Aboriginal Business Development Fund

The Aboriginal Business Development Fund provides capital to start-up, expand and modernize Aboriginal businesses in Atlantic Canada. The fund is administered on a Pan-Atlantic basis by the Ulnooweg Development Group Inc. under the auspices of ACOA's Community Futures Program.

Eligibility Criteria

Aboriginal entrepreneurs in Atlantic Canada

Eligible Activities

These loans will significantly enhance the capital base for Aboriginal entrepreneurs engaged in activities not usually supported by conventional lenders. Such activities include:

• business modernization and expansion;
• technology adoption and development; and
• business start-ups.

Summary

This initiative provides unsecured loans to Aboriginal entrepreneurs at an interest rate of a minimum of Prime plus 2%, to a maximum of $150 000 for a period of up to five years.

All Aboriginal Business Development Fund investment applications, assessments and approvals will rest with the Ulnooweg Development Group's Board of Directors.

Ultimately, this fund will assist in making Aboriginal firms and communities in Atlantic Canada more economically successful and competitive, and will contribute to developing new markets for their products and services.

Program Delivery

As administrator of the program, the Ulnooweg Development Group will provide loans to individual Aboriginal businesses and entrepreneurs in all four Atlantic Provinces. Firms will repay their loans directly to the Ulnooweg Development Group, thereby ensuring the Fund revolves for additional lending to other Aboriginal firms in Atlantic Canada.

New Brunswick, Newfoundland & Labrador, Nova Scotia, Prince Edward Island Contact(s):
See National Contact.