First Nations Economic Growth Fund — Entrepreneur Loan Program ### 📋 Eligible Entities - First Nations entrepreneurs (individuals who are members of or affiliated with First Nations communities) - First Nations-owned businesses (sole proprietorships, partnerships, and corporations with First Nations ownership/control) - First Nations community enterprises (business entities established to benefit First Nations communities) - Must demonstrate connection to and support from a First Nations community - Applicants must meet personal creditworthiness and business viability assessments ### 💰 Funding Details - Loan Amount: The lesser of: - $200,000 CAD, OR - 50% of the total fair market value cost of the project - Repayment Structure: Loan-based (must be repaid with interest) - Interest Rate & Terms: To be determined based on lender assessment and creditworthiness - Matching Requirement: Applicant must provide minimum 50% of project costs from other sources (personal investment, co-financing, etc.) - No Grant Component: This is a repayable loan, not a non-repayable grant ### 🛠️ Approved Expenses - Business Start-up Costs (new enterprise establishment) - Asset Purchases (equipment, machinery, technology) - Business Modernization/Upgrades (renovations, facility improvements) - Business Expansion (scaling operations, facility expansion) - Working Capital (for operational needs tied to project expansion) - Project costs must align with the fair market value assessment ### ⚠️ Conditions & Milestones - Matching Funds: Applicant must secure 50% of total project costs from non-loan sources - Fair Market Value Assessment: Project costs must be validated through independent assessment - Business Plan Requirement: Detailed business plan and financial projections required - Creditworthiness Review: Personal and business credit assessment conducted - Community Endorsement: Support or approval from the applicant's First Nations community may be required - Repayment Obligation: Full repayment of principal plus interest required per loan agreement - **