Description
Policy for direct loans to establish or grow Indigenous and community businesses. Covers: purpose; maximum amount by loan type; percent financed; term, amortization and interest rate; negotiable repayment; required security (band council resolution where applicable, promissory note, lending agreement, life insurance, guarantor, pre-authorized debit, General Security Agreement registered under provincial PPSA with waiver criteria); borrower obligations (bookkeeping, financial statements and monthly reports); restrictions on capital spending, withdrawals and unusual expenses without consent; and participation in training and workshops.
