Business Incentive Program

Business Incentive Program

 

What it is:

 

The Business Incentive Program (BIP) in partnership with Beaver River Community Futures Development Corporation (BRCFDC) was created shortly after the pilot-year of the Primary Producer Incentive  Program (PPIP) was complete.  To follow in the success of the PPIP, PLEDCO and BRCFDC wanted to use the same model for entrepreneurs in the PLEDCO communities to be able to access loans through  BRCFDC to start-up a business and also integrate it with PLEDCO's non-repayable contribution to the business start-up. NOTE: PLEDCO IS NOT A LOANS AGENCY AND DOES NOT GIVE OUT LOANS. By doing this, anyone who applied for a small-loan up to $35,000 to start up a business would be eligible for PLEDCO's non-repayable contribution provided that the borrower paid their portion of  the loan first.

How to apply:

 

Applicants should have the following:

- A business idea/outline (brief write-up of the business idea, any supporting documentation)
- The skills to run the business (management of the business is essential)
- 5% cash equity to put into the business (this can be negotiable depending on the type of business)

 

1.  Once applicants have the above, they should fill out the PLEDCO/BRCFDC BIP Application

2.  Work with BRCFDC on the Business Outline (Larger business ventures may require a full Business Plan)

3.  Once BRCFDC confirms you are eligible to receive a non-repayable contribution from PLEDCO and confirms the business idea is viable, the Business Outline/Business Plan will be submitted to the Loans Committee for Approval.

4.  Once the loan is approved, you will be able to use the money to start your business.

Please Note:  A condition of this progarm is that you must keep finanacial records.  This means you should keep track of any money spent on the business (expenses) and any money the business made  (revenue).  This program also has a mentorship component built into it from BRCFDC who will assist you with business consulting needs in: accounting, marketing, strategic planning, etc.  

 

To access the non-repayable contribution from PLEDCO:

- The borrower must successfully run the business and keep financial records (through follow-up reports with BRCFDC)

- The borrower must completely pay back their portion of the loan.  This will be determined when the loan documents are presented as to the exact amount of the loan and the amount of the non-repayable contribution from PLEDCO.

 

Please contact the PLEDCO office to set up an appointment to discuss how these programs can be used to assist in the start-up or expansion of your business.