I want to start or expand a business. Where do I begin?
To establish or expand your business you will need to demonstrate relevant experience, possess sufficient equity, ability to repay, and most importantly, demonstrate commercial viability of your business idea through a business plan.
When should I contact Waubetek?
We would like you to contact us as soon as possible after you've made the decision to proceed with your business idea. Our knowledgeable and experienced business development staff are available to assist you in completing our financing applications.
What is a business plan?
A business plan is a written document that demonstrates the viability of your business idea to lenders and investors. A typical business plan will include details of the product or service, a marketing plan, management, operations, ownership, and financial projections.
You may be eligible to receive a conditional contribution from Aboriginal Business Financing Program to develop your business plan.
Template: Business Plan
How much money do I need to invest in my business?
All Clients must have at minimum 10% unencumbered equity. Clients may be required to invest more equity based on their net worth.
I have completed my business plan. What are the next steps?
Contact one of our Business Development Officers to discuss possible eligibility. If you require assistance in completing the Financing Application, they will guide you through this step as well.
When completed, submit your completed application and all supporting documentation. A timely assessment of your financing request is dependent on us having all the information needed to assess your business idea.
What is a Financing Application?
A Financing application is a form/document that tells us about your business idea and its estimated costs. The application also helps us get to know you (the client) and assess your eligibility for funding.
How do I obtain a Financing Application?
It is available electronically for download here or can be mailed/faxed to you at your request. To request an application call 1-705-285-4275.
How long does it take for financing approval?
Each case is unique and development time is dependent on the complexity of the proposed business venture.
Please visit our “Application Process” page.
Ok, I’ve filled out my application and mailed it to Waubetek. What happens next?
Your completed application will be processed by our staff here at Waubetek. This usually takes 10 working business days, after which we will contact you to either:
Make revisions to your form (if it wasn't filled properly), or
Request your business plan for review (to proceed with financing)
For quicker processing, it helps to have your business plan prepared before you hand in your application.
Please call (705) 285-4275 to speak with one of our Business Development Officers.
Do I receive payment once my application is approved?
The Loans & Contribution department has a formal process that clients must submit a claim for payment. Please talk to your Business Development Officer or Loans and Contributions Administrator for further explanation. There is a formal payment process which explains the step by step process and every client is provided with information in the information package.
When/How will I receive payment?
When a client receives the “Letter of Offer” in the mail, the Loans & Contribution department will review documentation in detail with the client on Waubetek’s requirements for disbursements on accrued expenses.
What is unencumbered equity?
When applying for financing from Waubetek, applicants require “unencumbered” equity which means, the applicant must demonstrate that they have personal cash to contribute to the business project. The equity must not be from another loan source or other funding agency (i.e. equity cannot be from credit cards, a line-of-credit, personal loans or community development corporations with repayment terms, etc.). This equity should be the applicant's own money that is easily accessible from the applicant's own sources.