Financial
The Lending Process
Introduction
Your business, such as why you need a loan, and how you think it will help you grow your business. In this stage, we will also provide recommendations of other sources of financial support and business services, available to First Nation entrepreneurs.
Application
Financial needs and your work experience. All of this information will help build the case for your business loan. This phase can take a few weeks, or a few months, depending on the state of your business plan & how fast the client gets the information in order for us. We will work with you to help you complete the application, and steer you in the right direction for specific help, such as business plan writing.
Selection
All applications are referred to a Credit Committee. The Credit Committee will consider the strengths of your overall plan, and your ability to succeed in your business. RLTABFSC takes this responsibility very seriously. We are here to help First Nation businesses succeed. Whether your application is successful or not, you will be contacted. This may be to discuss your decline, request additional information, or discuss the next steps.
Loan Acceptance
When your loan application has been approved, you will be required to sign the Letter of Offer, Loan Agreement, General Security Agreement and Promissory Note.
Business Support
As you continue to run your business and pay back your loan, we will be here to provide you with any support you may need.
Overview:
The Rainy Lake Tribal Area Business & Financial Services Corporation offers a range of financing options for your business, whether you are starting a new business or growing an existing one. Financial assistance may be made available to eligible entrepreneurs from Treaty #3, provided that:
- Loan funds are to be used to assist eligible businesses that can clearly demonstrate in a well-documented business plan that the loan can be repaid.
- The management team identified in the business plan has the experience and skills to manage all aspects of the business and its projected growth.
- The loan will contribute, either directly or indirectly, to the economic growth and development of First Nation communities within the Treaty #3 territory.
- The loan is not used for the purpose of refinancing existing indebtedness except when the refinancing is incidental to the main purpose of the loan and/or it improves the security position of the Corporation.
- The applicant has, or will have, a financial involvement in the project to a degree that is satisfactory to the Corporation, considering the applicant’s own financial position, funding requirements of the project, and assessed risk of the investment.
We offer business financing to eligible Treaty #3 entrepreneurs through the following loan funds. Click on the links below for more information:
Loan Application Process:
Our loan application process has been designed to provide you with guidance and support at every step of the way. We will work with you to complete the application, and steer you in the right direction for further assistance, if needed. We are here to help First Nation businesses succeed, during start-up and beyond. Please click here for more information about our loan application process.