The Aboriginal Youth Business Fund (AYBF) provides loan financing of up to $15,000 for new and existing youth businesses.
Eligibility
The AYBF is currently available to Aboriginal youth between the ages of 18 to 29 who are members of the following First Nations:
Aundeck Omni Kaning, Batchewana, M'Chigeeng, Mississauga, Sagamok, Sheguiandah, Sheshegwaning, Thessalon, Wikwemikong, Whitefish River, Whitefish Lake, Zhiibaahaasing
Program Description
- The maximum loan amount available per business is $15,000.
- All applicants are required to provide 10% of the total cost of their project as a cash equity investment. Security or guarantees are required on each loan.
- Successful applicants may be eligible for a 20% rebate (forgivable portion) depending on the performance of the loan repayment and meeting of business objectives. (This rebate is not applicable to applicants who receive an Aboriginal Business Canada contribution.)
- The interest rate for loans is generally the prime rate plus two or a maximum of 8.5%.
- Loan repayment will be based on a term of five years or less depending on the business' projected cashflow.
- All applications for financing must have their business operations located in the designated service delivery area both on- or off-reserve.
- Waubetek may be able to access other business assistance for your business start-up through Aboriginal Business Canada.
For more information, please contact a Business Development Officer at:
Waubetek Business Development Corporation
General Delivery
Birch Island, Ontario
P0P 1A0
Telephone:(705) 285-4275
Fax:(705) 285-4584
Email:waubetek@waubetek.com