Financing
You've got the plan - now what are your finance options? Learn about what business finance programs and support services exist.
Aboriginal Business Canada
-- Aboriginal Business Canada (ABC) --
Aboriginal Business Canada (ABC) is a program of the Department of Indian and Northern Affairs that maximizes Aboriginal people's participation in the economy through business development.
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Anishinabe Mazaska Capital Corporation
-- Anishinabe Mazaska Capital Corporation --
Anishinabe Mazaska is committed to fostering the self-reliance of Aboriginal business entities. It does this through the provision of commercial loans to first member enterprises located both on and off reserves.
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Asset Building Program
-- SEED Winnipeg Inc. --
Individual Development Account (IDA) and Saving Circle programs combine money management training, one on one financial counseling, peer support and matched savings.
Participants of IDA programs save for designated assets such as home ownership, renovations, business capitalization and education while the Saving Circle program participants save for necessities, which will improve the quality of life such as furniture, disability supports and medical devices.
Free and Fee for service stand-alone Money Management training sessions are also provided.
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Business Development Bank of Canada - E-Spirit Program
-- Business Development Bank of Canada (BDC) Aboriginal Banking --
BDC's specialized financing increases access to capital for Aboriginal entrepreneurs wanting to expand an existing business or start a new one, on or off a reserve in Canada. Up to $100,000 for existing businesses and up to $25,000 for start-ups.
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Business Start Program (BSP)
-- Competitiveness, Training and Trade --
The Business Start Program is a loan guarantee program with an educational component. Loans to new owner-managed businesses are provided through participating financial institutions and guaranteed by the Manitoba Government.
The five-year term loan is a $20,000 maximum amount with an interest rate of prime plus one percent and a one-year deferral of principal repayment. Loan proceeds can provide funds for business registration or incorporation costs, equipment and inventory purhcases, promotional costs and working capital needs.
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Commercial Loan Program
-- Tribal Wi-Chi-Way-Win Capital Corporation --
TWCC Commercial Loan Program is available to any member of the eligible First Nations wishing to start, expand or acquire a commercial business in Manitoba.
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Community and Worker Ownership Program (CWOP)
-- Supporting Employment and Economic Development (SEED) --
The Community and Worker Ownership Program (CWOP) provides assistance to groups of three or more people who are interested in starting or expanding a cooperative business as a means to create quality jobs for primarily low-income individuals.
CWOP follows community economic development guidelines in developing business plans and adheres to democratic cooperative principles for the structural design of worker cooperatives.
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Curry BizCamp in Entrepreneurship
-- The Asper Centre for Entrepreneurship --
Established in 1998 the Curry BizCamp in Entrepreneurship teaches basic life skills such as reading comprehension and mathematics using entrepreneurship and business ideas.
The Curry BizCamp is a day camp for youth interested in entrepreneurship.
The Camps consist of a three-week camp and a one-week camp. The three-week camp is geared towards youth age 15-18, and a one week camp geared towards youth age 12 -14 years old.
The camps operate from 10:00 am to 4:00 pm Monday to Friday during the months of July and August.
There is no cost to the students to attend the camps.
Students are provided with a BizBag that includes all the camp supplies as well as a T-shirt, padfolio with calculator, stopwatch and a water bottle with the Asper Centre logo on it.
Students also receive transportation assistance to and from the camp and daily lunches.
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Dakota Ojibway Community Futures Development Corporation (DOCFDC)
-- Dakota Ojibway Community Futures Development Corporation ((DOCFDC) --
DOCFDC will assist area entrepreneurs with:
*Preparing and assessing business plans
*Providing business and market information
*Providing business loans
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Farm Loan Program - First Nations Farm Credit
-- First Nations Farm Credit (Manitoba) Corporation --
FNFC Loan fund program is available to any First Nation in Manitoba wishing to start, expand or acquire a farming operation in Manitoba.
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First Nations Bank
-- First Nations Bank --
First Nations Bank of Canada is all about commitment -- our commitment to First Nations peoples and more specifically to you, as individual customers.
We are committed to providing a total banking relationship (personal and business) by fulfilling your complete banking needs and working diligently to maintain a high level of customer service.
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First Peoples Economic Growth Fund
-- Joint venture between AMC and Province of Manitoba --
Province Commits $20 Million To Fund in First Five Years
The First Peoples Economic Growth Fund opens its doors officially today with a wealth of programs to assist First Nations entrepreneurs launch or build their own businesses, Aboriginal and Northern Affairs Minister Oscar Lathlin has announced.
"This fund will play a critical role in helping First Nations Manitobans tap into business opportunities across the province," Lathlin said. "By helping individual entrepreneurs grow their businesses, we are creating more job opportunities for all members of First Nations."
The First Peoples Economic Growth Fund is an independent,
not-for-profit corporation jointly developed by the province and the Assembly of Manitoba Chiefs (AMC). The fund was formally incorporated on Oct. 3, 2007.
"Entrepreneurship is a key to sustainable economic development for First Nations because it is a sign that our people are taking control of their own futures by taking ownership of their economies," said AMC Grand Chief Ron Evans. "The First Peoples Economic Growth Fund will encourage this kind of entrepreneurship and take a great step forward toward eradicating poverty for our First Nations people."
The fund offers help for First Nations entrepreneurs in six ways:
- Entrepreneur Interest-free Loan Program: Eligible business owners will be able to apply for amounts up $200,000.
- Community Economic Expansion Interest-free Loan Program: Eligible business owners will be able to apply for loans up to $300,000; up to $75,000 may be non-payable.
- Business Plan Assistance Program: Enterprises that need help with a business plan may be eligible for financial help up to $20,000.
- Business Skills Development Program: Training to develop management and marketing skills will be covered up to 75 per cent of approved costs for eligible entrepreneurs.
- Joint Venture Investment Program: Financing for eligible medium-large First Nations-owned businesses will be available up to $1 million.
- Aftercare Program: Funding of up to $20,000 will be available for professional support for eligible businesses.
"The menu of programs that we offer at First Peoples Economic Growth Fund were carefully designed to provide assistance to First Nation business development and expansion that are not
normally offered elsewhere," said Patricia Turner, board chair of the fund. "Thus, we feel well positioned to help First Nation business harvest those viable opportunities that will enhance their participation and success in the Manitoba economy."
A five-member board of directors will oversee the fund. The five members are:
- Patricia Turner (board chair) - First Nations entrepreneur and co-founder of the Aboriginal Chamber of Commerce;
- Bob Silver - president, Western Glove Works;
- Bob Brennan - president and CEO Manitoba Hydro;
- Bruce Burton - consultant to Aboriginal and non-Aboriginal businesses; and
- Janesca Kydd - Winnipeg lawyer with expertise in corporate, commercial and Aboriginal law.
In its first five years, the fund will be backed by $20 million from Manitoba Lotteries Corporation profits. This money will be administered through Manitoba Aboriginal and Northern Affairs.
"The fund will give priority to those projects that can act as a catalyst for further economic development," said Attorney General Dave Chomiak, minister responsible for the Manitoba Gaming Control Commission. "The future off this province hinges on the strong participation of First Nations people in the economy."
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Kitayan Community Futures Development Corporation
-- Kitayan Community Futures Development Corporation --
Kitayan provides one-on-one client support (pre/post), small business loans, support services to community initiatives in areas of education, training and community planning and development.
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Louis Riel Capital Corporation Youth Business Loan Fund (YBLF)
-- Louis Riel Capital Corporation (LRCC) --
YBLF is a loan fund that fosters business planning and start-ups among Metis youth in Manitoba. Through the use of community based Aboriginal organizations, small business loans and advisory services are available. The Program includes a wide variety of activities, including mentoring programs, business planning assistance, and workshops on entrepreneurship.
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Province of Manitoba - Financing a Business
-- Province of Manitoba --
General overview of a variety of financing programs throughout Manitoba.
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Small Business Loans - Louis Riel Capital Corporation
-- Louis Riel Capital Corporation (LRCC) --
LRCC provides a variety of small business loans to finance the start-up, acquisition and/or expansion of small business.
The types of loans available include:
*Direct Capital Loans - for projects which are basically sound but where, because of risk or other factors, no other funding sources will provide loans.
*Bridge Financing - short term loans available to bridge external financing that is committed but pending disbursement.
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Young Entrepreneurs - Government of Manitoba
-- Government of Manitoba --
The Young Entrepreneurs Program provides business support grant applications accepted on a year round basis from Manitoba youth aged 18-29 years.
If eligible, up to $4000 in business support for full-time year round ventures. Business plan required.
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Young Rural Aboriginal Entrepreneurship Initiative
-- MAFRI GO Team and the Young Rural Aboriginal Entrepreneurship Initiative Program --
The program will provide financial assistance to:
·Young rural Aboriginal entrepreneurs for costs associated with business start up, and
·Community organizations for activities targeted at increasing the participation of young rural Aboriginal people in entrepreneurship and business.
The program funding can be used for:
·Costs associated with the establishment of a business,
·Activities such as seminars and workshops, educational tours or conferences, and the development of resource materials.
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Youth Business Development Program
-- SEED Winnipeg Inc. --
The Youth Business Development Program is for youth who are interested in starting a business.
The program consists of business plan skill development, one on one consulting services, access to financing, money management training, aftercare/mentorship services and for those who qualify, a living allowance for a period of up to 6 months.
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Youth Business Loan Fund
-- Tribal Wi-Chi-Way-Win Capital Corporation --
TWCC Youth Business Loan Fund is available to any member of the eligible First Nations wishing to start, expand, or acquire a commercial business or farming operation in Manitoba.
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