Nishnawbe Aski Development Fund (NADF) and Futurpreneur Canada – Aboriginal Youth Entrepreneurship Program (AYEP)

ByMaurice

Description:

NADF and Futurpreneur Canada have partnered to launch a new program – the Aboriginal Youth Entrepreneurship Program (AYEP) – to support the establishment and growth of youth owned businesses in NADF’s service area (Nishnawbe Aski Nation, Treaty 3, or Robinson-Superior 1850). With up to $20,000* in financial support and up to 2 years of expert mentoring, and access to resources, NADF and Futurpreneur are here to help Aboriginal youth bring their business idea to reality.

Comments on Funding:

Funding is up to $20,000, out of which:

  • up to $17,500 in the form of a repayable loan;
  • up to $2,500 in the form or a non-repayable grant. The grant portion will assist the entrepreneur to establish a bookkeeping system (cloud-based, software, or outsourcing).

Loan terms:

  • 0% equity requirement,
  • 6.2% interest,
  • 60 month term,
  • Interest only payments in Year 1,
  • Early repayment, no penalty.

Matched with an expert mentor who will provide business advice, support and encouragement during the first 2 years of operation

Eligibility:

Applicants must be Aboriginal youth (18-39 years, First Nations, Metis, or Inuit).

Project Eligibility:

  • New small business or New business established less than 12 months;
  • Must be a wholly-owned or majority-owned Aboriginal business;
  • Business must be based and operating in NADF’s service area (Nishnawbe Aski Nation, Treaty 3, or Robinson-Superior 1850), including First Nations, urban and rural communities;
  • The business must fall within specified industry guidelines in order to be approved for financing.

Applications Steps:

2

Approval for financing is also dependent on an applicant successfully meeting credit score minimums determined by Futurpreneur.

Documentation Needed:

Applicants must:

  1. produce a complete and viable business plan by the end of the application process;
  2. complete Futurpreneur Canada status updates every month;
  3. supply two personal references.

Program Contact:

NADF – Aboriginal Youth Entrepreneurship Program

NADF Application for Financing

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    About the author

    Maurice

    Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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