FAQ

Frequently Asked Questions

Q. How do I apply for a loan from SMEDCO?
A. Phone us at (306) 477-4350 and ask for a business consultant or loan officer. We will ask you a few questions and will then send you our loan application form and brochure.

Q. How much equity (down payment) do I need to qualify for a loan?
A. SMEDCO’s minimum requirement is 10% of the project costs; however a greater downpayment may be required for some projects. Clients are expected to contribute all that they can to the business. Existing vehicles, equipment and other real property can be considered in lieu of a cash downpayment.

Q. Does SMEDCO have any grants for business?
A. Yes. SMEDCO is now delivering the Métis Assistance Program (MAP); a grant for entrepreneurs and community business enterprises. The MAP contribution cannot exceed $99,999 for entrepreneurs. The maximum contribution for a Métis community business enterprise is $250,000.

Q. What has SMEDCO found to be common mistakes for new businesses?
A. One of the most common mistakes is not keeping proper bookkeeping records and financial statements – many Metis businesses fail for this reason. If a business owner does not have the skills to keep proper financial records, they should hire the services of a qualified bookkeeper or accountant – this is money well spent. Other mistakes include excessive owner withdrawals from a business, not planning for seasonal changes in business, and not setting aside a cash reserve for income tax and major equipment repairs.

Address

  • SaskMétis Economic Development Corporation
  • Suite 101 - 1630 Quebec Avenue
  • Saskatoon, S7K 1V7
  • Phone: (306) 477-4350
  • Fax: (306) 373-2512
  • smedco@smedco.ca