The enquiry stage is the first step in Waubetek Business Development Corporation’s Business Process. The program criteria, eligibility and processes are discussed with a potential client.
If the proposed project and applicant appear eligible an information package is sent.
If the client is clearly not eligible for Waubetek programs, other programs and services are suggested.
Application and Submission
Initial information required to undertake an initial review:
* Summary of Project;
* Documentation of Aboriginal Ancestry, driver’s license and birth certificate;
* Applicant's Cash Equity Confirmation & Documentation.
The application for Waubetek financial support is reviewed for completeness and is then screened first for client eligibility, then project eligibility.
All applications are screened for initial eligibility for support from Waubetek as follows:
1. APPLICATION COMPLETENESS; The Applicant has submitted a complete application form that is also signed and dated. If from a Community or Corporation, ensure authorized signatories.
2. APPLICANT(S) IDENTITY: Identity of Applicant(s) confirmed through government ID (driver’s license, health card,) etc, or, if corporation, copies of their incorporation documents, by-laws, and confirmation of signing authorities.
3. ABORIGINAL ANCESTRY CONFIRMATION: Proof of Aboriginal heritage is required through one of the following:
- First Nation registered members must provide a copy of their Certificate of Indian Status card issued by First Nation/Government of Canada (may follow-up with First Nation to confirm).
- Applicants of Inuit ancestry will provide a letter of confirmation from the Inuit Kanatami.
- Non-Status Indians must provide a birth certificate proving a genealogical link to a First Nation registered member.
- Metis citizens must apply to the Metis Voyageur Development Fund for financial assistance.
4. APPLICANT(S) RESUME: Applicant(s) must have the relevant industry background, licences and certifications pertaining to the business activity (directly related to the revenue generating activities of the business). This includes demonstrated education and/or experience, licenses in the area proposed; including management capacity
5. BUSINESS LOCATION IN SERVICE AREA: Please visit Waubetek Service Area
6. APPROPRIATENESS OF BUSINESS: Project Summary or Business Plan (if already completed) confirms that the business is not primarily a smoke shop, a liquor establishment, involved in sexual exploitation, games of chance, payday loans or a passive investment (self-storage units, laundromat, investor only).
7. APPLICANT EQUITY CONTRIBUTION: The Applicant has provided evidence that they have available the minimum unencumbered cash equity (10%) to implement the business project as shown in the Financing Application.
8. ACTIVE ENTREPRENEUR: Holding employment and operating a business is not regarded as being in the best interests of the business venture. It must be demonstrated that the applicant will be involved on a full-time basis.
Once client eligibility is established, a full consulting proposal/marketing plan/business plan/business valuation is requested. Information on an appropriate structure for preparing a business plan will be provided.
If ineligible, the Business Development Officer will suggest options for alternate financing.
Review and Approval
The business plan is analyzed thoroughly and/or further information may be required of the applicant prior to Business Development Officer recommending an investment from Waubetek. The analysis results are summarized for presentation to the Waubetek board or management.
If approved, a Letter of Offer is issued which the client must review with Waubetek staff, preferably in person. The letter of offer outlines all investment levels and disbursement conditions.
If an application is declined, a letter is issued to the client outlining the principle reasons for the decline.
To receive any payment the client must:
* meet all pre-disbursement conditions outlined in the Letter of Offer;
* prepare and sign a claim summary form listing all eligible costs being claimed;
* submit copies of invoices /quotations;
* attach proofs of payment.
Once the above information is provided, a cheque is processed and issued to the supplier directly or to the client for reimbursement of pre-paid invoices.
After dispersal of the full contribution, the business project will be monitored for the full life of the contract period as outlined in the Letter of Offer. All Waubetek clients must complete a Business Performance Review annually, along with their annual financial statements and provide both documents to Waubetek for the full project monitoring period.