Sophie Morigeau Women's Entrepreneurship Program (SMWEP)

Program Description

Financing and business support for Métis women entrepreneurs in British Columbia, from the Métis Financial Corporation of BC. Three options are offered, at total project costs of $15,000, $20,000 or $25,000. Each is built from an MFC loan at a starting interest rate of 7.5%, a cash equity contribution of 5% or 10% from the client, and a grant equal to 30% of the total project cost, worth $4,500, $6,000 or $7,500. The grant is not stand-alone: it is disbursed alongside the loan and forgiven at the end of the four-year term provided every payment was made on time and all conditions were met. Repayment runs interest-only for the first 12 months, then blended principal and interest until the loan portion is repaid, with the grant covering the remaining balance around month 37. Approved applicants also receive one full day of consulting, and every applicant works one-on-one with an MFC business support officer and consultant to complete a program workbook assessing the viability of the funding request.

Eligibility Requirements

• Must have valid Métis identification acceptable to MFC, such as Métis Nation British Columbia, Métis Nation of Alberta, Métis Nation Saskatchewan, Manitoba Métis Federation, Métis Nation of Ontario, Northwest Territories Métis, or Métis Settlements in Alberta
• Be 18 years of age or older
• The applicant must be a resident of British Columbia for a minimum of 6 months
• The business must be at least 51% Métis women owned
• The Métis owner with at least 51% ownership must have substantial involvement in the operation of the business
• Business must be located and registered in British Columbia
• Total project costs must not exceed $25,000; projects exceeding this amount may be referred to MFC's Traditional Business Loan Program
• The project must be a start-up or an expansion
• The applicant must complete the program workbook
• A credit check is required
• The applicant must show that the business is viable and sustainable
• Corporate and personal taxes must be filed and up to date
• The applicant must be approved for the loan request to be eligible for the grant, which is not stand-alone
• Each project requires a 5% or 10% cash equity contribution from the client, which is the client's direct contribution to project costs and is not sent to or from MFC
• Costs already incurred, or items already signed for, are not eligible; the program is not retroactive
• Project financing cannot contribute to passive investments or gambling products
• Cannot be used to refinance an existing loan
• Cannot apply for the Traditional Business Loan Program at the same time
• Preference will be given to first-time MFC clients