10 REASONS WHY BUSINESSES FAIL by keara

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									Sto:lo
Community Futures Development Corporation

LOANS AVAILABLE TO ABORIGINAL ENTREPRENEURS
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AVAILABLE TO ABORIGINAL ENTREPRENEURS
Sto:lo Community Futures Development Corporation http://www.stolocf.com

FIRST CITIZENS FUND (FCF)
   Tale’awtxw Aboriginal Capital Corporation www.tacc.ca First Nations Agricultural Lending Association www.fnala.com Ministry of Community, Aboriginal and Women’s Services http://www.mcaws.gov.bc.ca/fcfund/index.html

ABORIGINAL BUSINESS CANADA PROGRAMS (ABC)
http://strategis.ic.gc.ca/epic/internet/inabc-eac.nsf/home-accueil/home-accueil

INDIAN AND NORTHERN AFFAIRS CANADA (INAC)
The Opportunity Fund http://www.ainc-inac.gc.ca/ps/ecd/pas1_e.html#opp Indian and Northern Affairs Canada Economic Development Program Information http://www.ainc-inac.gc.ca/ps/ecd/edp_e.html

TYPES OF LOANS AVAILABLE:
  commercial loans for business start-up, expansion and/or acquisition forgivable (non-repayable) loans - limited eligibility

Loan Structures     commercial financing only equity requirement with each loan standard interest rate of 8% the maximum loan size for individuals is $125,000

Loan Eligibility    all applicants are subject to a credit check all applicants must be 19 years or older persons of Aboriginal ancestry, including status, non-status, Metis and Inuit who reside and operate or propose to operate their business in the Sto:lo Territory. (documentation is required) Application Process     contact your Sto:lo Community Futures Development Corporation office discuss your business ideas with a Client Service Officer complete the appropriate loan application form submit a completed business plan for analysis

STO:LO COMMUNITY FUTURES (SCF)
SCF has Investment Funds available to assist small and medium sized Aboriginal businesses within Sto:lo's traditional Territory with Loans ranging up to $125,000. As a full service Business Centre, SCF Staff will assist the entrepreneur with Business Plan development, provide assistance with financing needs and provide loans to qualified applicants, help with applications to other Aboriginal Lenders, provide business advice and support to get the business up and running and assist in business aftercare once the business is established.
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General Investment Funds Program

 Entrepreneurs with Disabilities Funds Program  GrowthStart Fund A new local business development fund
What is Growthstart? A partnership between the Savings and Credit Unions of British Columbia; Community Futures Development Corporations; and Western Economic Diversification Canada which provides an innovative source of funding for small businesses in the communities of British Columbia. As the primary investors in the fund the Savings and Credit Unions are supporting Community Economic Development in their communities, and are strengthening their common bond with the CFDCs. Western Economic Diversification Canada is also funding and supporting the operation of the partnership, which is an ideal model of public/private cooperation to help the economies and the small businesses of our communities. Community Futures Development Corporations of British Columbia are the engine of the Fund, providing information, support and application access and processing through 34 CFDC locations in the Province. Contact Sto:lo Community Futures for more information on this new fund.

THE FIRST CITIZENS FUND (FCF)

The First Citizens Fund is recognized as the single most successful tool for aboriginal business in Canada. The FCF is allocated annually from the Ministry of Aboriginal Affairs and features a 40% forgiveness portion. The purpose of the FCF is to support Aboriginal economic development through:    providing support for the development and enhancement of Aboriginal business management skills; the creation of successful new Aboriginal-owned and operated businesses; and the expansion of existing Aboriginal business and employment opportunities.

Program Details:  Loans are available for the creation, expansion or upgrading of Aboriginal businesses. The program is open to all types of businesses but will not provide financing for revolving lines of credit or for the refinancing of existing commercial enterprises. The business structure can be a sole-proprietorship, partnership, registered company or joint-venture organization. The only ownership criteria is the business must be a minimum 51% Aboriginal owned. The lifetime maximum loan amount is $75,000 of which 40% will be contributed by the Fund. This contribution is disbursed in installments on a pro-rata basis over the term of the loan. All Nations Trust Company (ANTCO), under contract with the Ministry of Community, Aboriginal and Women’s Services, currently administers the Business Loan Program. ANTCO is located in Kamloops and is the only registered Aboriginal trust company in the Province. ANTCO has several sub-contracts in place with other Aboriginal Capital Corporations. These sub-contractors also provide First Citizens Fund loans and have helped diversify and strengthen the delivery mechanism of the loan program. These sub-contracts have also assisted in developing the organizational capacity of other Aboriginal organizations. The loan approval process considers business viability, loan security, client track record and equity participation, the same as any regular financial institution. The term for loans varies between 1 and 10 years, with a 5-year limit on funds for working capital. Interest rates vary depending on the level of risk. To help maintain the viability of businesses funded by the First Citizens Fund Business Loan Program, all Borrowers of the First Citizens Fund Business Loan Program are required to pay a 2% Borrower’s fee to subsidize the costs of the Business Loan Aftercare Program which provides business advisory and support services to Borrowers. The loan program began in 1988, and in the 2002-2003 fiscal year, approved 195 small business loans, with an average value of approximately $22,300.

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ABORIGINAL YOUTH BUSINESS LOAN
Tale’awtxw Aboriginal Capital Corporation (TACC) in partnership with Aboriginal Business Canada (ABC) and the Department of Indian Affairs (DIA) proudly offers this innovative loan designed to assist Youth, age 30 and under, to easily start their own business. The terms of this loan are as follows:        Borrow up to $15,000.00. O.A.C. 8.75% rate of interest Monthly, Semi-Annual and Annual payment terms available. 10% cash equity recommended Flexible amortization terms (1-5yrs.) Loan protection available. 25% forgiveness of the principle amount borrowed, upon payment of 75% of the principle and interest accrued, subject to the terms and conditions of the loan agreement.

For further information on these loan programs please contact Sto:lo Community Futures Development Corporation or click on the name of the lending organizations below to visit their websites. FCF Lending Organizations Tale’awtxw Aboriginal Capital Corporation Suite 508 - 100 Park Royal West Vancouver, BC V7T 1A2 Phone: 604 926-5626 Fax: 604 926-5627 Toll Free: 1-800-799-7199 First Nations Agricultural Lending Association 200 - 345 Yellowhead Highway Kamloops, BC V2H 1H1 Phone: 250 828-9751 Fax: 250 372-1595 Toll Free: 1-888-426-4232

ABORIGINAL BUSINESS CANADA (ABC)
http://strategis.ic.gc.ca/epic/internet/inabc-eac.nsf/home-accueil/home-accueil ABC Policies and Guidelines Every Aboriginal Business Canada investment is assessed on the merits of the business case presented and conforms to a set of policy guidelines affecting this specific program, as well as broader departmental or government-wide regulations. This ensures that taxpayers' dollars are placed in viable business development ventures, which will help the client, and the government meet their respective objectives. Some policies are set under the direction of the National Aboriginal Economic Development Board. What is available for commercial ventures? If you want to start a business, our role reflects the priorities outlined on the previous page. We can help you to establish or acquire:
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a tourism business; a manufacturing business; a business, professional, scientific or technical service business; or a business linked to a specified major development (in limited situations).

For other new businesses, we can consider support for marketing and information technology needs. Please note that assistance to establish or acquire a business is intended for first-time entrepreneurs and existing entrepreneurs/businesses that are proposing to carry out a particular commercial activity for the first time. If you are already operating a business, you may be eligible for business planning, capital cost, marketing and business support financing related to activities such as:
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expanding sales into other regional, national or international markets; improving your business processes, productivity or sales through technology or other improvements, including the use of information and communications technologies in commercial applications; and developing, enhancing and commercializing new or existing products, technologies, systems and processes.

If you are an Aboriginal individual between the ages of 18 and 35 (inclusive), we offer broader support. Contributions are available to help you establish, acquire or expand a business, to source financing, to access markets, and to develop the specific management skills you will need. This will help you move into a more competitive marketplace. The business opportunity can be in any sector. For further information on Aboriginal Business Canada programs, please contact Sto:lo Community Futures Development Corporation or visit the Aboriginal Business Canada website.

INDIAN AND NORTHERN AFFAIRS CANADA (INAC)
Economic Development Opportunity Fund Program Description http://www.ainc-inac.gc.ca/ps/ecd/pas1_e.html#opp The Economic Development Opportunity Fund provides financial aid in the form of matching equity funding. The objective is to use the funding to obtain conventional debt financing (such as a loan from a bank) to start or expand a business. Program Eligibility First Nations, Inuit and Innu businesses may apply through their Community Economic Development Organization (CEDO). Applicants must:    submit a business plan; demonstrate the need for matching equity funding to complete their financing; and demonstrate the knowledge and experience needed to manage or participate in the proposed venture.

The CEDO must have the organizational development capacity, a proven record in business development, and a record of regular and acceptable reporting. Successful applicants receive the funding from their CEDO. Contact Information For more information on the Opportunity Fund or other programs that support economic development, please contact INAC toll-free at 1 800 567-9604. Be sure to ask for a copy of Indian and Northern Affairs Canada: Economic Development Program Information. Links The Opportunity Fund http://www.ainc-inac.gc.ca/ps/ecd/pas1_e.html#opp Indian and Northern Affairs Canada Economic Development Program Information http://www.ainc-inac.gc.ca/ps/ecd/edp_e.html


								
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