In response to the COVID-19 crisis, Tale’awtxw Aboriginal Capital Corporation (TACC) through assistance provided by the Government of Canada, is taking action to ensure that Indigenous businesses have access to the support they require to weather this COVID-19 crisis.
The Emergency Loan Program (ELP) will provide Indigenous owned businesses negatively impacted by COVID-19 with interest-free term loans and a non-repayable contribution to support their immediate working capital and operational needs. While the focus is on supporting current and previous AFIs clients, other Indigenous SMEs can also be supported. Maximum assistance is $40,000 comprised of a 75% loan and 25% non-repayable contribution per business.
- up to 48 months term;
- interest free;
- no payments in first 12 months;
- loan payments beginning in 13th month and are fully amortizing over the remainder of the term;
- principal repayments can be made voluntarily at any time six months after issuance of loan, without fees or penalties.
Businesses applying to AFIs for this emergency funding must outline why the loan is needed and how funds will be used. All operating costs are eligible. Businesses may be required to submit a cashflow projection for the period Apr. 1, 2020 to Mar. 31, 2021.
The Emergency Loan Fund Application can be downloaded below.