Did you know that you could get funding at the community level?
The ABDF (Aboriginal Business Development Fund) is a program that provides tools for Aboriginal entrepreneurs who choose to start their own businesses. The funds are available through a community-based organization.
What is an ABDF?
The fund increases access to capital for Aboriginal entrepreneurs who would normally not qualify for a loan.
Loans combine financing with management training and on-going mentorship. The entrepreneur commits by undertaking training to enhance management skills and agrees to ongoing mentorship. The loan is disbursed only after these conditions are met.
- The fund benefits the community and serves as a business model for other communities to follow.
What is BDC's commitment?
BDC has committed $1 million dollars for 4 ABDFs in various regions of Canada. Agreements have currently been signed for 3 ABDFs. For all of these agreements, the funds are delivered at the grassroots level and involve amounts varying from $5,000 to $20,000. The loans are fully repayable with terms varying from 2 to 3 years depending on the project's cash-flow expectations.