Local Métis-owned financial institution offers financial support to Métis entrepreneurs across Saskatchewan.

The SaskMétis Economic Development Corporation (SMEDCO) is the hub of business and economic development for Saskatchewan Métis citizens.

Since 1987, SMEDCO has been providing Métis entrepreneurs with financial solutions by empowering them with their business ventures.

“SMEDCO offers a blended financing package that combines our regular loan product with a non-repayable contribution, where we can 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.

Along with offering programs to those trying to acquire, purchase, renovate or expand businesses, SMEDCO also boasts their “First Time Home Buyers Program.” Brunet stated this program is a Métis Nation of Saskatchewan initiative that provides up to $17,500 in non-repayable contributions to any Métis citizens in Saskatchewan who want to purchase their own 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 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). 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.”

Brunet mentioned there are MECAP add-ons that can increase funding by an additional $20,000 and $10,000 of that would be non-repayable. She added while the country hasn’t entered a recovery phase yet, this program helps keep businesses operational and reinforces an understanding that SMEDCO is looking out for its clients.

“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.”

The crew at SMEDCO collectively holds over 100 years of experience, and they are looking to help Métis entrepreneurs achieve any business goals they have in mind. Anyone looking for assistance or more information on how SMEDCO can help them can reach out to the team by phone at (306) 477-4350 or by visiting www.smedco.ca.

*This content was created by northeastNOW’s commercial content division.