Business must be owned and controlled by Indigenous entrepreneurs,
Established prior to March 1, 2020,
Employs less than 500 people,
Must demonstrate that the financing will help the business recover from the Covid-19 pandemic.
Maximum financial assistance:
· $50,000 comprised of a $25,000 repayable loan and a $25,000 non-repayable grant.
· Interest free until March 31, 2025, after which interest will be fixed at the Royal Bank of Canada’s Prime Lending Rate plus1.5% at April 1, 2025.
· Payments deferred up to March 31, 2025, the balance of the loan will be repayable over a maximum period of 36 months.
· Loans are open and allow early repayment without penalty.
· Funds may be used for general expenses, these include, but are not limited to the following: payroll, mandatory employee benefits, rent, utilities, and insurance
· Funds may also beused towards increasing production capacity, developing new products, moving to online marketing, or to make improvements to accommodate social distancingrequirements, such as the installation of plexiglass barriers.
· Funds may not be used for any otheruses such as; prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation
Loans are available to assist with: starting a new business, expanding an existing business, acquisition of an existing business, purchasing equipment, and working capital for inventory and day to day expenses.
