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Northern Manitoba Split Lake Peer Lending Circle
The Split Lake Peer Lending Circle is in its second year of operation. The BDC formed a partnership agreement with the North Central Community Futures Development Corporation Inc. (NCD) in Thompson, Manitoba to deliver a $40,000 loan fund. BDC provided the funding and the program is administered by NCD.
This lending circle provided two groups of Elders in the community access to capital in order to purchase materials for their crafts. In a couple of cases, Elders purchased equipment to produce their traditional crafts, such as traditional outfits and moccasins. The loans varied from $500 to $1,500 with a total of 14 loans being provided.
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 | One of the key success factors of this program is the monthly meeting facilitated by NCD. At this meeting payments are made and any delinquency issues are discussed. With the first round of financing now complete, many people in the community are interested in the next round of financing.
Aboriginal Business Development Fund
The Aboriginal Business Development Fund (ABDF) is based on a model called the "circle of entrepreneurial success". This model combines management and training, financing and mentorship.
In addition to the circle of entrepreneurial success, another important aspect is to have grassroots organizations such as the Pwi-Di-Goo-Zing-Ne-Yaa-Zhing Advisory Services in Fort Frances, Ontario, the Apeetogosan (Métis) Development Inc. (AMDI), in Alberta and Keyano College in Fort McMurray, Alberta deliver the project.
The average loan size of the Fund is expected to range anywhere from $5,000 to $20,000. This project specifically addresses the main cause for business failure that is lack of management. With the addition of funding partners, we expect to be in a position to offer mentorship and training with the main goal to create successful Aboriginal entrepreneurs.
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Business Development Bank of Canada
155 Carlton Street
Suite 220
Winnipeg, Manitoba
R3C 3H8
Phone: (204) 983-3594
Fax: (204) 983-8522
Contact Wendy MacNair by e-mail |
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