Helps Indigenous community-owned businesses capitalize on business development opportunities to improve socio-economic outcomes.
OVERVIEW
The Aboriginal Business Investment Fund (ABIF) can partially or completely fund capital costs for Indigenous community-owned economic development projects. Projects like these improve social and economic outcomes for Indigenous Peoples and their communities.
To get funding, projects should be close to starting operations or breaking ground within the fiscal year following funding.
Applicants must demonstrate long-term effects that:
Increase the number of Indigenous community-owned businesses
Increase employment opportunities for Indigenous Peoples
Create or increase local revenue streams for Indigenous communities
Strengthen the economies of Indigenous communities
Indigenous Relations bases funding decisions on the results of a competitive review process. A strong application has these elements:
Demonstrated community support for the project that includes a formal Resolution and other supporting documentation
The potential for generating net economic benefit, like jobs and community revenue
Demonstrated management capacity and business expertise on the project
Demonstrated balance of own-source equity, commercial financing, and grant funding
The long-term viability of the proposed business opportunity
Potential for the project to generate spin-off business opportunities
FUNDING
ABIF provides between $150,000 and $500,000 to support an Indigenous community-owned economic development project. That could be up to 100% of eligible project costs. An ABIF grant can be stacked with other government and industry funding sources.
ELIGIBLE APPLICANTS
Eligible ABIF applicants are Indigenous communities in Alberta or corporate entities owned by Indigenous communities located in Alberta:
Communities must own and control 51% or more of the proposed business or joint venture
Corporate entities must be in good standing
Applicants must be in compliance with the terms and conditions of any previous Indigenous Relations funding
An Indigenous community may submit only one ABIF application in any given funding year.
ELIGIBLE COSTS
The intent of the ABIF program is to invest in the capital elements of business initiatives.
Capital costs are associated with getting, building, or improving significant fixed assets like buildings, equipment, and other tangible assets. They must be of use or benefit for more than one financial year.
INELIGIBLE COSTS
The following costs are not eligible for ABIF funding:
Projects that result in passive business income streams
These sources are received from time to time and often with no material or active participation (for example, projects that generate income from rent, royalties, dividends, and capital gains)
Goodwill
Payments for services that would normally be provided without charge, like honoraria for a community service
Operations, repair, and maintenance costs
Infrastructure costs financed by or eligible for funding from other government sources (for example, roads, rails, and utility services)
Training and economic development services
Expenditures not related to economic development
Expenditures not related to the approved project
Costs already expended on a project
HOW TO APPLY & LEARN MORE
Follow the link below to the Government of Alberta website ABIF page. There you will learn how to apply, be able to download the ABIF Grant Application Form, and more.
The deadline for applications to be received is September 30, 2021.
