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Métis entrepreneurs across the province are being offered financial support by the SaskMétis Economic Development Corporation (SMEDCO).

The SMEDCO is the hub of business and economic development for Métis citizens in Saskatchewan, and has been providing entrepreneurs with financial solutions since 1987.

They offer a blending financing package that combines a non-repayable contribution with their regular loan product, where they contribute up to $99,999 for individuals and up to $250,000 for community-based projects.

“When we blend these products together, it creates a low-cost borrowing option that is much lower than any accessible mainstream financing for Métis Entrepreneurs and Métis Communities. We also have Métis specific COVID relief funds to assist during the pandemic” said Monica Brunet, of SMEDCO’s Community Economic Development & Community Engagement department.

The corporation is also helping people move into home ownership with their “First Time Home Buyers Program.” It provides up to $17,500 in non-repayable contributions to any Métis citizens in the province that are purchasing their first home.

“If you’re a Métis citizen and your combined household income is $150,000 or less and you’re pre-qualified to purchase a home by a bank or mortgage broker, the First Time Home Buyers Program can contribute up to $15,000 towards their down payment and up to $2,500 in closing costs,” Brunet said.

There is also support for businesses navigating their way through COVID-19.

“There are a lot of businesses operating out there right now experiencing some COVID hiccups, so we have been able to offer them the Métis Emergency Capital Assistance Program (MECAP),” Brunet said. “We are offering up to $40,000 in a loan, of which up to $30,000 is interest-free and up to $10,000 non-repayable grant.”

There are also MECAP add-ons that can give that funding a boost by an extra $20,000, of which $10,000 would be non-repayable.

Brunet said that while Canada hasn’t entered a recovery phase yet, SMEDCO has been working with the federal government to make these supports possible.

“Our CEO and the Métis Nation - Saskatchewan leadership have been working with the federal government to put this out for Métis businesses,” Brunet said. “The interest rate on this loan is 0% and they have the option to defer payment for up to 12 months from disbursement date and they can repay it with no penalties or pre-payment term that can be paid out at any time. We are knocking on the federal government’s door, making sure that we aren’t forgotten about and that our Métis-owned businesses can access some of these programs too.”

Anyone looking for assistance or more information on how SMEDCO can help them can call 306 477 4350 or visit the SMEDCO website.