BDC's specialized financing increases access to capital for Aboriginal entrepreneurs wanting to expand an existing business or start a new one, on or off a reserve in Canada. Under the GCAB program, you can obtain financing to a maximum amount of $25,000 for start-ups and up to $100,000 for existing businesses. If your business requires additional funds, BDC offers other financing options.
Business management coaching
- Support is available through a special alliance with CESO Aboriginal Services. Includes ongoing mentoring and business management advice for the first 2 years following loan approval.
- Costs for business coaching can be incorporated into the financing package.
Security can include
- Band Council Resolutions and other letters of support when the business is located on reserve land.
- Realty mortgages
- Security agreements providing a charge on chattels
- Personal or corporate guarantees
BDC will refund a portion of the interest paid on a loan to a community organization or charity chosen by the borrower. It will be calculated at the rate of 0.5% of the average loan balance with a minimum amount of $100 and paid annually after the first year of the loan. To qualify, the loan must be operating satisfactorily without any outstanding payments.
How can BDC help you?
BDC's Aboriginal Banking department can provide support to businesses that:
- Have a commercially viable business proposal.
- Have an acceptable level of management expertise.
- Demonstrate financial commitment.
- Are willing to take part in a mentorship program.
- Operate on- or off-reserve in Canada.