The Eeyou Economic Group (EEG) recently received the remaining $322,000 from a total commitment of $1.5 million by the Canada Economic Development agency.
The EEG provides technical assistance and training for entrepreneurs in areas such as taxation and negotiation, bookkeeping and computer skills. Eligible projects can receive up to $125,000 in commercial loans for start-up costs.
Up to 15 projects each year are approved by the EEG. To qualify, the promoter must be a beneficiary under the JBNQA, be supported by a band council resolution or by an agreement in principle with the local band council, must provide 10 per cent of the total investment equity, and the project must be realized in Cree territory. A complete business plan must also be submitted to EEG.
For those interested, the local Economic Development Officer can help develop a business plan. Other avenues for funding include Aboriginal Business Canada (ABC) and Opportunity Funds through INAC.