AIC ABFP fully-subscribed for 2021-2022
To be considered for support, entrepreneurs and their business projects must meet AIC's and its participating AFIs eligibility and investment 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.
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.
Your local AFI 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 AFI is not provide 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 AFI 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.
Subject to the availability of funds, 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 that will normally not exceed $75,000. Typically contributions ranges in the $5,000 to $50,000 range, depending on the type and size of the business and the nature of the costs to be incurred.
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. New applicants demonstrating financial need who have AFI support are normally given priority.
Rates of support will also be adjusted (pro-rated) based on percentage of eligible applicant ownership (where greater than 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 participating Aboriginal Financial Institutions (AFIs) may, at their sole discretion, adjust the rates of support for the program or any project.
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