Aboriginal Business Financing Program – NADF (2022)

Description:

The Aboriginal Business Financing Program (ABFP) provides non-repayable grant funding to eligible Aboriginal entrepreneurs and businesses in need of funds to achieve their business goals.

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.

Eligibility:

The applicant must be:

  • be a Canadian Aboriginal individual 18 years and older (a Status Indian; or a Non-Status Indian; or an Inuk; or Métis);
  • be a Canadian corporation, partnership, association or other legal entity that is majority-owned and controlled by Canadian Aboriginal people;
  • 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.);
  • 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.

Applications Steps:

Documentation Needed:

Applicants must submit a business plan. 

Other Things to Note:

A successful application requires a balanced financial package, including debt financing from other sources and an equity contribution.

Testimonials:

The Haven Hostel – Thunder Bay

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