Emergency Loan Program FAQs

  1. How does my business qualify for a loan and a non-repayable contribution?
    If you are an Indigenous business that was otherwise thriving and viable, but were negatively impacted by the crisis, you will qualify for a loan and non-repayable contribution.  TACC will assess the impact of the pandemic on your businesses on a case-by-case basis. It will also consider any other supports your business has received.
  2. What is the maximum loan amount and non-repayable contribution I can receive?
    The maximum loan amount is up to $30,000 per business and the maximum non-repayable contribution is $10,000.
  3. Do I have to apply for the loan and non-repayable contribution pieces separately?
    No. If you are approved, TACC will include the loan and contribution together as part of the same financing package in a 75/25 ratio.
  4. Can I apply for only the non-repayable contribution?
    No, it must be included with a loan.
  5. If I apply for a Emergency Loan Program (ELP) loan am I also eligible for a Canada Emergency Business Account (CEBA) loan?
    No. For an emergency loan, your business would have to choose among providers and packages.Your business could still apply for the other supports offered by the Government of Canada.  Please refer to Canada.ca/economic-response-plan
  6. What are the eligible costs?
    Eligible expenses could include:

    • non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property taxes and regularly scheduled debt service; and
    • emergency measures such as health and safety improvements, workplace sanitizing, and procedures to secure the safety of employees and prepare for business opening.
  7. What expenses are not eligible?
    Funds may not be used to fund any payments or expenses such as prepayment or refinancing of existing debt, payments of dividends, distributions and increases in management compensation.
  8. What are the repayment details of the loan?
    • Up to 48 months term
    • Interest-free for the full term, no payments in first 12 months
    • Repayments can start after six months of issuance, without fees or penalties.
  9. What information do I need to provide in addition to the Application?
    • A copy of government issued ID (e.g. Driver’s License) and confirmation of Indigenous heritage (e.g. Certificate of Indian Status).
    • A copy of your 2019 Financial Statements
    • If you are not a current or former client of TACC, additional information may be requested to familiarize us with your business.
  10. How long will the Emergency Loan Program be available for?
    The Program will be available till March 31, 2021
  11. I have a business that is in the start-up phase and have not officially opened but have incurred fixed expenses such as rent and insurance.  Is my business eligible for the ELP?
    Yes. Businesses that were in the start-up phase prior to March 15th, 2020 can be supported by the ELP, even if they have not yet generated income.  They must demonstrate that they have been impacted by COVID-19, that they have non-deferrable costs that require support, and that they are likely to be viable with this assistance.
  12. Are community-owned businesses also eligible for support under the ELP program?
    Community-owned businesses are eligible to apply.  However, there may be other programs made available for larger community-owned businesses.  Providing an ELP loan to a larger business may prevent it from accessing other government-supported financing initiatives.
  13. I own several businesses. Can each of these businesses apply under the ELP or am I restricted to only one application?
    Every Indigenous business that is a separate business entity can apply for assistance under the program. These businesses can be owned by the same person.
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