Accessing adequate and affordable commercial premises is a major challenge for start-up entrepreneurs, and Indigenous women are no exception in this regard.
Faced with obstacles that are unique to their realities, women entrepreneurs must overcome additional difficulties in order to access the resources and financing that will help them build a solid foundation for their business. It is with this in mind that a third and new component of the Indigenous Women Entrepreneurship Support Program (IWESP) was established!
Discover in this article how this new component of the IWESP can help Indigenous women develop their business projects under adequate and sustainable conditions!
A new component for the IWESP
The three components of the Indigenous Women Entrepreneurship Support Program (IWESP) were created by the First Nations of Quebec and Labrador Economic Development Commission (FNQLEDC) with the valuable support of Hydro-Québec. Component 1 – Professional Fees and Component 2 – Website of the program were launched in the fall of 2023. To learn more about them, click here!
Component 3: Place of Business
In a context of continually increasing real estate costs, Component 3 of the IWESP offers undeniably valuable financial assistance.
Its objective? To financially support Indigenous women entrepreneurs in their efforts to access suitable premises to operate their respective businesses, up to a maximum amount of $30,000 per project.
The financial assistance is non-refundable and can be used in two ways:
- To directly enable the realization of a project, if the cost allows it;
- As a down payment by the promoter, as part of a financial package.
Eligibility requirements
To be eligible for the IWESP, regardless of the component, you must meet the following conditions:
- Be a woman who is a member of a Quebec First Nation OR be a business owned and controlled by a majority of women who are members of a Quebec First Nation;
- Have an existing or start-up business project;
- Be registered with the FNQLEDC support services.
The following sectors are not eligible for the program: gambling, sex, alcohol, drugs and tobacco.
Examples of eligible costs
Without being limited to them, here are some examples of eligible costs:
- Construction of a building;
- Building or land acquisition;
- Leasehold improvement or renovation of an existing premises;
- Development of a space dedicated to the business in a private residence;
- Construction of an annex to a private residence for the purpose of operating a business;
- Rental assistance during the start-up period of a new business project;
- Etc.
Please note that it is possible for you to apply for all three components of the Indigenous Women Entrepreneurship Support Program, since they are complementary to each other!
How to register?
To register for Component 3, you must first complete the registration form and all the documents required for your registration.
You will also need to provide a detailed quote for your project. Your application, along with the form and quote, must be sent by email to [email protected].
Once everything has been sent, a selection committee will meet to analyze the files received four times a year. Please note that the committee will get back to you as soon as a decision is made.
If you ever need support for your economic development project, whether it is a business start-up, expansion or transfer, or even a community-driven project, know that the FNQLEDC advisors can assist you in your efforts! Do not hesitate to contact our advisors.
