INDIGENOUS WOMEN ENTREPRENEURS PROGRAM

Amy Hakki - Daycare Provider

The Indigenous Women Entrepreneurs Program

TRICORP is pleased to announce that we have added a new business development program that focuses on Indigenous Women Entrepreneurs.

NACCA has launched an Indigenous Women’s Entrepreneurship Program (IWE) to increase the number of Indigenous women engaging in entrepreneurship and business development in Canada.

The IWE fund is a Micro-Loan program that will provide Indigenous Women entrepreneurs with finance and working capital for their small, part-time or home-based businesses, with total financing costs of under $60,000.

The Micro-Loan Program will be available to Indigenous Women Entrepreneurs to start or expand their small businesses and establish a credit rating.

Indigenous Women face additional challenges in entrepreneurship stemming largely from their gender and care-giving role within their family and community.

Some of these challenges include:

  • Access to Financing = hindered by eligibility criteria for equity, collateral, proven credit history, full time involvement in the business and lack of micro-loans available.

  • Balancing Responsibilities - between family and business

  • Fewer Financial Resources - to invest in their business due to their lower average income and increase resilience on government transfers.

  • Sexism- women not taken as seriously as men, particularly in male dominated industries.

  • Lack of Support - within their communities as of Indigenous men are often favored within their communities and receive preferential treatment.

  • Lack of Knowledge - and business training in areas of financial literacy and business planning, regulations, and management. Participation in workshops and training opportunities are often hampered by family responsibilities and lack of transportation.

Applicants must be:

  • Be of Aboriginal ancestry

  • Be 19 years of age or older

  • Have a 51% equity stake in the ownership of the business

  • Minimum of 5% cash equity

  • Must demonstrate they are actively involved in the business and are integral to its ongoing operations

Loans Are:

  • Up to a maximum of $20,000 (loans and non-repayable portion are issued together

  • Terms will vary based on amount

  • Rates will vary based on credit rating

  • Requires a Credit Bureau inquiry with Equifax

  • Principal repayments can be made at any time without fees or penalties

  • Application fee of $250 will need to be paid along with application submission

  • Any legal fees if applicable

This program not only provides the the funding, it also provides the training workshops that will provide tools necessary that will assist you in your business venture such as:

  • Financial Literacy - how to budget your money and manage your credit

  • Aboriginal Business Financing - what is available to you and how to apply

  • Procurement -how to pursue contract work with government