AIC ABFP fully-subscribed for 2020-2021, we're looking for future projects!
Only persons who meet all four (4) applicant eligibility criteria can be considered for support. This is established by way of documentation that demonstrates ancestry & residency, financial capacity & responsibility, qualifications and the need for financial support.
Applicants are fully responsible to provide accurate, complete and timely information and evidence to the satisfaction of AIC and the local AFI. Consult with AIC and/or the local AFI if you have question on how to prepare for potential application.
Individuals, who are residents of Ontario and at least 18 years of age who provide the following evidence, may apply:
Any one of the following ancestry documentation:
and, copies of one other piece of Ontario government-issued identification (Ontario Driver’s License, Ontario Health Card or Ontario Photo Card) as evidence of identity and residency.
Only financially responsible applicants who demonstrate they possess the required minimum cash equity, and the ability to secure adequate commercial financing can be considered for support.
AIC reviews the credit history of every applicant as an indicator of their past and current financial management and well as their potential to secure credit. Applicant credit worthiness may also be examined by way of consultation with a southern Ontario AFI or another financial institution.
The required amount of cash equity applicants must ultimately pay toward their costs is the sum of:
At the time of applying, applicants must provide a copy of their most recent bank statement in either their own name or their business name as evidence of their cash equity. This cash must be unencumbered, not obtained through debt.
The required cash equity should be retained and ultimately put towards the eligible project costs. AIC may seek to verify cash equity again prior to a funding decision. Evidence of the required cash equity being paid toward eligible costs will be requested prior to disbursement of any approved funding.
For capital costs only, applicants are required to secure commercial financing, in the form of term loans and/or lines of credit from an Aboriginal Financial Institution (AFI) or Canadian commercial lender (banks, finance companies) of an amount equal to or greater than 50% of eligible capital costs.
Applicants who have been approved by a AFI conditional on AIC support will be considered to have met this requirement.
Applicants with prior work and/or business experience providing transferable skills to the business can be considered for support.
Applicants must provide a resume and supporting documentation that clearly demonstrate, to AIC’s satisfaction, they possess the key competencies (abilities/skills) that will enable them to implement their project and successfully manage their business.
Evidence of education and applicable accreditations, licenses or certifications required to work in the industry or location (jurisdiction) will also be requested.
To be considered for support, applicants must clearly demonstrate, to AIC’s satisfaction, that non-repayable support is required to secure commercial financing for the project and/or ensure anticipated results will materialize within similar time-frame and risk. An Applicant’s net worth as well as the size, scope and complexity of the project will be considered in determining if AIC funding is needed.
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