Program Overview
In response to the COVID-19 crisis, the SASKATCHEWAN INDIAN EQUITY FOUNDATION INC. through assistance provided by the Government of Canada, is taking action to ensure that Indigenous business owners impacted by Covid-19 have access to the support they require. The emergency loan program is a component of the Indigenous Business Stabilization Program.
The Emergency Loan Program (ELP) is designed as an emergency measure to support small business owners in meeting their immediate operating cash flow needs. These funds are not intended to reploace or duplicate government or other bank/lender emergency financing/funds that are available to businesses in Canada.
Eligible costs for this loan can include:
Indigenous owned businesses negatively impacted by COVID-19 can apply for this funding to support their immediate working capital and operational needs. 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.
Funds may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increased in management compensation.
Maximum assistance is $60,000 comprised of a $40,000 loan and $20,000 non-repayable contribution. Loan and contribution are issued together.
Loans are:
- up to 48 months term
- interest free
- no payments in the first 12 months
- loan payments begin in month 13th and are fully amortized over the remainder of the term
- principle repayments can be made voluntarily at any time after six months of issuance, without fees or penalties
