PROFILE NOVEMBER 2013
SUMMARY Fifteen months after the Métis Voyager Development Fund started to work with Métis entrepreneurs, we are the fastest growing Aboriginal Financial Institution in Canada and already the second largest in Ontario. 1 Our first fiscal year ended in March 2013, eight months after our launch. In this relatively short period MVDF provided $ 2.5 million in financing to Métis entrepreneurs, significantly ahead of projections. After additional financing and repayments, our current portfolio stands at $ 3 million. The twelve projects that the fund financed were across a variety of industries in the resource sector, ten are located in Northern Ontario, and nine of the twelve loans made were to start-up businesses. 2 Our clients report that they have created 12.2 full-time equivalent direct jobs and seen another 16 positions created by their subcontractors and partners. With an additional 6 jobs reported maintained by our financing, MVDF has seen 28 jobs created and 6 jobs saved in Ontario. Our current $ 3 million portfolio leveraged an additional $ 50 million in financing from Schedule A banks, credit unions, pension funds, and agencies such as the NOHFC. 3 Continued strong demand from Métis entrepreneurs sees us currently considering an additional $ 4 million in financing proposals. We expect that our portfolio will grow to over $ 6 million by the year-end. On behalf of our clients, Board and staff I would like to thank the Government of Ontario and the Métis Nation of Ontario for their vision and commitment in setting up the Fund. Hon. Paul DeVillers, Chair 1 According to NACCA (National Aboriginal Capital Corporations Association) 2 Businesses created within eighteen months of financing 3 The significant leverage reflects an infrastructure project where our early financing was critical in securing a significant investment.
INDIAN LAKE LODGE VERMILLION BAY With the assistance of the Métis Voyageur Development Fund, we were able to obtain financing to purchase Indian Lake Lodge. All other banks were extremely difficult to deal with and the Métis Voyageur Development Fund was very helpful throughout the entire process. This has given us the opportunity to follow our dream and pursue our long term goals. With one season under our belt, this venture has done well and will continue to do well for years to come. A huge thanks to MVDF for all of their help. Sincerely, Cheryl and Lance LEPAGE FISHERY PENETANGUISHENE Many thanks to the Métis Voyageur Development Fund for helping us this year! The funding received played a large part in enabling us to successfully complete another fishing season on Georgian Bay and maintain our family owned and operated Métis fishery. - Bernie & Sandra LePage
FERUS INDUSTRIAL CONTRACTING SUDBURY Thanks to the Métis Voyageur Development Fund we were able to purchase some land and build our new shop in an industrial park where our growth will not be restricted, says Dan Boulard. The Fund also helped us purchase some key equipment that will make us even more competitive. We thank MVDF and the Government of Ontario for investing in us. - Ferus Industrial Contracting of Sudbury, is one of the first businesses to receive financing from the Métis Voyageur Development Fund.
12 PROJECTS FINANCED 1 Espanola 1 Fort Frances 2 Kenora 2 Ottawa 1 Penetanguishene 1 Sault Ste. Marie 3 Sudbury 1 Thunder Bay LOAN PORTFOLIO at September 30, 2013 3 Mining 1,005,000 3 Power Generation 1,025,000 4 Fishing / Harvesting 553,000 2 Resource Recovery 410,000 0 Aggregates - 0 Forestry - 12 Total 2,993,000 POTENTIAL LOAN PORTFOLIO at March 31, 2014 9 Mining 3,280,000 4 Power Generation 1,125,000 6 Fishing / Harvesting 686,500 3 Resource Recovery 760,000 2 Aggregates 470,000 2 Forestry 850,000 26 Total 7,171,500 $ $ REASON FOR LOAN: 9 START-UPS 3 EXPANSIONS POTENTIAL MAR-14: 14 START-UPS 12 EXPANSIONS JOBS IMPACT TO DATE: CREATED 28.2 FULL TIME EQUIVALENT 12.2 Direct 16 Indirect MAINTAINED 6 FULL TIME EQUIVALENT 4 Direct 2 Indirect
MVDF PROGRAMMING FINANCING Up to $ 600,000 for Métis businesses in or related to the resource sector Financing is tailored to entrepreneurs needs and to provide their businesses with the greatest chance of success and growth This can include subordinating debt, limiting security coverage, customized payment schedules, consideration of non-commercial debt to equity ratios, higher ratio and longer term factoring of receivables and inventory, and contributions towards an entrepreneurs equity position Our ability to customize terms allows MVDF to provide significant support to business start-ups and first-time entrepreneurs SUPPORT MVDF can offer contributions, in the form of non-repayable grants, to clients who we finance We can support the development of comprehensive business plans, on-going training and skills development We also contribute towards on-going aftercare through the retention of professional assistance and advice Our aim is to maximize our client s chance of business success and job creation We are able to provide custom financing and on-going support due to the Ontario government s commitment to provide MVDF with 30 million dollars over 10 years.