Application Kit

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Application Criteria

1. Applicant must be a Metis Settlement Member, a Partnership, or a Corporation in which at least 51% is owned by a Metis Settlement Member(s).

2. The head office of any Corporation must be located in the Province of Alberta. Business activities may be undertaken, both on and off the Settlements and need not be limited to the Province of Alberta.

3. Loans must be for business purposes (Commercial) or for farming (Agriculture).
Loans of a personal nature will be deemed ineligible.

4. The corporation will decide on a case by case basis the extent of owner’s equity required on a project. The minimum owner’s equity required is 10% based on a cash injection with 100% collateral. However, if cash is unavailable, SIC will accept equity in the form of collateral at a rate of 115%.

5. Maximum loan amounts for Commercial Ventures is set at $100,000.00.

6. Maximum loan amounts for Agriculture Projects is set at $100,000.00.

** PLEASE NOTE THE FOLLOWING FEES:

(a) A $125.00 NON REFUNDABLE APPLICATION FEE TO BE SENT WITH THE APPLICATION. (THIS FEE MUST BE RECEIVED BEFORE ANY PROCESSING WILL TAKE PLACE).

(b) WHEN YOUR APPLICATION IS APPROVED ALL LOANS WILL PAY A LOAN ADMINISTRATIVE FEE OF 1% OF TOTAL LOAN FUNDS
BORROWED, MINIMUM OF $100 (TO BE PAID PRIOR TO ANY LOAN FUNDS BEING DISBURSED).

(c) ADDITIONAL FEES MAY BE CHARGED IF IN THE OPION OF THE CORPORAITON THEY ARE OUTSIDE OF THE CORPORATIONS
NORMAL LENDING PRACTICES.