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MDDF’s main function is to provide funding and support for Aboriginal business in the Northwest Territories.
The NWT Metis Dene Development Fund Ltd (MDDF) was created through an agreement reached with Industry Science and Technology Canada’s Aboriginal Economic Program on September 20th, 1991 by the Metis Development Corporation (MDC) and Denendeh Development Corporation (DDC).
It was initially developed with an aim to stimulate the growth and development of Aboriginal businesses. This mandate has since been expanded by board resolution to include the provision of loans and services to all residents of the NWT, Aboriginal and non-Aboriginal.
Since MDDF’s inception, it has helped develop nearly 200 business loans.
More than 50 clients are being served currently through MDDF.
Those clients operate in various sectors: oil & gas, tourism, confectionary, well site office & accommodation rentals, heavy equipment, taxis, mining services and municipal services.
The Fund has a policy to lend up to $275,000 per client, with exceptions up to $350,000.
- Clients must prove to be either a First Nation person or Metis person to be eligible to access the fund
- Clients are required to have at least 10% equity, preferably in the form of cash to be considered for a loan
- As commercial developmental lenders, MDDF is a high end risk taker
The Fund recently was awarded additional funds to provide commercially-based capital loans to all small and medium-sized business enterprises operating in the NWT. |
