Millbrook, NS – Ulnooweg Development Group, an Aboriginal Financial Institution (AFI) that services Indigenous entrepreneurs in Atlantic Canada, is announcing the Emergency Loan Program (ELP). The ELP will be available as of Monday, June 15 and aims to provide financial relief to Indigenous businesses that have been impacted by COVID-19.
Funding for the program is being provided by the Government of Canada, which announced in April of 2020 that it would provide over $308 million in short-term, interest- free loans and non-repayable contributions for First Nations, Inuit and Metis businesses. The funds are intended to provide emergency support to small business owners in meeting operating cash flow needs.
The government will be providing the funds through the National Aboriginal Capital Corporations Association (NACCA) as the Indigenous Business Support Program. AFIs such as Ulnooweg will be accessing the funds through NACCA and administering the program within their service areas.
Key facts for the ELP include:
- Maximum assistance of $40,000 is available
- 25% of the total loan amount will be non-repayable
- The repayable portion of 75% is interest free
- The loan term is up to 48 months
- No payments are required for the first 12 months
The Honourable Marc Miller, Minister of Indigenous Services indicated that “some Indigenous businesses who are already facing unique challenges, including being in rural
or remote locations and having less access to capital, are disproportionately affected by this unprecedented situation”.
Chris Googoo, Chief Operating Officer for Ulnooweg adds, “We anticipate a significant uptake of the Emergency Loan Program based on feedback of the pandemic’s effects
on Indigenous business and inquiries regarding support measures. We are pleased to be delivering the program to small, Indigenous-led businesses to help keep them operational and moving forward.”
Indigenous entrepreneurs in Atlantic Canada who are interested in accessing the ELP are encouraged to reach out to Ulnooweg by email at: email@example.com
Ulnooweg provides a range of financial and community development services, including loans, grants and professional supports to entrepreneurs, community enterprises and collective commercial projects; economic, financial and strategic analysis and planning; project management; education; and connection to the philanthropic sector.