Aboriginal BEST loan
Because Indigenous entrepreneurs make a vital contribution
Aboriginal BEST microloans support entrepreneurs who have completed the Aboriginal BEST (Business and Entrepreneurship Skills Training) program and are ready to start a business in Coast Salish Territory.
Vancity’s Aboriginal BEST microloan fills the gap between traditional bank lending and the availability of venture capital. Unlike traditional small business loans that are based on business history and collateral, Aboriginal BEST microloans are based on the character of the owner and the strength of the business plan.
Are you eligible?
To be eligible to apply for an Aboriginal BEST microloan, all business owners must have successfully completed the Aboriginal BEST program. This free program, supported by the Ministry of Aboriginal Relations and Reconciliation and Human Resources and Social Development Canada, is targeted at all Aboriginal people who are committed to pursuing self-employment and entrepreneurship as a career option. For more information on the program and to register, please visit www.aboriginalbest.com.
In addition, at least one applicant must operate or plan to operate a business in Coast Salish Territory (Metro Vancouver, the Fraser Valley Regional District, the Sea to Sky corridor, or Greater Victoria).
Key benefits
- Qualify for a loan even without a strong credit history
- Receive funds as a line of credit* or a term loan**—your choice
- Pay no administrative fees***
- Gain access to Vancity’s business expertise and financial literacy support
- Benefit from access to a co-operative network of members
Vancity no longers offer the ABLED/ACED program in conjunction with Western Economic Diversification Canada as the program was discontinued on as of March 31, 2018.
The program is now with Community Futures of BC therefore if you are still interested in the ABLE/ACED program, please refer to the following link: https://www.communityfutures.ca/edp
Loan details
- Loan size: Apply for up to $50,000
- Loan type: Choose a term loan or line of credit (maximum 25% of total request)
- Interest charged: Pay prime plus 3%
- Repayment period: Repay the loan within 5 years
Find a complete list of terms in the Aboriginal BEST microloan application.
Use this microloan for:
- Working capital
- New production and services capacity
- Business purposes or business related expenses
- Purchasing tools or equipment
- Leasing office space
- Research and development leading to commercialization
- Pre-commercial and commercial product development
- Market development.
Apply now
We encourage eligible entrepreneurs and new business owners to apply for an Aboriginal BEST microloan.
To start the process:
- Download and complete the Aboriginal BEST Workbook, which must be submitted as part of your application.
- Download and review the Microloan Checklist for a list of the documentation you’ll need to submit.
If you have questions about the Aboriginal BEST microloan, please email microfinance@vancity.com.
*A term loan is repaid over a specific period of time by making payments on both the principal and interest.
**A line of credit (also known as an operating loan) requires the loan-holder to repay only the interest on the outstanding loan balance each month.
***Administrative fees are waived under the microloan program for all term loans and for the first five years on your line of credit.