What is a Microloan?
A Microloan is a small loan for a small business. Microloans help small business owners cover startup costs and other expenses. At NADF, we are your first-choice Microlender.
Why Apply for a Microloan?
Microloans are geared towards helping new and small businesses, so the requirements are more flexible. At NADF we will work with you to learn about you and your goals and will consider that information when evaluating your microloan application.
Microloans may help individuals who do not have a credit history or have a poor credit rating to improve their credit scores. NADF submits monthly reports to the credit bureaus, so this is an opportunity to start/expand business and build your credit rating at the same time.
Who can Apply for a Microloan
- You are over the age of 18 and are of Aboriginal heritage (First Nations, Metis or Inuit)
- You reside in Northern Ontario
- You are establishing a business in Northern Ontario
- Your business is a wholly-owned or majority-owned (minimum 51%) Aboriginal business
- Your business is based in Northern Ontario
Microloan Limits & Interest Rates:
Microloans range from $1,000 to $7,500 and are offered at a flat interest rate of 8%. The application fee is waived.
Entrepreneurs often need a little bit of seed money to start a business, contact one of Business Support Officer to discuss your Microloan application today.