Comments on Funding:
Funding is up to $60,000 where:
– the first portion of $40,000 is comprised of a 75% loan and 25% non-repayable contribution,
– the second portion of $20,000 is comprised of a 50% loan and 50% non-repayable contribution.
Loan terms and conditions:
- Loan and contribution are issued together.
- The repayment period is up to 48 months.
- Loans are interest free.
- There are no payments in the first 12 months.
- Loan payments begin in month 13 and are fully amortized over the remainder of the term.
Applicant must be:
Applicants must submit:
- completed and signed ELP Application;
- identification and proof of Indigenous ancestry;
- historical financial statements (Income Statement / Balance Sheet) for the last fiscal year, if applicable, OR if not, a current balance sheet (template provided);
- 12 Month Cash Flow Statement (Template provided).
A credit bureau check will be done by IAPO.
Other Things to Note:
In response to the COVID-19 crisis, Indian Agricultural Program of Ontario (IAPO) through assistance provided by the Government of Canada is providing emergency loans to Indigenous business owners impacted by Covid-19. The Emergency Loan Program (ELP) is a component of the Indigenous Business Stabilization Program (IBSP).