The Government of Canada is working with Aboriginal Financial Institutions to provide funding to assist Indigenous business owners during COVID-19. The following provides a brief summary of this government program, including details relating to eligibility, how to apply and general terms and conditions, as applicable. We will endeavour to update this page on a daily basis. However, for a complete and up to date description, please consult the applicable program webpage. Should you have any questions, please feel free to reach out to a Goodmans lawyer.
- The program provides short-term, interest-free loans and non-repayable contributions to small and medium-sized First Nations, Inuit and Metis businesses through their current Aboriginal Financial Institution.
- Up to $40,000 will be available to each eligible business, inclusive of an interest-free loan of $30,000, and a non-repayable contribution of $10,000.
- Small and medium-sized Indigenous businesses that are current or former clients of an Aboriginal Financial Institutional may be eligible for funding.
- Businesses that have an established relationship with a major bank may choose to get support from the CEBA instead of applying through an Aboriginal Financial Institution.
How to Apply
Interested parties should contact their Aboriginal Financial Institution to apply for support.
- The ICBF provides $117 million in non-repayable financial contributions to help support operating costs for First Nation, Inuit and Métis community or collectively-owned businesses whose revenues have been affected by COVID-19. There are two streams to the program.
- Stream 1: Funding will be sent directly to communities and collectives to aid their COVID-19 economic priorities. Applications are not required for stream 1 funding.
- Stream 2: Applications for this proposal-based funding must be submitted by the community or collectives on behalf of the business. In turn, the funding will be transferred directly to communities and collectives.
- In order for a community or collective to apply for stream 2 funding, the business must:
- be located in the provinces;
- have been in operation since October 1, 2019;
- have been negatively financially impacted by COVID-19 or be able to use financial support to prevent layoffs, bankruptcy or permanent closure;
- have been solvent, financially viable, and not declared bankruptcy before any disruptions caused by COVID-19;
- be operating, and expect to continue operating, with reduced revenue from the previous year as a result of COVID-19;
- 15% reduction in revenues from March 15 to April 11, 2020;
- 30% reduction in revenues from April 12 to July 4, 2020;
- have previously unsuccessfully applied for federal business support;
How to Apply
More information on how to apply can be found here.