MFCBC Announces New Business Financing Contribution Grant
KELOWNA, British Columbia, July 28, 2021 (GLOBE NEWSWIRE) — The Métis Financial Corporation BC (MFCBC) today announced a non-repayable contribution program to assist Métis entrepreneurs. The Business Financing Contribution program is a game changer for the organization and Métis entrepreneurs in British Columbia. This is the first time we are able to offer grants as part of its “core funding” program. These grants are in the form of non-repayable contributions and are in combination with an approved client’s loan. This program will significantly reduce the cost of financing to Métis entrepreneurs. MFCBC will be able to offer these contributions on an on-going basis and in doing so create a better opportunity for Métis businesses to succeed.
MFCBC CEO Evan Salter states, “It is extremely exciting for MFCBC to announce this program. We believe it allows Métis entrepreneurs and our organization an opportunity to grow successfully together. The program offsets considerably the costs of financing by reducing the interest payable over the life of the loan and ensuring the business does not have to repay the full amount of funding. It is great news to be able to offer this program as the federal government has now moved to a more distinction-based funding model that recognizes the unique circumstances of Métis entrepreneurs.”
Salter continued, “Métis applicants will still require a Business Plan to apply for a loan. In order to make this process easier, MFCBC can cover 75% of the cost to develop a plan. At MFCBC, we want to be the place Métis entrepreneurs come for financing and this program is another way we can help. MFCBC, as the newest Métis AFI (Aboriginal Finance Institution) arguably became the fastest growing AFI in Canada during the COVID-19 pandemic. Our small staff were able to process almost 500 emergency covid loans and grants worth close to $10 million. We know these loans and grants to Métis entrepreneurs in BC helped Métis businesses survive the COVID-19 pandemic.”
Salter concluded “We believe with good reason that our success in delivering the emergency COVID-19 funding shows that we will be able to get the Business Financing Contribution Program into the hands of our hard working and committed Métis entrepreneurs.”
MFCBC officially opened for business in August 2018 to serve Métis entrepreneurs in BC. MFCBC provides funding for new Métis businesses or existing businesses that require financing to expand.