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The program offers:

Participation in the workshop "How to Start Your Own Business or Create Your Own Job".

A Self-assessment Guide for evaluating entrepreneurial potential, a business opportunity and management skills.

Assistance in form of mentoring and advisory support during the development of a business project and personalized follow-up during the first two years of operation.

Access to commercial financing.


BRIEF DESCRIPTION
The program comprises five steps that participants progress through at their own pace:

STEP 1 Assessment of entrepreneurial potential
STEP 2 Summary of the business project
STEP 3 Starting a business
STEP 4 Project financing
STEP 5 Post startup follow-up

(Click here for more details.)


CONDITIONS FOR PARTICIPATION Candidates apply for the program by filling out the application form.

Participants progress through the various program steps one at a time. They must demonstrate that they have completed the preceding step before continuing on to the next.

In STEP 3, participants must select a MENTOR; the program coordinator is available to provide assistance if necessary. This Mentor will give advice on how to prepare a business plan and will be available for the first two years of the business' operation.

PRESENTING THE PROJECT

In Step 4, participants are required to contact the program coordinator in order to obtain information on how to submit their project for financing.

After receiving the required documents, the project will be reviewed and recommendations will be submitted to the Loans Committee.

If the project is approved, participants will receive a Letter of Offer explaining the terms and conditions of the financing. If these terms and conditions are agreed to, the necessary legal documents will be prepared and signed.


FINANCING
Loans many be granted for the startup of a project or in some cases, as an equity contribution.*



LOAN POLICY

Eligible types of businesses:
· business startup
· seasonal or annual operations
· creation of full or part-time jobs

Initial investment:
depends on the project

Number of loans: one per project

Security requirements: the lender with determine the type of security, the term of the loan and the interest rate depending on the nature of the project and the conditions in effect at the time


APPLICATIONS / INFORMATION

To apply for the Program or for more information, please contact:

Dave Heron
Programs Officer
MDDF
P.O Box 1805
Yellowknife, NT
X1A 2P4
TEL: (867) 873-9341 ext. 21
FAX: (867) 766-3745