Business Loans - Treaty and Status Indians

The SIEF Business Loans program provides business loans to Treaty and Status Indian People in the province of Saskatchewan. The program is designed to assist both new and existing business. Commercial lending services are offered to First Nations individuals, partnerships, corporations and band-owned businesses. Loan applications are reviewed based on the viability of the proposed business, client capacity and applicant's credit, character and collateral.

Eligibility Criteria

• only Treaty and Status Indian People are eligible for this program
• all funds are to be used for businesses in Saskatchewan
• maximum of 70% financing for capital items
• all loans must be secured by eligible assets
• security may include chattel mortgage security, security under the Personal Property Security Act, conditional sales contract, assignment of crop insurance, security over crops and inventory, assignment of other payments or receipts, life insurance on the borrower, branding of livestock with SIEF's registered brand
• a band council resolution is required from the Chief and Council giving SIEF access onto the reserve to inspect and realize upon security

Summary

FINANCING CRITERIA
SIEF applications must include a statement of net worth, past income/expense statements, cash flow projections, cropping and/or livestock plan, and general information regarding the applicant's management ability and character. Applications will be assessed on their individual merits and must demonstrate:

• that the operation is or can be viable
• that the owners have a reasonable equity investment in the project
• that there is a realizable security to adequately cover the loan
• that cash flows will service all debt requirements
• that management capacity is in place
• that past credit history is satisfactory
• maximum loan contribution is determined by the Board of Directors
• includes capital, operating and bridge financing.

Saskatchewan Contact(s):
Saskatchewan Indian Equity Foundation (SIEF)
202A Joseph Okemasis Drive
Saskatoon, Saskatchewan  S7N 1B1
Telephone: 306-955-4550
Fax: 306-373-4969
E-mail: cahenakew@sief.sk.ca
Web site: http://www.sief.sk.ca