Micro Loans (formerly: Startup and Expansion Financing)

By mmuise
Description:

The Rainy Lake Tribal Area Business & Financial Services Corporation (RLTABFSC) provides micro loans between $2,000 and $20,000 to Aboriginal-owned businesses in the Treaty #3 area for start-up or expansion.


Comments on Funding:

Funding is between $2,000 and $20,000.
Equity can be provided in the form of cash and/or assets, but can also take the form of participation in targeted business skills training, in order to be considered for 0% cash equity.
Loan fees will not exceed $150 or 1% of the loan, whichever is the greater.

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • Aboriginal owned businesses;
  • Treaty #3 area First Nation members;
  • in need of financing for start-up or expansion.
Application Steps:

Applicants must:

1. contact the Rainy Lake Tribal Area Business & Financial Services Corporation and provide background information about their business, why they require business financing, and how it will help them start up or grow their business.

2. wait for an assessment (financial need, relevant skills and experience, the applicant’s personal commitment to the success of the business, ability to repay, business plan),

3. complete the loan application, if the case,

4. sign a Letter of Offer, Loan Agreement, General Security Agreement and Promissory Note after the loan application is approved.

Documentation Needed:

Applicants must submit:
1. a complete Business Plan;
2. the online loan application;
3. any other documents required.

Other Things to Note:

The First Nations and Communities of Treaty #3 Area included in RLTABFSC's service area are: Animakee Wa Zhing 37 First Nation, Buffalo Point First Nation, Iskatewizaagegan 39 Independent First Nation, Lac La Croix First Nation, Migisi Sahgaigan First Nation(Eagle Lake), Mitaanjigamiing First Nation, Naongashiing First Nation(Big Island), Nigigoonsiminikaaning First Nation(Red Gut), Northwest Angle 33 First Nation, Rainy River First Nations(Manitou Rapids), Ojibway Nation of Saugeen, Shoal Lake 40 First Nation, Wabaseemoong Independent Nations(Whitedog), Washagamis Bay First Nation, Asubpeeschoseewagong First Nation(Grassy Narrows), Couchiching First Nation, Lac des Mille Lacs First Nation, Lac Seul First Nation(Obishikokaang), Mishkosiminiziibiing First Nation(Big Grassy River), Naicatchewenin First Nation(Northwest Bay), Naotkamegwanning First Nation(Whitefish Bay), Niisaachewan Anishinaabe Nation(Dalles), Ojibways of Onigaming First Nation(Sabaskong), Sagkeeng First Nation, Seine River First Nation, Waabigonii Zaaga’igan(Wabigoon Lake Ojibway Nation), Wabauskang First Nation, Wauzhushk Onigum Nation(Rat Portage).

About the author
mmuise