Women’s Micro-Loan and Grant Program

This program is designed to help Métis Women get into business.

This program is intended to assist Saskatchewan Métis Women with the desire to become entrepreneurs, overcome barriers and access financing, build their credit, and leverage other financing and support services provided by CCDF for Métis women or from other financial institutions.

Under this program CCDF can provide equity assistance, in a combined loan and grant, of up to 95% of capital project costs related to the establishment and ongoing operations of the business. Maximum loan funding under this program is $20,000 excluding pre-operating and goodwill as identified in the program costs and total project costs cannot exceed $40,000. The grant funding is based on need.

The purpose of this program is:

  1. To establish a new business
  2. To purchase an existing business
  3. To expand and renovate an existing business
  • Contribution Agreement

Guidelines

  • Businesses funded under this program must be for-profit and demonstrate viability through a sound business plan.
  • Applicants must contribute a minimum of 5% equity to the project.
  • Maximum loan contribution of $20,000 (minimum of 50% of project costs)
  • Thr grant contribution is flexible (maximum of 45% of project costs) and based on need.
  • Applicant must not be eligible for the Métis Entrepreneurship Equity program (MEEP) to qualify for this grant.  The exception, If MEEP funding is unavailable, an applicant may be eligible to receive the IWE grant.
  • The contribution will be interest-free
  • No administration fees
  • The business must be at least 51% owned by a Saskatchewan Métis Woman (husband and wife partnerships are not eligible)

Repayment

  • Repayable contribution for a term not to exceed five years

Eligible Costs:

  • Capital costs: purchase of machinery, equipment, leasehold improvements and renovations
  • Marketing and promotional material costs (website, signage, business cards, other)
  • Inventory and working capital for no more than 3 months (pre-paid start-up costs, insurance)
  • Advisory expenses (eligible for a new project or expansion):
    • Business Advisory services
    • Coaching, mentoring, workshops or conference fees
    • Legal, bookkeeping and technical supports for the first year only)
    • Fees associated with participation in business training.

Non-Eligible Costs:

    • Renovations to personal living space unless these can be shown as necessary for the business
    • Passive real estate transactions (land acquisitions) that do not create employment
    • Vehicle purchases which will be primarily utilized for personal use
    • Refinancing of existing debt
    • General ongoing operating costs that should be financed through operations
    • Acquisitions without independent financial statements and a certified business valuation
    • Non-arm’s length transactions
    • The purchase of goods or services where a commitment has been made prior to approval of loan without AFI approval in advance;
    • The purchase of any assets for more than the fair market value
    • The costs of amortization and goodwill.

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