Applicants must submit a funding application justifying the need for the business and/or idea to be funded, the amount of funding and the duration of the project.
The funding, which is provided in the form of soft loans and grants, must be used for a specific project, such as the
specific project, such as the introduction of new services or products, the expansion of an existing business or expansion/replication in a new market.
Subject to strict compliance with the eligibility criteria (see section 7 on matching contributions), investee companies can apply for a range of matching contributions.
Investing companies can apply for a range of funding depending on their stage of development:
1. For SME soft loans
- A minimum allocation of CAD 50,000
- and up to CAD 750,000
2. For non-repayable grants to eligible SMEs
- Allocation of a minimum of CAD 50,000
- and a maximum of CAD 750,000
For SMEs, the range of funding, which may be a mix of grants and loans or 100% loans, is between a minimum of CAD 50,000 and a maximum of CAD 750,000.
In strict compliance with the Counterparty Criteria (see Section 7 on Counterparty Contributions), the following conditions must be met.
Financial Institutions (FIs) and Financial Services Intermediaries (FSIs) may apply for a range of funding depending on their level of development:
- For concessionary FI loans
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- Allocation of a minimum of CAD 150,000
- and a maximum of CAD 750,000
2. For non-repayable grants to these FIs
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- Allocation of a minimum of CAD 100,000
- and a maximum of CAD 500,000
For Financial Institutions and Financial Service Intermediaries (FIs), the funding range, which can be a mix of grants and loans or 100% loans, is between a minimum of CAD 100,000 and a maximum of CAD 1,000,000.
Funding is available in the form of non-repayable grants (disbursed in Canadian dollars) and repayable grants (disbursed and repaid in West African CFA francs). SMEs and Financial Institutions (FIs) are eligible for both non-repayable and repayable grants. Applicants are expected, but not required, to request a combination of repayable and non-repayable grants.
Non-repayable grants will be targeted at high-risk beneficiaries – small, early-stage, highly innovative or transformative projects, as well as components of projects that are not expected to generate a financial return in the short term.
Repayable grants will be targeted at low-risk beneficiaries – larger, well-established companies and components of projects that have a clear potential to generate an immediate financial return. Repayable grants will be interest-free, unsecured and treated in the same way as other debt instruments. Repayments are made in stages to ensure full repayment at the end of the project.
Financial institutions are expected to apply for non-repayable grants to cover the design and implementation of innovative financial products and repayable grants to reduce the risk of their loan portfolio. Applicants are free to propose financing mechanisms tailored to their needs to provide access to women entrepreneurs and women-owned businesses – full capitalisation of the loan portfolio, full or partial guarantee mechanisms, etc.
Funding is subject to matching criteria (see section 7 on matching contributions). Enterprises should apply for funding based on their stage of development and their capacity to absorb the proposed project. The absorptive capacity of the company will be assessed during the application process and the funding granted may be less than requested or may take a different form.