THUNDER BAY – The recovery of the economy from COVID-19 continues. The Nishnawbe Aski Development Fund (NADF)ย is currently administering three COVID-19 emergency loan funds to support Indigenous businesses in Northern Ontario that have been impacted by COVID-19.
These funds are not intended to replace or duplicate government or other banks/lender emergency programs that are available to businesses in Canada.
- NADF COVID-19 Emergency Loan Fund (ELF) (up to $25,000)
- Regional Relief and Recovery Fund (RRRF) (up to $40,000)
- Indigenous Business Stabilization Program (IBSP) (up to $40,000)
The Government of Canada has also provided support of up to $250,000 to FedNor to invest directly in small businesses and organizations through its Regional Economic Growth Through Innovation Program.ย Details of the Regional Economy Stream funding program is available on FedNorโs website.
NADF COVID-19 Emergency Loan Fund (ELF)
A $250,000 emergency loan fund established by NADF to provide up to $25,000 in support to eligible Aboriginal businesses operating on or off-reserve in NADFโs catchment area and who have been impacted by the COVID-19 pandemic.
NADFโs catchment is Northern Ontario, which NADF defines as the territories of Treaty 9, Treaty 5 (Ontario portion), Treaty 3, and Robinson-Superior 1850.
Although the focus of ELF is on existing and former clients of NADF, all wholly-owned and/or majority-owned Aboriginal businesses are eligible to apply.ย Not-for-profit businesses and organizations are ineligible.
In addition to the above, ELF applicants must satisfy the following eligibility criteria:
- business must have been established prior to March 1, 2020;
- business must have been impacted adversely due to the COVID-19 pandemic;
- business was viable and not experiencing financial difficulties prior to March 1, 2020;
- the applicant is in good standing with NADF; and
- the applicant must have been able to obtain commercial financing at March 1, 2020.
The ELF program is intended to support eligible fixed operating costs incurred on or after March 15, 2020, retroactively. Eligible operating costs include rent, utilities, insurance, health and safety improvements due to COVID-19, etc.
How to Apply
If you are an existing orย former NADF client, please contact your Account Manager. If you are a newย client, please email covid@nadf.orgย and an Account Manager will be assigned to work with you.
Other terms and conditions apply and your Account Manager will discuss these with you.
Questions?ย Email covid@nadf.org
Regional Relief and Recovery Fund (RRRF)
Designated as a Community Futures Development Corporation (CFDC), NADF has partnered with FedNor the deliver and administer the Regional Relief and Recovery Fund (RRRF) to the 33 First Nations serviced under our CFDC agreement.
The RRRF is one-time relief fund established by the Government of Canada to support small businesses operating in these 33 First Nation communities and who have been adversely impacted by the COVID-19 pandemic, and who have attempted to access other Government of Canada emergency supports and were deemed ineligible or declined, or have operating costs in excess of the support received.ย Priority will be given to those businesses who have been deemed ineligible or rejected from accessing other government supports.
Eligible RRRF applicants may apply for up to $40,000, including up to $10,000 in loan forgiveness (certain conditions apply) to support eligible operating costs, such as rent, utilities, insurance, health and safety improvements due to COVID-19, etc.
In addition to the above, applicants must satisfy the following eligibilty criteria:
- business must have been established prior to March 1, 2020;
- business must have been impacted adversely due to the COVID-19 pandemic;
- business was viable and not experiencing financial difficulties prior to March 1, 2020;
- the applicant is in good standing with NADF; and
- the applicant must have been able to obtain commercial financing at March 1, 2020.
Out of the NADF CFDC service area?
Contact a Community Futures Development Corporation near you.
How to Apply
If you are an existing orย former NADF client, please contact your Account Manager. If you are a newย client, please email covid@nadf.orgย and an Account Manager will be assigned to work with you.
Other terms and conditions apply and your Account Manager will discuss these with you.
Questions?ย Email covid@nadf.org
Indigenous Business Stabilization Program
Through assistance provided by the Government of Canada, the National Aboriginal Capital Corporation Association (NACCA) is taking action to ensure that Indigenous business owners impacted by COVID-19 have access to the support they require.ย The Indigenous Business Stabilization Program (IBSP) is delivered across Canada through a network of Aboriginal Financial Institutions (AFI).
Operating as an AFI, NADF has partnered with the NACCA to deliver the IBSP to Indigenous businesses in Northern Ontario, which NADF defines as the territories of Treaty 9, Treaty 5 (Ontario portion), Treaty 3 and Robinson-Superior 1850.
The IBSP is designed as an emergency measure to support small business owners in meeting their immediate operating cash flow needs.
Eligible IBSP applicants may apply for up to $40,000, comprised of 75% loan and 25% non-repayable contribution to support eligible operating costs, such as rent, utilities, insurance, health and safety improvements due to COVID-19, etc.
In addition to the above, IBSP applicants must satisfy the following eligibility criteria:
- business must have been established prior to March 1, 2020;
- business must have been impacted adversely due to the COVID-19 pandemic;
- the business was viable and not experiencing financial difficulties prior to March 1, 2020;
- the applicant is in good standing with NADF; and
- the applicant must have been able to obtain commercial financing on March 1, 2020.
Out of the NADF catchment area?
Contact an Aboriginal Financial Institution near you.
How to Apply
If you are an existing orย former NADF client, please contact your Account Manager. If you are a newย client, please email covid@nadf.orgย and an Account Manager will be assigned to work with you.
Other terms and conditions apply and your Account Manager will discuss these with you.
Questions?ย Email covid@nadf.org
