Métis Voyageur Development
Frequently Asked Questions
How the MVDF Works for You
Q. What is the relationship between the MVDF and the Métis Nation of Ontario?
A. The MNO appoints the Board of Directors of the MVDF but the MVDF Board of Directors is independent of the MNO.
Q. What distinguishes the MVDF from other financial institutions such as banks and credits unions?
A. The MVDF does not seek a profit but only seeks to maintain its loan capital base. Its goal is not profit, but to positively impact the Métis economy by supporting Métis owned and controlled businesses.
Q. How does the MVDF determine if someone is Métis?
A. Anyone who is a citizen of the MNO or who self-identifies as Métis is considered Métis for the purposes of the MVDF.
Q. Besides non-Métis, are there any other restrictions on who the MVDF can finance?
A. To be eligible for MVDF financing a business must be engaged or related to the Resource sector and must be either a start-up or an expansion.
Q. How much financing can the MVDF provide?
A. Up to $500,000.
Q. Does the percentage of Métis ownership impact the amount of financing a business is eligible for?
A. It may have an impact. It must be clear that the Métis owner holds at least 50% of the business and stands to gain from any funding provided by the MVDF.
Q. Can equity be in a form other than cash?
A. A minimum of 5% cash equity is preferred but equity in the form of contributed assets (directly related to the business) may be considered.
Q. Does the MVDF recognize personal assets as equity?
A. The MVDF does not recognize personal assets such as a personal vehicle or residential real estate as equity. In the case of existing businesses, MVDF will recognize the equity built up in the fixed assets as equity in a new proposal.
Q. Does the MVDF require personal guarantees?
A. Yes.
Q. What support does MVDF provide in addition to Financing?
A. The MVDF provides non-repayable business plan and Aftercare support of up to $50,000 over the life of the MVDF’s participation.
Q. Are there restrictions on the Aftercare program?
A. Technical skills, such as driving trucks or operating equipment will not be funded but is otherwise quite flexible.
Q. Does the MVDF finance not-for-profit corporations?
A. No.
Source: http://www.mvdf.ca/faq/
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