The Port Alberni-based Nuu-chah-nulth Economic Development Corp. (NEDC) has created a new aboriginal business development fund for local First Nations entrepreneurs.
The NEDC has partnered with the Business Development Bank of Canada to create a $250,000 fund for micro-credit loans for aboriginals in the Nuu-chah-nulth area along Vancouver Island's west coast. Qualified entrepreneurs will be able to obtain business loans of up to $20,000 from the fund.
Potential loan candidates will come primarily from the NEDC's youth entrepreneurship program where candidates will be provided with business training, mentoring and education.
Loan candidates will be assessed primarily on their management capacity, the feasibility of their business plan and their commitment to the business.