LRCC Finalizes Funding Agreement with ISC, Benefiting Small & Medium Businesses

June 5, 2020

Winnipeg, MB - The Manitoba Metis Federation (MMF) - the Manitoba Metis Government - announced a new $8.9 million Funding Agreement between Louis Riel Capital Corporation (LRCC) and Indigenous Services Canada (ISC). With part of this agreement the MMF announces it will fund the Metis COVID-19 Relief Program providing financial support to small and medium Metis businesses to service their immediate needs as a result of COVID-19 impacts.

The MMF is urging Metis entrepreneurs to apply. Funds must be expended before March 31, 2021, and there are already approximately 300 businesses expected to access the program. Included in the Funding Agreement is that ISC will be able to add more funding if this funding is expended by March 31, 2021.

"The MMF's Metis COVID-19 Relief Program provides interest-free loans to our Metis entrepreneurs. We will be able to convert up to 25 per cent of the principal amount of these loans into non-repayable contributions," explained MMF President David Chartrand, Minister of Economic Development. "For many entrepreneurs these loans will accelerate their economic recovery, post-COVID."

The new Metis COVID-19 Relief Program will provide small businesses that have been negatively affected as a result of the COVID-19 economic crisis with interest free loans up to $40,000 that includes a 25 per cent forgivable portion. In addition, the LRCC announced that there will be no payments required for the first 12 months of the initial distribution.

The Trudeau Government recently unveiled the small businesses support program Canadian Emergency Business Account (CEBA). Under this program, successful applicants are eligible for up to $40,000 loans that are interest free until December 31, 2022. After this date, the loan is converted to a three-year loan with 5 per cent interest. The MMF's Metis COVID-19 Relief Program is an enhanced Metis-specific version of the CEBA.

"Canada has not forgotten the Metis Nation and of course neither has the MMF," commented President Chartrand. "Your Manitoba Metis Government will continue to have your back during this time of crisis. If you have yet to apply for CEBA, or have been rejected by the banks, please reach out to the LRCC immediately to learn more about the Metis COVID-19 Relief Program."

If you have any questions, or would like to apply, please contact LRCC at (204) 589-0772, or toll-free at 1 (800) 387-6004. Applicants will be asked to provide proof of Metis Citizenship and a detailed description of how COVID-19 affected their business. More details will be posted on www.lrcc.mb.ca/metis-covid-19-relief-program as they become available.

 


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