As of April 1, 2024, MVDF delivers the I/ABFP directly to Métis clients.
Funding for Indigenous Entrepreneurs
To be considered for support, entrepreneurs and their business projects must meet AIC's and its participating AFIs eligibility and investment criteria.
How much funding is available?
Subject to the availability of funds, and consultation with the local IFI, the maximum funding that can be considered directly by AIC for any project is the sum of:
40% of eligible capital costs + 75% of eligible non-capital & planning costs
for a combined total that may not exceed $25,000. Typical contributions are in the $5,000 - $15,000 range, depending on the type and size of the business and the nature of the costs to be incurred.
Applicants seeking financing and funding of capital cost (i.e. equipment, leaseholds or renovations, supplies & inventory, and operating costs) must first contact their IFI.
Applicants who are recommended by and/or receive financing through one of our IFIs may be considered for higher limits of support (over $25,000).
Ultimately, project limits and rates are limited by the I/ABFP terms and conditions then set in consultation with the local IFI 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 I/ABFP funding; client/project risks; and, available I/ABFP funding.
Follow-on projects in future periods from previously funded clients may be considered, but normally at lower rates of support. New applicants demonstrating financial need who have IFI support are normally given priority.
Rates of support will also be adjusted (pro-rated) based on percentage of eligible applicant ownership (at least 50% but less than 100%).
Applicants must demonstrate that project costs are reasonable and accurate.
Applicants also must demonstrate the ability to account for actual costs incurred in order to receive and or all of the approved funding. Funding is paid as a reimbursement of eligible cost incurred and claimed, itemized in a format that enables AIC to verify the cost.
Total funding is limited, and demand will often exceed supply. As such, AIC and its individual IFIs may, at their sole discretion, adjust the rates of support and limits for the program or any project.
BASIC FUNDING CRITERIA
There are five (5) key criteria that all applications from entrepreneurs must meet.
Applicants must meet requirements within each 5 criteria to be considered for support.
Review each of the eligibility criteria
1. Eligible Entrepreneurs
1. Eligible Entrepreneurs
1. Eligible Entrepreneurs
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.
2. Eligible Businesses
1. Eligible Entrepreneurs
1. Eligible Entrepreneurs
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.
3. Eligible Projects
4. Eligible Project Costs
4. Eligible Project Costs
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.
4. Eligible Project Costs
4. Eligible Project Costs
4. Eligible Project Costs
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.
5. Concurrence of your local IFI
Your local IFI and AIC must agree on allocating AIC funding to your project. In other words, AIC non-repayable contributions are based on a joint-decision and consultation.
If your IFI is not providing financing to your project and business at this time, they may still chose to agree that an AIC non-repayable contribution is appropriate.
If your IFI determines that you have not met their eligibility or investment criteria (i.e. not demonstrated business viability at this time), AIC will not consider a contribution.
Ultimately, project limits and rates are limited by the I/ABFP terms and conditions then set in consultation with the local IFI 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 IBFP funding; client/project risks; and, available IBFP funding.
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