How does AIC manage I/ABFP funding on behalf of its IFIs?

AIC support is based on eligibility, business merit (demonstrated viability) and the amount of funds available to AIC. 

When available, AIC's I/ABFP funding is in the form of a conditional, non-repayable contribution (similar to a "grant" with some differences).

How much?

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.

How to be considered?

To be considered for a contribution, applicants and their business projects must meet AIC's and its participating local IFI eligibility and investment criteria. AIC must have either a recommendation or concurrence from a client's local IFI. Almost all funded clients are referred by a participating IFI and AIC only delivers small projects where no financing with the local IFI 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 I/ABFP contribution, If the IFI lends an approved client an additional amount to cover all or part of the approved AIC I/ABFP contribution, AIC will normally make payment to the IFI to reduce that financing.