This program is intended to assist Manitoba First Nation entrepreneurs by providing capital and/or working capital through subordinated interest-free loans that will enhance the applicant’s ability to leverage financing from other institutions and agencies.
Each loan will be for the lesser of $200,000 per project, or 50% of the fair market value of the total project costs (including identified startup costs and working capital) identified in the project costs. Appraisal of the project costs may be required.
Loans are repayable over a term normally not to exceed 10 years (buildings not to exceed 20 years).
Be a member of a Manitoba First Nation, living on or off reserve in Manitoba.
Be aged 18 and over, and eligible to work in Canada.
Provide a sound business plan that demonstrates viability of the business.
Contribute equity equal to a minimum of 5% of the total project costs. Business projects deemed by the Fund to be higher risk will require larger equity contributions. The applicant’s equity contribution can be:
Cash
Unencumbered business assets supported by purchase invoices or other appropriate documentation supporting the fair market value of the business assets.
Note: Please be aware that all applicants will undergo a credit score review. However, approval is not determined solely by your credit score, and having a low score will not prevent you from being eligible for financing. Any unresolved collection issues must be addressed before your application can proceed.
Should register their business name with the Companies Office.
Are required to use loan proceeds in the manner they applied for (e.g., start, expand, acquire).
Loan proceeds are not intended for refinancing purposes or to pay existing debt. Will be registered as security or collateral for the loan.
The business entity is eligible for supplementary loans based on the following:
The business has provided FPEGF with satisfactory financial statement(s) as requested. Depending on the complexity of the business and its internal controls, FPEGF will have flexibility in accepting:
Quality prepared
Internally prepared
Auditor prepared notice to reader statement
Auditor prepared review engagement statements, or
Audited financial statements
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