Aboriginal BEST Loan

Overview of the Aboriginal BEST Loan program:

Aboriginal BEST microloans support entrepreneurs who have completed the Aboriginal BEST (Business and Entrepreneurship Skills Training) program and are ready to start a business in Coast Salish Territory. Vancity’s Aboriginal BEST microloan fills the gap between traditional bank lending and the availability of venture capital. Unlike traditional small business loans that are based on business history and collateral, Aboriginal BEST microloans are based on the character of the owner and the strength of the business plan. Loan details Loan size: Apply for up to $50,000 Loan type: Choose a term loan or line of credit (maximum 25% of total request) Interest charged: Pay prime plus 3% Repayment period: Repay the loan within 5 years

Benefits of the Aboriginal BEST Loan program:

• Qualify for a loan even without a strong credit history
• Receive funds as a line of credit* or a term loan**your choice
• Pay no administrative fees***
• Gain access to Vacinitys business expertise and financial literacy support
• Benefit from access to a cooperative network of members
• Use this microloan for:
• Working capital
• New production and services capacity
• Business purposes or business-related expenses
• Purchasing tools or equipment
• Leasing office space
• Research and development leading to commercialization
• Pre-commercial and commercial product development
• Market development.

Eligibility criteria of the Aboriginal BEST Loan program:

• To be eligible to apply for an Aboriginal BEST microloan, all business owners must have successfully completed the Aboriginal BEST program. This free program, supported by the Ministry of Aboriginal Relations and Reconciliation and Human Resources and Social Development Canada, is targeted at all Aboriginal people who are committed to pursuing self-employment and entrepreneurship as a career option. For more information on the program and to register, please visit www.aboriginalbest.com.
• In addition, at least one applicant must operate or plan to operate a business in Coast Salish Territory (Metro Vancouver, the Fraser Valley Regional District, the Sea to Sky corridor, or Greater Victoria).