Makivik Magazine Issue 65
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Federal Funding Available to You<br />
Aboriginal Business Canada (ABC) Financial Assistance.<br />
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Aboriginal Business Canada (ABC) is a program that has<br />
been operating for a number of years and which provides<br />
exper tise and financial suppor t for Aboriginal businesses.<br />
Earlier this year the program was expanded and enhanced by<br />
Industr y Canada. For example, ABC can now offer financial<br />
assistance to Aboriginal<br />
businesses involved in all<br />
types of tourism, whereas<br />
in the past, such funding<br />
was only available to cultural<br />
and eco-tourism.<br />
As a broad guideline,<br />
ABC can cover up to 75<br />
percent of costs related<br />
to business planning, the<br />
development of new services<br />
or products, marketing<br />
initiatives, and business<br />
suppor t and management<br />
training. ABC can also<br />
provide 30 to 40 percent<br />
of the cost of star ting,<br />
expanding or modernizing a<br />
business, and, in some limited<br />
cases, for acquiring a<br />
business. Possible support<br />
for inventor y or operating<br />
costs have to be discussed<br />
with a development officer.<br />
ABC’s maximum contribution<br />
is $75,000 per project for individuals and $250,000 for<br />
communities.<br />
A proposal for financial assistance is assessed on its business<br />
plans and the project’s merits and commercial viability.<br />
People applying for financial assistance will be expected to<br />
contribute money towards their business project. Such equity<br />
contribution requirements can be as high as 25 percent of the<br />
business planning costs, and as low as 10 percent for youth<br />
entrepreneurs.<br />
It is possible to apply for financial assistance online by going to<br />
the ABC website at: http://strategis.ic.gc.ca/SSG/ab00112e.html.<br />
ABC can also be reached at their Montreal office by calling<br />
(514) 283-1828, or faxing (514) 283-1843.<br />
MICHAEL MCGOLDRICK<br />
MAKIVIK magazine<br />
79
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