Through the federal government's access to capital initiative, Waubetek
delivers the Enhanced Access Program that provides commercial loans to
Aboriginal people who are in an area not currently served by Aboriginal
Capital Corporations or Aboriginal Community Futures Development
Corporations.
Eligibility
The Enhanced Access to Capital Loan
Program is eligible to Aboriginal Businesses located in the region of
northeastern Ontario bounded by Sault Ste. Marie East to Mattawa, and
Temagami, south to Georgina Island (excluding Sagamok and First Nations on
Manitoulin Island).
For businesses located on First Nations, Waubetek requires a Band
Council Resolution providing authority to Waubetek to conduct business in
that community;
- The applicant must contribute a minimum of 10% cash equity to the eligible
project costs; and
- The business must be commercially viable.
- Waubetek may waive the 10% client equity contribution for Aboriginal
businesses whom have successfully operated for more than 3 years.
Maximum Loan
The maximum loan amount is $ 150,000 per
business.
Repayability
- Flexible repayment terms are available. Seasonal businesses may be
interested in higher payments during peak seasons and lower payments during the
off season. However, the maximum term of the loan (the time required to repay
the loan in full) is usually no longer than the expected life of the
collateral/security pledged for the loan;
- Interest rates are compounded semi-annually at the Prime rate plus 2% to 4%;
depending on your risk assessment.