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A P R I L 2021 ME S S E NG E R
S E T T L E M E N T I N V E S T M E N T C O R P O R AT I O N PROGRAM UPDATE: FEBRUARY 2021
Indigenous Business Support and Emergency Loan Programs Overview In response the Covid-19 Crisis, Settlement Investment Corporation (SIC) through assistance provided by the Government of Canada, is taking action to ensure the Metis Settlement business owners impacted by Covid-19 have access to support they require. The emergency loan program is a component of the Indigenous Business Stabilization program. Under the Indigenous Business Stabilization Program SIC received a total of approximately $24,000,000.00 in Covid-19 Relief funding for Settlement Member-owned businesses through various programs that are available for micro, medium and large sized businesses or farms. The following is a listing of the programs being offered: The Emergency loan program is designed as an emergency measure to support small business owners in meeting their immediate operating cashflow needs. These funds are not intended to replace programs or duplicate government or other bank/lender emergency financing/funds that are available to businesses in Canada. Maximum assistance is $40,000 comprised of 75% loan and 25% non-repayable contribution. Loan and contribution are issued together. Loans are up to 48 months term, interest free, no fees charged, Top-Up Business Funding - For those that received the $40,000 ELP loan are eligible for a $20,000 top up assistance. This $20,000 top up funding is comprised of 50% loan ($10,000) and a 50% non-repayable contribution ($10,000). The loan portion of $10,000.00 will be added to the existing $30,000 ELP loan. Indigenous Community Business Fund Program Overview Stream 1 Funding - Micro business – A non-repayable contribution of $5,000.00 to support micro businesses, homebased single proprietorships, and family run businesses that were ineligible to access any other Federal Programs provided for Covid-19 relief and have been negatively affected by Covid-19 restrictions. Stream 2 Funding – Metis Settlement/Collectively Owned Businesses Funding will be proposal-based. Applications must be submitted by the community or collectives on behalf of the business. Your community or collectives are eligible and can apply for stream 2 funding if the business: • Métis Settlement community-or collectively-owned • is located in the province of Alberta • has been in operation since October 1, 2019 • has either incurred a negative financial impact due to COVID-19 or that financial support will prevent layoffs, bankruptcy or permanent closure • has been solvent, financially viable, and not declared bankrupt prior to the economic disruptions associated with COVID-19 • currently operates as a for profit entity and expects to continue to operate with a reduction in revenues from the previous year over the coming months as a result of COVID-19 in line with the terms of the Canada Emergency Wage Subsidy • has previously applied for federal business support and been declined, in whole or in part, or does not qualify under business support eligibility criteria: » this may include applications to more than 1 Federal program depending on the requested support. All programs have a deadline of March 31, 2021. Please contact Angela Ladouceur, General Manager Settlement Investment Corporation if you would like to apply. Toll free 1-800-661-9902 or 780-488-5656. angelal@settlementinvestcorp.com
O u r L a n d . O u r C u l t u r e . O u r F u t u r e .
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