SOCCA — Term loan for Indigenous businesses

📋 Eligible Entities - First Nations businesses - Indigenous-owned enterprises - Businesses seeking to start-up, expand, or acquire another business - Applicants must demonstrate Indigenous ownership and control - Both sole proprietorships and corporate structures may qualify (subject to Indigenous ownership requirements) ### 💰 Funding Details - Loan Coverage: Up to 70% of project costs - Minimum Owner Contribution: At least 10% of total project costs (applicant's own funds) - Loan Structure: Competitive term loan (repayable) - Interest Rates & Terms: Competitive market rates apply (specific rates vary by lender and creditworthiness) - Remaining Costs: Up to 20% may be covered by other sources (grants, co-investors, additional financing) ### 🛠️ Approved Expenses - Start-up costs for new Indigenous businesses - Business expansion projects - Business acquisition costs - Working capital associated with the above activities - Assets and equipment purchases (as part of eligible project costs) - Note: Specific eligible expense categories should be confirmed with SOCCA at application stage ### ⚠️ Conditions & Milestones - Ownership Requirement: Business must be First Nations/Indigenous-owned and controlled - Minimum Investment: Applicant must commit minimum 10% of project costs from own resources - Loan Agreement: Standard term loan conditions apply; repayment schedule established at funding approval - Project Eligibility: Must fall within start-up, expansion, or acquisition categories - Application Process: Submit through SOCCA with business plan and financial documentation - Ongoing Compliance: Maintain Indigenous ownership and business operational status throughout loan term - Reporting: May require periodic financial reporting and project milestone updates