Métis Financial Corporation of BC (MFC): by phone or online, at 2065 Pier Mac Way, Kelowna, BC V1V 0C1. Who it's for: Valid Métis identification acceptable to MFC (e.g.
Categories: Employment, Financial Aid, Indigenous
If you are Métis and want to start, buy or grow a business in BC, the Métis Financial Corporation (MFC) offers business loans. These are loans you pay back, not grants. ▸ Who can get this? • You have valid Métis identification that MFC accepts, such as from Métis Nation British Columbia. • You are 18 or older and have lived in BC for at least 6 months. • Your business is at least 51% Métis owned and controlled, and is located and registered in BC. • The Métis owner has experience or training for the business and is closely involved in running it. • The project is a start-up, expansion or purchase of a business. • Your corporate and personal taxes are filed and up to date. ▸ What you get • Loans for projects from $20,000 to $500,000. Larger projects are looked at one by one. • Help building a business plan, plus personal guidance. • Some approved projects may also get a grant as part of the loan. ▸ What it can pay for • Equipment, machinery, inventory, marketing and advertising • Legal, accounting and IT costs • Payroll, for up to 3 months per employee, along with another eligible cost It does not pay for courses, licences, home purchases or renovations, Airbnbs or bed and breakfasts, or personal wages. Refinancing cannot get the grant part. ▸ How to apply 1. Check the eligibility rules on MFC's website. 2. Apply online or with the PDF form, with your supporting documents. 3. Work with an MFC consultant on a business plan. 4. A loans officer reviews it, then it goes for final approval. ▸ Good to know • You must put in at least 10% of the project cost yourself (cash or an asset). • MFC asks for personal guarantees on all loans and runs credit checks. • Do not buy anything before approval. Earlier costs are not covered. • Approval usually takes about 2 months once all documents are in. • Repayments start within one month after you get the money. • MFC has a program for Métis women entrepreneurs (the Sophie Morgieau Entrepreneurship Program).
Also known as: Metis MFC business loan small business financing start-up entrepreneur Indigenous MNBC grant
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