Waubetek — Indigenous Women Entrepreneur Loan Fund

💡What Is This Program?

🎁What Benefits Are Offered?

Financial assistance through micro-loans (up to $20,000, with a 45% non-repayable portion), larger loans (up to $50,000), and grants (up to $3,000) coupled with one-on-one mentorship to support Indigenous women entrepreneurs starting or expanding businesses. Total financing packages can reach $100,000. Loans are offered at prime rate plus up to 4% interest with repayment terms of 3-5 years.

📋What Are the Application Steps & Timeline?

📝Steps to ApplySource

• Enquiry stage to discuss program criteria and eligibility
• Send information package if eligible
• Submit application and required documents
• Review application for completeness and eligibility
• Consulting proposal/marketing plan requested if eligible
• Business plan analyzed and presented to board
• Letter of Offer issued if approved
• Meet pre-disbursement conditions and submit claims

🌐Application PortalSource

https://www.waubetek.com/application-process

📤Submission MethodSource

email

🔄Intake TypeSource

rolling

📄What Documents Are Required?

✅Required DocumentsSource

• Application
• Resume
• Summary of Project
• Documentation of Aboriginal Ancestry
• Driver’s License
• Birth Certificate
• Cash Equity Confirmation

📎Optional DocumentsSource

• Business Plan (if completed)
• Past three years of financial statements (if existing business)
• Partnership agreement and/or articles of incorporation (if applicable)
• Written cost quotations from suppliers for costs greater than $1,000
• Business contracts or letters of intent from potential customers

📐Format Requirements

PDF only, max 10MB

📥Templates Available

• Financing Application

✉️Supporting LettersSource

Letters of support or reference are not explicitly required but may be beneficial.

💰What Expenses Are Eligible?

🧾Eligible ExpensesSource

• Cost of external labour to complete project
• Capital costs: purchase of machinery, equipment, leasehold improvements and renovations
• Operating and working capital costs: inventory, pre-paid startup costs, insurance, etc.
• Marketing and promotional material costs
• Advisory expenses including fees for business advisory services, coaching, mentoring, networking events, workshops, legal/accounting/technical supports, and business training fees

🚫Ineligible ExpensesSource

• Renovations to personal living space unless necessary for the business
• Passive real estate transactions that do not create employment
• Vehicle purchases primarily for personal use
• Refinancing of existing debt
• General ongoing operation costs
• Acquisitions without independent financial statements
• Non-arm’s length transactions
• Purchases made prior to loan approval
• Purchases of assets for more than fair market value
• Costs of amortization and goodwill

💳Payment ModelSource

reimbursement

⏪Retroactive Expenses EligibleSource

No

🤝Is Matching Funding Required?

🔀Matching RequiredSource

Yes

📊Matching RatioSource

5%

🏦Eligible Matching SourcesSource

• cash
• in-kind

📚Stacking RulesSource

No stacking with other government funding mentioned.

🛡️Proof of Matching RequiredSource

Provide proof of cash equity in the form of current bank statement.

📊What Are the Reporting Requirements?

🗓️Reporting FrequencySource

annual

📑Reporting RequirementsSource

• annual financial statements

🔍Audit RequirementsSource

Waubetek may audit the records of the business during the term of the agreement.

📢Branding RequirementsSource

Acknowledgment of funding is required in project materials.

🗄️Record Retention PeriodSource

7 years