To be considered for support, entrepreneurs and their business projects must meet AIC's and its partner AFIs eligibility and investment criteria. There are four (4) key criteria that all applications from entrepreneurs must meet.
Indigenous entrepreneurs, age 18 or over and residing in southern Ontario may be considered. In addition to personal identifications, documents that demonstrate ancestry, qualifications and financial capacity are required.
For-profit businesses operating in southern Ontario, owned and controlled by eligible Indigenous entrepreneurs (50.1% or greater) and generating mostly active business income may be considered. Documentation confirming the type of business, location, ownership, legal business entity and registrations are required. Viability of the business must also be demonstrated.
Projects that support for-profit business at any stage can be considered. This includes establishing a new business (start-ups) or acquiring, improving, expanding or growing an established business.
Planning activities in support of business decisions and specific business investments (capital and non-capital) may be considered. There are some restrictions and the percentage of cost supported differ for capital and non-capital costs.
The maximum funding that can be considered for any project is the sum of 40% of eligible capital costs; plus, 75% of eligible non-capital & planning costs, for a combined total not exceeding $99,999.
Applicants can only be considered for one planning project and one business investment project in an AIC fiscal year (from April 1 through March 31). Follow-on projects in future years from previously funded clients may be considered, but normally at lower rates of support.
Rates of support will also be adjusted (pro-rated) based on percentage of eligible applicant ownership (where greater than 50% but less than 100%). At their sole discretion, AIC and its partner Aboriginal Financial Institutions (AFIs) may adjust the rates of support for any project.
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