1.    What are your hours of business?

Hours of operation are from 8:30am – 4:30pm, Monday to Friday.

Closed on all statutory holidays

2.    Who can apply for loans?         

Loans are for persons of Aboriginal descent including Status, Metis and Non-Status.

3.    How do I apply for a loan?

a.    Visit the website at www.tacc.ca, download the application form and submit it to our office.

b.    Call the office and request an application package mailed to you if you do not have access to the internet.

c.    Come to the office in person and pick up an application package.

4.    Do I need to have a business plan? Do I send it with my application?

Yes, a business plan is usually required to apply for a loan.  A business plan will contain the information necessary for us to evaluate your project.  If it is available submit it along with the application.

5.    Do I need to make an appointment to drop off my application?

a.    No appointment is necessary to drop off your application. You can come to our office and our Administrative Assistant will process your application.

b.    Applications can also be faxed or mailed.

6.    Which loan is best for me? Which one should I choose?

The loan that is chosen will be based on individual needs and loan availability. It will be something that the Business Support Officer will discuss with you once your application has been received. Please review our loan descriptions to see which category you might fit into.

7.    How much financing can I apply for?

8.    When does the First Citizens Fund get replenished?

The First Citizens Fund (FCF) is replenished each year in early April.

9.    How long is the process once I send in my application?

The length of the process for loan application varies from 1-4 weeks depending upon each individual application.  Once an application is received, a Business Support Officer evaluates the business plan for approval by the Loan Review Committee.  The Business Support Officer will remain in contact with you throughout the process.

10.    How long do I have to pay my loan back?

Flexible amortization terms are available from 1-10 years.

11.    What if I have poor credit?

a.    TACC will obtain your credit report.  If you have a poor credit history it is unlikely your application will be considered for financing. We recommend that you get your own credit report and review it so you know what is on it before you apply to us for financing.

b.    You can get your credit report at www.equifax.com by purchasing it online or filling out a form and mailing it in for your free credit report

c.    You can get help with your credit issues through the Credit Counselling Society www.nomoredebts.org

12.    How much of my own money will I need to contribute?

10 – 15% cash equity is required.

13.    What will TACC accept as security?

a.    Property

b.    Inventory

c.    Assets

14.    What is the difference between TACC and Aboriginal Business Canada?

Aboriginal Business Canada (ABC) is an Industry Canada program, administered by the Federal Government of Canada, which promotes the establishment and growth of Aboriginal enterprise across Canada.  The website for ABC is www.abc-eac.ic.gc.ca.

TACC is an Aboriginal Capital Corporation that provides developmental loans to assist Aboriginal small business development.

15.    Will TACC assist me with my business plan?

TACC does offer some pre-care for clients and can assist to an extent with business planning. You can also apply to ABC for assistance with your business plan and a portion of the fees may be covered.

16.    What types of businesses does TACC finance?

TACC finances a wide variety of businesses. Please visit our Aboriginal Business Directory to see some of the businesses we have financed

17.    What doesn’t TACC finance?

TACC does not offer personal loans.

18.    Do I still qualify for financing if my business is already established?

Yes, TACC will finance business expansion.

19.    What do I need to consider if I’m buying an already established business from someone else?

a.    An Independent business valuation

b.    Financial Statements for the past 2-3 years

20.    Am I required to collect GST?

a.    Essentially if you operate a sole proprietorship, a partnership, or a corporation that has gross sales over $30,000 in a fiscal year you are required to collect GST on behalf of the federal government.

b.    If your annual GST-taxable sales and revenues are under $30,000 you are not required to register, but may register voluntarily as long as you are carrying on a commercial activity

c.    When you register for the GST, you will be assigned a Business Number (BN)

d.    For more info contact Canada Revenue Agency Business Window 1166 West Pender St, Vancouver, BC  V6E 3H8 800.959.5525 (f):604.691.4446 www.cra-arc.gc.ca

21.    Do I have to pay income tax if I’m on reserve?

Generally you won’t pay income tax on reserve for employees who are of Aboriginal descent. If you want to know more for your individual business situation consult with a professional accountant or lawyer that is familiar with on-reserve taxation laws.

22.    Do I require a business licence on reserve?

Not necessarily. Business licenses are municipal based. For example: if you are an independent consultant or have opened a craft shop from your home on reserve, you do not have to have a business license. Refer to your local municipal laws.

23.    Do I require business insurance on reserve?

We do recommend business insurance, however each business insurance issue is taken individually.  You may want to have insurance on your products and/or liability insurance and/or insurance against theft.  It depends on what your business is and what each individual business will need. Please visit your local insurance broker for further information.