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.
- Costs already incurred or items you have already signed to purchase are not eligible for Grant funds. (It is not retroactive and you can not purchase or sign to purchase items you wish to include in your project costs.)
Please call the office to further discuss the eligibility of your project or if you have any questions.