Waubetek Aboriginal Business Financing Program (ABFP) (2022)

Description:

Waubetek can assist Aboriginal businesses with capital to establish, expand or acquire businesses on or off reserve in North-East Ontario.

Comments on Funding:

Funding is a percentage of the total project costs as following:

  1.  up to $99,999 for individuals,
  2. up to $250,000 for First Nation Communities/First Nation owned businesses.
  3.  up to 75% of the costs for Business Planning, Business Valuations, Marketing, Business Support and Mentorship.

Eligibility:

Applicants must be:

  • First Nation, Metis, Inuit and non-status (proof of Aboriginal heritage is required),
  • Located in North-Eastern Ontario
  • individuals;
  • First Nation Communities/First Nation owned businesses
  • active Entrepreneur on a full-time basis (no other employment).

Individuals must provide a minimum of 10% equity and must also leverage commercial financing in order to access the conditional contribution for capital projects.

First Nation Communities/First Nation owned businesses must provide a minimum of 10% equity and must also leverage commercial financing in order to access the conditional contribution for capital projects. For Business Planning, Business Valuations, Marketing, Business Support and Mentorship costs applicants must provide 25% equity and ABFP may provide up to 75% of these costs within the above stated limits. No commercial loans are required for projects within these categories.

Applications Steps:

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:
  • 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).
  • Applicants of Inuit ancestry will provide a letter of confirmation from the Inuit Tapiriit Kanatami.
  • Non-Status Indians must provide a birth certificate proving a genealogical link to a First Nation registered member.
  • Metis citizens must apply to the Metis Voyageur Development Fund for financial assistance. 
  1. a resume;
  2. a summary of its project;
  3. its Cash Equity Confirmation & Documentation.
  4. 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.

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