Loan Applicants Must:
- Be Métis or Non-Status Indian
- Be a resident of Alberta for at least 6 months
- Be a minimum of 18 years of age
- Have a business plan that demonstrates capacity to repay the loan. (We can advise applicants how these can be prepared)
- Have a minimum cash equity of 10% of the total cost of the project. (This minimum 10% equity requirement may be greater depending on type and size of project)
The Eligibility Criteria of MEAP & SEAP (GRANT)
- Be Métis, Status, Inuit or Non-Status Indian
- Projects must be a start-up, expansion of a business, or marketing plan.
- Project must lead to full time employment (can not be part time or working another position elsewhere)
- The business must generate an income for the applicant of at least $20,000 annually
- The applicant must be the majority owner of the business
- The applicant must be involved in the operations of the business
- The applicant must have experience in the industry of the business (minimum six months – 1 year) and must be able to provide the service(s) offered by the business
- The applicant must contribute a minimum of 10% cash equity of the project costs
- The applicant must obtain financing through a commercial lender for the costs that are not covered by the grant and the cash equity
- The grant cannot contribute to passive investments, property, houses or buildings, tobacco related business and the sale of alcohol or gambling products
- The applicant must show that the business is viable and sustainable
- The applicant must have the necessary licensing, safety or certification for their particular business
- The business must be located in Alberta
- The applicant must be a resident of Alberta for a minimum of six (6) months
- The total project must exceed $20,000.
Please call the office to further discuss the eligibility of your project or if you have any questions.