Aboriginal Business Start-Up and Expansion Program (ABSEP)
IAPO is pleased to offer the Aboriginal Business Start-Up and Expansion Program (ABSEP) which provides business financing and grants for qualified First Nation individuals, entrepreneurs and businesses. Qualified applicants are eligible for up to $200,000 in financing and $20,000 in grants. Funding, which extends until March 31, 2017, is provided through the Aboriginal Economic Development Fund by the Ministry of Aboriginal Affairs. The goal of ABSEP is to enhance community-level economic development by supporting the success of high potential business start-ups and expansions. Aiming to address barriers to financing, ABSEP provides business financing and grants to qualified aboriginal individuals and businesses. Financing, including term loans and working capital, is tailored to meet business needs and applications will be considered for full project financing, partial financing or leveraging to complement other financing or funding.
Areas of financing include:
*source-AEDF Business and Community Fund Application Guide
Who is ABSEP for?
ABSEP is available to support qualified First Nations farm and agribusinesses across Ontario. As well, ABSEP is available to support qualified First Nations businesses in all sectors in Central Ontario including the eastern GTA, South Central, Eastern and Southeastern Ontario. Qualified businesses are eligible for funding of up to $200,000 and grants of up to $20,000. To qualify, applicants must demonstrate economic viability, as well as, the need for ABSEP funding.
Aiming to address barriers to financing The Aboriginal Business Start-up & Expansion Program (ABSEP), provides business financing and grants to qualified aboriginal individuals and businesses. Financing, including term loans and working capital, is tailored to meet business needs and applications will be considered for full project financing, partial financing or leveraging to complement other financing or funding. Funding for ABSEP is provided through the Aboriginal Economic Development Fund by the Ministry of Indigenous Relations and Reconciliation.
Status Indians, living on or off reserve; Aboriginal businesses (51%) majority-owned; and economic development corporations owned by a First Nation which are engaged in a for-profit business activity in Ontario are eligible. Applications relating to farm and agribusiness are welcomed from applicants across Ontario. As well, applications relating to all business sectors are welcomed from applicants in Central Ontario including the GTA, South Central, Eastern and Southeastern Ontario. Non-Status Indians, Inuit and Metis are eligible, however, they are being serviced by Two Rivers CDC http://www.tworivers.ca/ and the Metis Voyageur Development Fund http://www.mvdf.ca/
To be eligible, applicants must demonstrate that ABSEP financing is required and that other sources of financing have been exhausted.
$200,000 in financing and $20,000 grant
Eligible costs may include, but are not limited to; professional fees, research and development, new product development, and market expansion. Capital to support the growth of the business is eligible if it is to be used to increase production capacity, productivity, profitability, market reach, product development, or for working capital. Acquisition of an existing business with the potential to benefit Aboriginal people is eligible. All eligible expenses must be incurred between the project start and end dates.
At the application stage, evidence of Aboriginal ancestry and other personal and project data is required. At the evaluation stage, evidence of equity and a business plan is needed which should include a resume, demonstrated market potential and business viability.
In addition to making regular loan payments, you will be required to submit annual status reports and annual financial statements. Any publicity about the project must include recognition of the AEDF program. All records of project expenditures must be retained.