Frequently Asked Questions (FAQs)
I want to start my own business, what do I need?
To start your own business, you need to have an idea, and ask yourself “why would this type of business be successful in the community or town I am in?”
You will also need a business plan to:
- Let the financier know what kind of business it is
- Show the need for your type of business (results from market research you've conducted; phone interviews, surveys etc)
- List a breakdown of costs associated with starting this business, i.e.; infrastructure, equipment, inventory, and freight etc.
You will also need
- A resume showing experience relevant to business
- Personal Funds to invest (Equity). The required amount is a minimum of 10% to 15% of your project's worth
- 12 month cash flow statement minimum is required (to demonstrate your ability to repay debt)
- Credit
To start your own business, you'll need: A business idea , a business plan , some equity (funds) and good credit
I want to expand my business. What do I need?
- 3 to 5 years of financial information depending on how long your business has been running
- Financials including: cash flow statements (demonstrating your ability to repay debt), income statements and balance sheets
- Brief business plan indicating who (manager), where (location), what (type of business), why (reason for expansion), and how (strategy)?
- Cash equity requirement of 10% - 15% of expansion costs, (proof required upon approval).
- Good credit always helps.
I need financing for my business/community project. What do I need?
A business idea, a business plan , some equity (funds), a completed Statement-of-Intent (SOI) and good credit.
What is a business plan?
A business plan is a formal statement or document containing detailed background information on your business, its goals, and a plan (usually three-to five years in length) for how you expect to reach those business goals.
How much shooniah/funds should I have for my business?
That usually depends on the size of your intended business. However, it is advisable to have at least 10%-15% of the value of your entire project on hand. E.g. if your project costs $100,000, you will need a minimum of $10,000 of your own cash available to invest in your business etc.
Ok, I have my business idea, business plan, funds and good credit. What follows next?
You need to fill in our Statement of Intent (SOI) form and send it back to us, either via email, fax or snail mail. Email your SOI applications to Colleen at or Gail at Our fax number is (807)622-8271 and our mailing address is:
Nishnawbe Aski Development Fund
106 Centennial Square, 2 nd Floor Thunder Bay, ON. P7E 1H3.
What is an SOI?
An SOI (Statement of Intent) is an application form/document that tells us about your business idea and its estimated projected costs. The application also helps us get to know you (the client) and assess your eligibility for funding. If you're looking for any type of financing from NADF, a completed SOI application is your starting point.
How do I get an SOI?
It is available electronically for download here or can be mailed/faxed to you at your request. To request an SOI document, call Colleen or Gail at 1-800-465-6821.
Can I have an SOI mailed to me in my community?
Yes you can, simply contact us with your mailing address and we'll have one sent you.
Ok, I’ve filled out my SOI and mailed it to NADF. What happens next?
Your SOI form will be processed by our staff here at NADF. This usually takes 2-3 business days, after which we will contact you to either:
- Make revisions to your form (if it wasn't filled properly), or
- Request your business plan for review (to proceed with financing)
For quicker processing, it helps to have your business plan prepared before you hand in your SOI.
If you have additional questions about getting financing for your business or project, please contact Colleen or Gail immediately at 1-800-465-6821.
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