This program is available to eligible First Nations businesses in Manitoba. Contributions may be made towards a startup, expansion, or acquisition of a viable business.
Maximum contribution towards a business owned by a First Nation individual is up to 40% of eligible costs to a maximum of $99,999.
Maximum contribution towards a business owned by a Manitoba First Nation or group of Manitoba First Nations is up to 40% of eligible costs to a maximum of $250,000.
Contributions may be made towards a start-up, expansion or acquisition of a viable business.
If you are requesting a non-repayable contribution towards an acquisition of a business, we will require three years of historical financial statements and an independent Business Valuation which must be done by a Certified Business Valuator. We can provide up to 75% of the Business Valuation cost as a non-repayable contribution.
To be eligible for the contribution:
You must have a minimum of 10% cash equity to put into the business.
A minimum of a 40% commercial loan is required as part of the total financing of the business.
The business must be at least 51% owned by a First Nation individual or Manitoba First Nation Community or group of Manitoba First Nations.
If it is a partnership, the business must be at least 51% First Nation owned and the contribution will be in proportion to the First Nation’s ownership.
The First Nation owner or partner must be an integral part of the business.
The business must show viability and management capacity through the submission of a business plan.
The non-repayable contribution will not contribute towards certain businesses such as bars, gambling (VLTs), sexually exploitative, pawn shops, payday loans, tobacco shop, etc. It cannot be a passive investment (real estate, apartment block, a business that someone else is managing).
The contribution will not support a business that will significantly harm another business (i.e. a second laundromat in a small town that cannot support two).
When a contribution is made, there is a control period of generally three years. During the control period, financial statements must be prepared and submitted along with a “Business Performance Review.” If the business does not remain in operation or changes in any significant way during the control period (i.e. sale of a significant asset or the acquisition of a partner), the non-repayable contribution will be deemed to be repayable and collection efforts will commence.
The BCF is generously supported by Indigenous Services Canada (ISC) through our partner, the National Aboriginal Capital Corporation Association (NACCA)
For more information on the Business Contribution Fund, please call us toll free at 1-888-942-6026 or 204-942-6026 in Winnipeg or email info@fpegf.ca
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