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

ByMaurice February 22, 2022September 12, 2022

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

When It Ends:

Ongoing

Deadline:

Rolling deadline

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:

Applicants must register on NADF – Futurpreneur Canada to be connected with a Futurpreneur Business Development Expert.

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

Documentation Needed:

Applicants must:

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