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I want to start a business, what should I do?
An important part of any successful business is a plan. What kind of business do you want to start? Who will use your business? What kinds of competition will you have? Will you need employees? These kinds of questions are all part of a business plan. A good first step is to develop a business plan, with the help of a professional. Many government programs subsidize this kind of business plan development. Talk to your local Canadian Business Service Centre (CBSC) or Economic Development Officer (EDO) for more information.
What does Ulnooweg do for aboriginal business owners?
Ulnooweg's primary role is to provide qualified aboriginal entrepreneurs with business loans. Another big role is to help you find other sources of funding through government grants or non-repayable loans. We also provide information on where to find the resources you need to make your business a success.
Do I have to repay a loan from Ulnooweg?
Yes. All Ulnooweg loans must be repaid. They are just like any other bank loan. Ulnooweg's ability to provide these loans to future generations of aboriginals depends on repayment of loans.
Does Ulnooweg provide money that doesn't need to be repaid?
No. Ulnooweg does not provide grants or other kinds of funds that do not need to be repaid. All Ulnooweg loans must be repaid.
Ulnooweg does administer Aboriginal Business Canada's contribution program in Labrador.
What should I do if I'm having trouble repaying my loan?
Many business owners have trouble from time to time with cash-flow. If you are having difficulty making a payment on your Ulnooweg loan, contact us immediately. We will work with you to set up an alternate schedule to get you through your difficult time, without affecting your borrowing record.
Why does my borrowing record matter?
Nearly every business needs to borrow money from time to time. However, it is very difficult to obtain a loan from any lending institution or bank if you have a past history of not repaying loans. Ulnooweg works with each client to help them create a good loan repayment record.
Does Ulnooweg offer loans to aboriginals who live off-reserve?
Yes. You do not have to live on reserve to receive a loan from Ulnooweg.
Can I get another loan after I repay my first loan?
Yes. Many businesses have a continual series of loans to help them continue to grow and build their business.
Does my business have to only employ aboriginal employees?
No. Ulnooweg defines an Aboriginal business as one owned 51% by Aboriginal(s). Employees can be aboriginal or non-aboriginal.
What kind of business do I need to start to be eligible for a loan from Ulnooweg?
Ulnooweg supports all types of businesses. From resource-based industries like fishing and logging, to service-based industries like tour operators. The type of business is not important, what we look for is a solid plan to make your business succeed.
What business services do you provide?
We help clients find the resources they need to make their business grow. That may be a referral to something like a Canadian Business Service Centre or providing information on a special government grant or giving input on a business plan.
What other sources of funding are available to aboriginal business owners?
There are a number of sources of funding. Please visit our Business Resources section for a full list of these sources.
Can I apply for more than one Ulnooweg loan at a time?
Yes. You can apply for a combination of loans, up to a maximum of $250,000.
What is an aboriginal business?
Businesses where there is 51% or higher Aboriginal ownership and control.
Ulnooweg currently serves all Mikmaq, Maliseet, Passmaquoddy, Inuit and Innu in the Atlantic Region.
Ulnooweg serves all Canadian Aboriginal peoples living in Atlantic Canada.
Status Indians; Members of the Federation of Newfoundland Indians; Members of the Labrador Metis Nation; Members of the Labrador Inuit Association; Members of the Innu Nation; Members of the Native Council of Nova Scotia; Members of the New Brunswick Aboriginal Peoples Council; Members of the Native Council of Prince Edward Island; living in the Atlantic Provinces.
For more information, please contact our office.
Is an Ulnooweg loan a government contribution?
No. Ulnooweg does not give out government contributions. All funds we provide are business loans, which must be paid back.
Do I have to register my business?
Businesses owned by Indians, Indian bands or band-empowered entities whose annual sales of property and services are more than $30,000, are required to register for the GST. Like other businesses, once registered, they must collect the tax on their sales of property and services (unless the sales are made to Indians, bands or band-empowered entities under conditions in which the GST is not payable), claim input tax credits for the GST paid on purchases made in carrying out their business and remit the balance to Revenue Canada Excise/GST.
As an incorporated company, do I have to pay GST?
Incorporated businesses owned by Indians must pay the GST on their purchases of taxable goods and services. Incorporated band-empowered entities are not required to pay GST on property acquired for use in band management activities and GST will not apply when services are acquired for band management activities or for real property on reserve. Sole proprietorships and partnerships owned by Indians receive the same treatment on purchases as individual Indians.
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