligible costs for Capital and Operating;
– up to 60% of eligible costs for Marketing.
Continuous Intake
Eligibility:
The applicant must:
1. be a Canadian Aboriginal individual 18 years and older (a Status Indian; or a Non-Status Indian; or an Inuk; or Métis);
2. be a Canadian corporation, partnership, association or other legal entity that is majority-owned and controlled by Canadian Aboriginal people;
3. be able to provide some level of cash equity to support the project (minimum 10% the applicants aged 18 to 35 and minimum 15% the applicants over 35 years old. NOTE: Actual equity requirements may be higher.);
4. apply for a loan from NADF or one of their delivery partners to start, acquire, or expand their business. Delivery partners: Metis Voyageur Development Fund, Pwi-Di-Goo-Zing Ne-Yaa-Zing, and Wakenagun Community Futures Development Corporation.
Projects where Aboriginal communities may have a minority interest in a partnership or joint venture may also be supported, however, in these situations, eligible costs will be prorated based on the level of Aboriginal ownership and control.
Application Steps:
1. It is recommended that the applicant contacts an ABFP Business Development Officer before submitting his application. Call 1-800-465-6821 or 807-623-5397 to speak with a Business Support Officer today.
2. An Account Manager is assigned to work with the applicant when NADF receives an application. The Account Manager will contact the applicant to discuss their application.
3. The Account Manager will present the application to a Screening Committee which will review the application to determine whether or not the project meets NADF criteria for financing.
4. Applicants with project meeting NADF financing criteria must submit a business plan. As part of NADF due diligence, they may be contacted to provide additional information and/or clarification.
Documentation Needed:
Applicants must submit a business plan.
Other Things to Note:
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Maurice
