In response to the COVID-19 crisis, the Clarence Campeau Development Fund through assistance provided by the Government of Canada, is taking action to ensure that Métis business owners impacted by Covid-19 have access to the support they require. The emergency loan program is a component of the Indigenous Business Stabilization Program.
The Emergency Loan Program (ELP) is designed as an emergency measure to support small business owners in meeting their immediate operating cash flow needs. These funds are not intended to replace or duplicate government or other bank/lender emergency financing that are available to businesses in Canada.
Maximum assistance is up to $40,000 comprised of a 75% loan and 25% non-repayable contribution. Loan and contribution are issued together.
- up to 48 months term;
- interest free for the entire 48 month term;
- no payments in first 12 months from disbursement date;
- loan payments begin in month 13 and are fully amortized over the remainder of the term;
- principal repayments can be made voluntarily at any time after six months of issuance, without fees or penalties;
- No General Security Agreement will be issued to secure the loan
Guidelines & Eligibility
- Must own and operate an existing business in the Province of Saskatchewan with the majority of the ownership resting with a Métis individual or Metis community (for profit);
- Business operations must currently be negatively impacted by Covid-19 and if currently closed you must plan to re-open once the conditions allow you to do so;
- Must submit your 2019 annual financial statements or Tax return (if a sole proprietor);
- Must submit evidence of Métis ancestry (if CCDF does not currently have one on file).
- If an existing CCDF client, must not have loan payments in arrears as at March 15, 2020. (at the discretion of management);
- Must not have received the Canadian Emergency Business Account (CEBA) or other bank/lender emergency loan.
Eligible costs for this loan can include:
Métis owned businesses negatively impacted by COVID-19 can apply for this funding to support their immediate working capital and operational needs. Eligible expenses could include:
- non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property taxes and regularly scheduled debt service; and
- emergency measures such as health and safety improvements, workplace sanitizing, and procedures to secure the safety of employees and prepare for business opening.
Funds may not be used to fund any payments or expenses such as prepayment /refinancing of existing indebtedness, purchasing capital assets, payments of dividends, distributions and increases in management compensation. Clients may be required to submit bank statements and/or receipts confirming that the funds were used for eligible costs.
Due to limited amount of available subsidy funds our order of priority for clients wishing to apply is as follows:
- Current CCDF loan clients;
- Previous CCDF clients;
- Other Métis owned businesses who have never used CCDF previously;