Waubetek has an Investment Fund which is used to provide commercial loans to Aboriginal businesses to finance costs associated with either the establishment or expansion of a business.
Eligibility
- Applicants must be a band member who resides either on or off reserve, of one of the following First Nations: Aundeck Omni Kaning, M'Chigeeng, Sagamok, Sheguiandah, Sheshegwaning, Whitefish River, Wikwemikong, or Zhiibaahaasing;
- The business must be located within the area bounded by Nairn Centre, Sagamok, and Manitoulin Island;
- Applicant must contribute a minimum of 10% cash equity to the eligible project costs; and
- The project 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.