Financial Services
Business Loans
Our team of professional, dedicated staff is committed to working with our clients on a one-on-one basis. We offer developmental financing to both Aboriginal and non-Aboriginal customers through various loan funds. Financial services include short and long-term loans with flexible payment schedules, operating lines of credit and demand loans.
däna Näye Ventures recognizes the challenges faced by businesses trying to prosper in a relatively slow economy while having limited access to capital. We value non-financial returns such as job creation within the communities as part of the loans application assessment.
We work with our clients to help ensure that their business ventures are successful! In order to qualify for a loan with us, the applicants must provide a plan that will demonstrate how their business will be successful. Among other factors, this will include:
- The financial viability of the proposed business.
- The amount of equity contributed by the owner.
- The management ability and credit history of the applicant.
- Value of property, equipment or other assets for security.
- The value and type of security.
- The environmental impact of the venture.
- Employment generation and competitive advantage.
- Competition
Once our clients are successful in obtaining a loan, we can support them with business workshops, individualized training sessions, and in some cases additional financial assistance.
däna Näye Ventures is the only financial institution in the Yukon that offers loans to Youth between the ages of 18 and 34 years. We are proud to support Youth who enjoy the idea and challenge of going into business for themselves.
Canada Business Loan Fund
Indian and Northern Affairs Canada (INAC) has provided däna Näye Ventures with contribution funding for both Aboriginal and Non-Aboriginal clients. The fund is to provide developmental lending to all Yukon entrepreneurs and to help support the growth and diversification of the regional economy. The maximum loan amount is $100,000.
Aboriginal Business Canada
däna Näye Ventures is a delivery office for the federal government's Aboriginal Business Canada Program(ABC). We provide services for aboriginal entrepreneurs, youth and businesses located throughout Yukon and in the northern British Columbia communities of Atlin, Good Hope Lake and Lower Post.
We will assist clients in developing applications for ABC support. Following are some of the areas ABC will provide funding in:
- Developing business, marketing or feasibility plans
- Establishing a business or acquiring information technology
- Expanding/acquiring a profitable business or developing new products, services or production processes
- Project-Related Management
- Accounting and professional business advice after you start your business
Please contact the delivery officer at däna Näye Ventures for further information and assistance.
Yukon Micro Loan Program
What is a Micro Loan?
A small business loan for individuals who want to start, maintain or expand a small business. First time loan limit is $2,000. Subsequent loans up to $8,000 can be obtained. After each loan is repaid and the payment records of the group members are in good standing, access to increased amounts of credit. Each new loan is subject to approval by the members of the peer lending circle. Interest rate starts at 12% and will decrease as more loans are obtained.
Peer Group Loan
- Initial loans up to $2,000 per group member
- Over a period of time, each group member can access up to a maximum of $8,000
- Can reapply for further loans after initial loan is paid back
- Little or no collateral required apart from commitment to repay
- Loan terms from 3 months to 3 years
The Yukon Micro Loan Program is sponsored by the Economic Development Department of the Yukon Territorial Government.
What is a peer lending circle ?
A peer lending circle is a group of 4 to 7 members, of whom at least 75% have experience in managing a small business.
DNV is responsible for determining whether a group member has sufficient experience to be classified as an experienced small business manager. This is to ensure that each group has the expertise needed to foster a high likelihood of success. Once established, your peer lending circle will meet to discuss each other's business ideas, take advantage of each other's experience and review applications.
What is the value of a peer lending circle ?
- Build support networks
- Sharing of ideas and experience
- Business management training in marketing, bookkeeping and basic business practices
- Networking events to meet potential customers or establish referral business opportunities
Micro Loan Details
How does it work?
Unlike other loan programs, the Micro Loan is unique in that borrowers approve the loans. An extensive credit history and substantial collateral are not the main focus. Instead, a Micro Loan is based on character, trustworthiness and personal commitment.
As an interested borrower, you will be asked to form a peer lending circle with other business people. It is the members of your peer lending circle who vouch for your good character and approve your loan request.
You will choose the members of your peer lending circle with the assistance of the Micro Loan Coordinator. These people may be friends, relatives, business contacts or neighbours. The most important element is that your fellow circle members are people you can trust.
Each member of the peer lending circle will assess and approve the other peer members' loan applications. Applications are then submitted to DNV for final review. All loans are made by DNV directly to each member.
What can I use the loan for?
Loans can be used for any business purpose such as:
- To buy or lease equipment, tools, computers, leasehold improvements, craft materials and supplies, etc.
- Pay for first and last months' business rent, advertising or purchase of inventory.
Who can apply?
Persons 18 years of age or older who possess legal residence status in Canada and who live in, operate or plan to start a business in the Yukon Territory.
Further Information
A small loan can make a big difference
Micro Loans are a proven way of providing the necessary capital and support network to help businesses succeed. Micro Loan Programs are working in Nova Scotia and other areas throughout Canada and the United States, as well as in many other countries.
Where can I get more information?
DNV will announce general information sessions several times throughout the year. These sessions will provide you with the information required to take the "next step". In addition, you will meet other potential peer lending circle members.
If you would like to have:
- ACCESS to business loans at competitive rates (12%!!!)
- OPPORTUNITIES to network with other entrepreneurs
- TRAINING in managing your business
Then perhaps you should consider a Yukon Micro Loan.
