Indigenous Entrepreneur Startup Program

In collaboration with RBC’s Indigenous banking and reconciliation office, RBC Origins, the Indigenous Entrepreneur Startup Program (IESP) offers tailored tools, resources, financing and mentorship to support young Indigenous entrepreneurs across the country, enabling them to start, buy or grow a full-time business that is within the first two years of operations.

Indigenous entrepreneurs face unique systemic and structural barriers that can affect access to financing, business supports, networks and growth opportunities. Research from the Bank of Canada found that Indigenous-owned businesses are significantly less likely than other Canadian businesses to rely on conventional lending institutions and may face barriers related to geographic remoteness, launching a business on Reserve, access to collateral, infrastructure gaps, socioeconomic inequities and the ongoing impacts of historical policies. The research also notes that limited access to financing can slow business growth and expansion. (Source: Bank of Canada: How Indigenous-owned firms finance their operations) 

The need for tailored supports is also recognized by Indigenous Services Canada. Its Evaluation of the Indigenous Entrepreneurship and Business Development Program found that Indigenous entrepreneurs continue to face barriers to entrepreneurship and business development and that targeted investments, business supports and culturally relevant services remain important to helping Indigenous entrepreneurs succeed. The evaluation also highlighted the importance of reducing barriers and expanding access to support for Indigenous entrepreneurs across Canada. (Source: Indigenous Services Canada: Evaluation of the Indigenous Entrepreneurship and Business Development Program) 

In collaboration with RBC’s Indigenous banking and reconciliation office, RBC Origins, Futurpreneur’s Indigenous Entrepreneur Startup Program (IESP) exists to help address these realities by providing culturally relevant business support, mentorship, financing and connections that reflect the needs and experiences of Indigenous entrepreneurs, while helping create equitable access to entrepreneurship opportunities.

In collaboration with RBC’s Indigenous banking and reconciliation office, RBC Origins, the IESP is led by an all-Indigenous team of professionals from across Canada. As we are part of the Indigenous community, we understand the Indigenous clients we work with and the realities they encounter. All of our learning content is created and delivered by our Indigenous team, incorporates Indigenous worldviews and histories, and is made accessible to all Indigenous clients wherever they may be.

Yes, an Indigenous entrepreneur can apply to our Side Hustle program. If you are between the ages of 18-39, are a Canadian citizen or permanent resident, and for the next 12 months your side business will remain your secondary source of income, we welcome you to apply to our Side Hustle program.

Any Indigenous entrepreneur who self-identifies as a member of a Canadian Indigenous community (First Nations, Métis or Inuit), is between the ages of 18-39 and is interested in starting, buying or growing a business that is in its first two years of operation. If your business has a Futurpreneur-eligible business model and you have a qualified credit standing, you are eligible for the Indigenous Entrepreneur Startup Program.

As we aim to not create additional barriers for Indigenous entrepreneurs, while also recognizing that Indigenous identity is individual and multi-faceted, we determine Indigenous identity through self-identification. Intersectionality is also welcomed (e.g., those who identify as Black and Indigenous are eligible for this program).

In collaboration with RBC’s Indigenous banking and reconciliation office, RBC Origins, Futurpreneur offers follow-on financing through the IESP because evidence continues to show that Indigenous entrepreneurs face disproportionate barriers to accessing capital throughout their entrepreneurial journey. 

According to the Bank of Canada, Indigenous-owned businesses are much less likely than other Canadian businesses to use conventional financing sources and are more likely to report financing and cash flow challenges as barriers to business growth. The research highlights that access to credit remains a significant obstacle for many Indigenous entrepreneurs and that these barriers can limit opportunities to grow and expand their businesses. (Source: Bank of Canada: How Indigenous-owned firms finance their operations) 

Similarly, Indigenous Services Canada’s evaluation found that Indigenous entrepreneurship programs help remove barriers to accessing capital and business supports, while also identifying an ongoing need for additional targeted investments and supports before, during, and after business launch. The evaluation concluded that demand for Indigenous-focused financing and business development support continues to exceed available resources. (Source: Indigenous Services Canada: Evaluation of the Indigenous Entrepreneurship and Business Development Program) 

Follow-on financing is intended to help Indigenous entrepreneurs overcome these well-documented financing gaps, support business growth beyond startup, and improve access to capital at critical stages of business development. This approach aligns with Futurpreneur’s commitment to helping reduce barriers and create more equitable opportunities for Indigenous entrepreneurs to succeed and grow sustainable businesses.

• Up to $25,000 with a term over five years.
• Interest is charged at RBC’s prime rate + 3%. (Note that if RBC’s prime rate exceeds 6%, the interest rate charged is capped at 9%. If RBC’s prime rate exceeds 9%, the interest rate charged will be charged at RBC’s prime rate.)
• Interest-only payments for the first year.
• Principal repayments are made in equal monthly installments together with interest, over the remaining four years.
• No penalty for early repayment.
• A one-time loan management fee of 1% of the total loan amount is charged at the time of disbursement
• The above points reflect current Futurpreneur loan terms; the exact terms of each entrepreneur’s loan are clearly defined in their loan agreement.

• Up to $50,000 with a term over five years.
• Interest is charged at BDC’s current floating base rate + 1.65%.
• Interest-only repayment in the first year, commencing from the BDC loan authorization date.
• You may prepay all or any part of the outstanding principal, however, BDC must receive the interest owing to the time of repayment, together with an indemnity equal to three months’ interest on the principal prepaid.
• Once a year (non-cumulative), on the anniversary date of the loan authorization date, you may repay 15% of the principal outstanding without indemnity.
• BDC charges a $50 processing fee, which is deducted from the initial loan disbursement.
• Please contact your local BDC office for the BDC Floating Base Rate.