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

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:

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.

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