What is new at NADF? Lots of exciting changes!
1. Flexible interest rates
- NADF can now match the interest rates from other lending institutions.
- We would need to see the approved term sheet from the other lender. Previously our interest rates were 8.5 to 12% NOW, rates are beginning at prime plus 2%.
2. For Nishnawbe Aski Nation members specifically, if there is a commercial mortgage located in a town/urban centre – such as Thunder Bay, Sioux Lookout we can now assist you with your commercial mortgage. Call us for details.
3. For Nishnawbe Aski Nation members, we also have a category of loan funds called non-business. For example, an education authorities is not a for–profit business, however, they may need fuel, school & maintenance supplies – we do have loan funds for these type of requests from NAN members.
4. The fourth change is we have now extended the term of our loans. Previously, we had a maximum of 10 year as a term to repay your loans, now it has been extended to 20 years, when necessary, such as when you are buying a commercial building.
- At NADF our average loan size is $56,000. We also recognize that there are opportunities for smaller business start-ups that may just need a little seed money to get going.
- NADF offers microloans range from $1,000 to $7,500
- Simplified the process, where you complete a 2 page business plan outline, with your loan application
- There is no application fee for microloans
- The microloans are also a way for individuals who do not have a credit history or have a poor credit rating to improve their credit scores.
- NADF does monthly reporting to the credit bureau, so this is an opportunity to start/expand business and at the same time fix your credit rating.
If you require financing to start, expand or acquire a business, NADF may be able to help you.
Our financial products include:
- Youth Loans (18-35 years)
- Term Loans
- Bridge Loans
- Micro Loans
Applicant's must meet the following criteria:
- Be of Aboriginal heritage (First Nations, Metis or Inuit)
- Be over the age of 18
- Reside in Northern Ontario
- Business must be established and operated in Northern Ontario.
To apply for a loan, applicants require:
- A viable business idea.
- A business plan.
- Proof of equity.
- Applicants 18-35 years, minimum 10% equity requirement
- Applicants over 35 years, minimum 15% equity requirement
- Completed application form, including application fee.
- Applicants 18-35 years: $100.00
- Applicants over 35 years: $150.00
Step 1: Contact one of our Business Support Team members to discuss your idea and determine eligbility.
Our Business Support Team members will help you to develop your business idea and complete your application form.
Step 2: Submit completed application form, including business plan, other supporting documents, and application fee.
Application fees: Youth (18-35 years) $100.00 and Regular (35+years) $150.00.
Step 3: Business plan assessment is conducted.
As part of our due diligence, you may be contacted to provide additional information and/or clarification. A recommendation for financing (approve or decline) is based on the viability of your business, as demonstrated in your business plan.
Step 4: Wait for a response.
Upon completion of our due diligence, we will contact you to discuss the results of our assessment. The amount of time required to complete an assessment of your business plan depends on the complexity and completeness of your application.