First Peoples Economic Growth Fund — Entrepreneur Loan Program ### 📋 Eligible Entities - Indigenous entrepreneurs (First Nations, Inuit, and Métis individuals) - Indigenous-owned businesses (majority Indigenous ownership required) - Sole proprietors - Partnerships with Indigenous ownership - Corporations with Indigenous ownership - Cooperatives with Indigenous membership - Social enterprises with Indigenous leadership - New business ventures and existing businesses seeking expansion or upgrade ### 💰 Funding Details - Loan Amount: Lesser of $200,000 or 50% of total project costs - Funding Type: Repayable loan (not a grant) - Matching Requirement: Applicant must cover minimum 50% of eligible project costs - Interest Rate: Terms determined by administrator (typically competitive rates) - Repayment Period: Standard commercial loan terms (typically 5-10 years depending on project) - Collateral: May be required based on creditworthiness and project viability ### 🛠️ Approved Expenses - Starting a new business (startup costs, legal fees, initial inventory) - Purchasing an existing business - Business equipment and machinery upgrades - Technology adoption and digital infrastructure - Facility improvements and expansion - Working capital for business operations - Professional fees (accounting, legal, consulting) - Training and skills development - Marketing and business development initiatives ### ⚠️ Conditions & Milestones - Eligibility Verification: Applicant must provide proof of Indigenous identity or business ownership status - Business Plan Requirement: Comprehensive business plan demonstrating viability required - Minimum Match Funding: Applicant responsible for securing 50% of project costs before loan approval - Project Timeline: Funds must be deployed within specified timeframe (typically 12-24 months) - Reporting Obligations: Regular progress reports and financial statements required - Loan Covenants: Standard lending conditions including financial ratio maintenance - Use of Funds: Money must be used strictly for approved project purposes - Insurance Requirement: May be required for equipment or facility-based projects - Indigenous Ownership Maintenance: Ownership structure must remain Indigenous