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Equity ProgramsWhat are they? The Equity Programs include the Economic Development Opportunity Fund, the Resource Acquisition Initiative and the Major Business Projects Program. The Equity Programs provide financial aid in the form of matching equity funding. The objective is to use the funding to obtain conventional debt financing for business start-ups, expansions and acquisitions. First Nation, Inuit and Innu businesses receive the funding through their Community Economic Development Organization. Who may apply? First Nation, Inuit and Innu businesses may apply through their Community Economic Development Organization. What activities qualify? The Equity Programs fund the remaining equity gap after all other potential sources of funding have contributed to their maximum toward the financing of the business. These programs will not fund business lines that fall outside the public interest, or are contrary to federal policies, or fall within the mandates of other governments or other federal departments. What are the funding limits?
What information is required? The applicant must submit a viable business plan which includes:
How is the program delivered? Applications are submitted to the INAC regional office or, where applicable, the Project Review Committee secretariat. Projects are reviewed and a funding decision is made. Where projects are approved, INAC enters into funding agreements with the Community Economic Development Organization. Under the agreement, INAC provides funding to the Community Economic Development Organization, which is required to transfer the funds to the business. Recipients are expected to report on the implementation and results of their projects. Applicants are encouraged to submit a brief Statement of Intent, prior to submitting a full application. After reviewing these Statements of Intent, INAC will indicate whether the project meets program criteria, and will advise the applicant on the development of the full application. |
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Last Updated: 2006-01-24 | Important Notices |