Contact you local AFI to be considered for an ABFP contribution to supplement other f
AIC support is based on eligibility, business merit (demonstrated viability) and the amount of funds available to AIC.
When available, AIC's ABFP funding is in the form of a conditional, non-repayable contribution (similar to a "grant" with some differences).
Ultimately, project limits and rates are limited by the ABFP terms and conditions then set in consultation with the local AFI based on factors such as: cost-of-capital; types of project cost (capital vs non-capital); types of financing requirements; access to other programs; other financial resources available; prior ABFP funding; client/project risks; and, available ABFP funding.
How to be considered?
To be considered for a contribution, applicants and their business projects must meet AIC's and its participating local AFI eligibility and investment criteria. AIC must have either a recommendation or concurrence from a client's local AFI. Almost all funded clients are referred by a partcipating AFI and AIC only delivers small projects where no financing with the local AFI is required.
Is the funding repayable or non-repayable ("grant")
Clients who are approved receive a legal agreement and must comply to set of conditions to ultimately receive the funding as non-repayable.
When/how is funding paid?
Funding is not provided upfront. It based on a percentage of eligible costs incurred and eventually claimed. Approved client are ultimately responsible for submitting timely, complete and verifiable claims and supporting documentation (i.e. proofs of cost and proofs of payment). Once a claim can be verified, funding can be paid.
AFIs can consider bridge financing of an AIC ABFP contribution, If the AFI lends an approved client an additional amount to cover all or part of the approved AIC ABFP contribution, AIC will make payment to the AFI to reduce that financing.
We focus on helping Indigenous entrepreneurs in southern Ontario establish, improve and grow their for-profit businesses.
AIC is focused on path-finding for Indigenous Community Organizations (such as First Nations) enabling them to secure funding and financing for business projects.
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