Financial 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.
Introduction:
At this stage, you will provide us with background information about your business, why you require business financing, and how it will help you start up or grow your business. We might also recommend other sources of financial support and related business services that are available to you, as a First Nation entrepreneur.
Loan Application:
As a next step, we will assess things like your financial need, relevant skills and experience, ability to repay, etc. All of this information will help build the case for your business loan. Time-wise, this step varies greatly from client to client, depending on things like the quality and completeness of your business plan, and your ability to provide us with other required information. We will work with you to help you complete the loan application and steer you in the right direction for additional support, such as writing your business plan.
Review:
All applications are referred to a Credit Committee, for review and consideration. The Credit Committee will consider the strengths of your overall business plan, and your ability to succeed in your business. We take this responsibility very seriously. We are here to help First Nation businesses succeed. After your loan application has been reviewed and assessed, we will make contact with you to discuss the decision, as well as any next steps.
Loan Acceptance:
After a client’s loan application has been approved, they are required to sign a Letter of Offer, Loan Agreement, General Security Agreement and Promissory Note.
Business Support:
As you continue to build your business and repay your loan, we will be here to assist you with any additional support and resources you might need to help your business succeed.