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Financing for Yukon Businesses

DNV Loan Funds

DNV administers various loan funds that are available to all entrepreneurs in its lending territory (including Northern BC residents). These pools of funds are used for short and long term loans, operating lines of credit and demand loans. The individual pools have various limits and criteria attached to them.

Yukon First Nations Implementation Fund Trust

The Fund makes investments between $5,000 and $100,000 in Yukon First Nation businesses The money may be used by approved applicants to help start, buy or expand businesses.

The Private Capital Fund (PFC) invests in Yukon First Nations, Yukon First Nation Beneficiaries and Yukon First Nation controlled entities that improve local economies and provide employment opportunities. These economic benefits must be located in Yukon.

As a Yukon First Nation entrepreneur, you may be able to access the fund to assist with the acquisition or growth of your business.

Yukon First Nations, Yukon First Nation Beneficiaries (as defined under chapter 28 of the UFA) and the Yukon First Nation controlled entities may apply to the Fund. Funds may be used to help start, buy, or expand businesses. If your business or business idea is viable but you are unable to obtain financing from the usual sources, the Yukon First Nations Implementation Fund Trust may be able to help you.

For more information, contact Elaine Chambers (Private Capital Fund Manager) at (867) 668-6925 ext. 228 or email at elaine@dananaye.com (mailto:echambers@dananaye.com)

Yukon Micro Loan Program

The Yukon Micro Loan Program is a tiered lending program—starting at $3,000 for a first loan—to individuals who want to start, maintain or expand small businesses. Loan terms range from three months to three years. Applicants who successfully repay their first micro loan can apply for gradually higher amounts of funding for a future loan (maximum $12,000 for a fourth loan). Additionally, those who repay their loans in a timely fashion may qualify for interest rate reductions on subsequent loans.

Unlike other loan programs, the Yukon Micro Loan Program focuses on the applicant’s character, trustworthiness and personal commitment rather than on the applicant’s credit history and amount of collateral. In this way, the Yukon Micro Loan Program makes funds available to entrepreneurs who might not qualify for larger amounts of financing under more traditional loan programs. Micro loans can help an individual establish credit or improve a poor credit history.

Micro loans can be used for business purposes such as:
• Buying or leasing equipment, tools or computers
• Making leasehold improvements
• Purchasing craft materials, supplies and inventory
• Paying first and last month’s rent on a commercial space
• Advertising

Micro loans cannot be used to refinance existing loans or to pay off personal debt.

Yukon Micro Loan Program recipients are entitled to take selected däna Näye Ventures training courses at no cost.

Aboriginal Equity Program

First nation applicants only of 51%First Nation aboriginal owned business.

däna Näye Ventures delivers the Entrepreneurial and Business Development Program (EBD) on behalf of CanNor to Aboriginal Citizens residing in Yukon. EBD promotes economic self-sufficiency for First Nation people in Yukon by providing financing for small and medium-sized individually-owned businesses and for community-based projects.

Contributions of up $99,999 are available for individuals and up to $1 million for community-owned enterprises. Contribution levels and cash equity requirements vary according to the type of activity being funded and the age of the applicant.

AEP provides funding for business activities such as:
• Developing feasibility, business, and marketing plans
• Establishing a new business
• Adopting information technology
• Acquiring or expanding an existing profitable business
• Developing new products, services or production processes
• Project-related management
• Accounting and professional business advice for up-and-running enterprise