The Métis Voyageur Development Fund (MVDF) is announcing an innovative new financing option for Ontario Métis businesses managing the disruptions caused by the COVID-19 pandemic.
Now available to past and current clients of the MVDF, the Métis Emergency Business Financing (MEBF) program offers a combination of an interest-free loan and a grant to help with operating costs if revenues have been negatively affected by COVID-19.
The MVDF and the Métis Nation of Ontario (MNO) have been consulting with the Government of Canada to seek support for Métis businesses through this time of unprecedented economic uncertainty. On April 18, 2020 the Prime Minister announced measures to support small and medium sized Indigenous businesses with funding flowing through Indigenous Capital Corporations including the MNO’s Métis Voyageur Development Fund.
The Métis Emergency Business Financing program provides short-term, interest-free loans and non-repayable contributions up to $40,000. The terms and process of the program are designed to be simple, timely and effective for affected Métis businesses in Ontario.
Key details of the program:
- Up to $40,000 ($30,000 repayable, $10,000 non-repayable)
- No payments for 12 months
- 0% interest
- No fees or charges
- 5-year loan term over which to repay
- Prepayments can be made at any time without penalty
- Simplified application form and quick approval
- Funds deposited directly to your operating account
Eligible businesses must meet the following requirements:
- Have not applied to the Canada Emergency Business Account (CEBA) program
- Have between $20,000 to $1,500,000 in payroll expenses annually
- Have been in business since March 1, 2020
- Must not be in arrears for 90 days if currently has a loan with MVDF
- If currently closed, must plan to re-open once conditions allow
Posted on June 8, 2020