TACC
offers a wide variety of financing and funding products, which are
based upon your credit rating and the project’s viability, not just the
securities offered. TACC financing also heavily weighs the soundness
and experience of the management team. In addition, TACC has a close
working
relationship with Aboriginal Business Canada, whose funding requires a
loan component.
There is a 15% equity requirement for FCF and Conventional loans, which
is lower than most lenders and ensures that the risk and commitment is shared with the business owner(s).
TACC repayment terms are flexible, including a
seasonal, monthly, quarterly, semi-annual and annual repayment schedules.
The TACC Conventional Loan
The
TACC Conventional Loan can be applied for at anytime throughout the
year and is ideal for financing business start-up, expansion, or
acquisition.
The terms of this loan are as follows:
- Borrow up to
$250,000.00 (OAC)
- 1.5% borrowers fee
- Flexible amortization terms (1-10 years)
- Monthly, Semi-Annual and Annual payment terms available.
- Sliding scale interest rate, based upon your credit rating and starting at
8%
- 15% minimum cash
equity contribution
The First Citizens
Fund (FCF)
The
First Citizens Fund (FCF) 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 Reconciliation and
features a 40% forgiveness portion.
The terms of this loan are as follows:
- Borrow up to $75,000.00 (OAC)
- A 1.5% borrowers fee applies for business client care
services.
- Flexible
amortization terms (2-10 years)
- Monthly, Semi-Annual and Annual payment terms available.
- 12% fixed rate of interest
- Businesses must be at least 51% Aboriginal owned/ operated.
- 15% minimum cash
equity contribution required.
- The
forgiveness of 40% of the principle amount borrowed. The forgiveness
portion of 10% is deducted from the principle of the loan four
times throughout the term of the loan, subject to the terms and
conditions of the FCF Agreement.
The lifetime maximum program loan amount for any Borrower
is $76,125.00 (inclusive of the 1.5% Borrowers fee for Client Care Services).
A Borrower is defined as a person, a business, either incorporated or
unincorporated, a not-for-profit society or band organization. The
lifetime maximum is determined to be the total amount of program loans
taken out by a
Borrower in any business, project or business venture under the
program. Any person or organization who is an owner, in whole or in
part, at the time any
loan is received under the program is deemed to be a Borrower and will
have the entire loan value applied against their allowable lifetime
maximum.
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