If you are a Aboriginal entrepreneur or a majority-owned Aboriginal business operating in Northern Ontario, you may qualify for a loan from NADF (Nishnawbe Aski Development Fund) to establish, expand or acquire a business.
- Individuals over the age of 18, who are of Aboriginal heritage (First Nations, Metis or Inuit)
- Wholly-owned or majority-owned Aboriginal businesses and organizations
- Business must be established and operating in Northern Ontario
Applicants applying for a loan from NADF must provide an equity contribution. Equity requirments may vary, but the minimums are:
- Applicants 18-35 years, minimum 10% equity requirement
- Applicants over 35 years, minimum 15% equity requirement
NADF's loan fund maximum is $500,000, and in exceptional cases, up to $1,000,000.
Generally, NADF interest rates vary from 8% to 12%, but under certain conditions NADF may be able to match commerical bank interest rates.
Step 1: Contact NADF to determine eligibility.
Step 2: If you and your project are deemed to be eligible, complete and submit our loan application and your business plan.
Step 3: Your Account Manager will conduct an assessment of your business plan. 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 idea, as demonstrated in your business plan.
Step 4: Upon completion of our assessment, we will contact you to discuss the results. The amount of time required to complete an assessment of your business plan depends on the complexity and completeness of your application.
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