Indigenous Business Valuations, Up to 75% Funded
Buying a business with Indigenous development funding? FPEGF requires an independent business valuation when it contributes to an acquisition, and FPEGF, LRCC and Waubetek each say they can pay up to 75% of the valuation cost. Acadia Hill is a CBV-led valuation firm in Winnipeg.
Which Indigenous Funders Pay for a Business Valuation?
The terms below come from each funder’s own website or published application form, checked in October 2026. Programs change, so confirm the current terms with the funder before you apply.
FPEGF (Manitoba First Nations)
When you ask the First Peoples Economic Growth Fund’s Business Contribution Fund to contribute to an acquisition, FPEGF requires three years of historical financial statements and an independent business valuation. FPEGF says it can provide up to 75% of the valuation cost as a non-repayable contribution. FPEGF business plans
LRCC (Red River Métis, Manitoba)
Louis Riel Capital Corporation’s Business Support application says business support costs may include a business plan, a business valuation or an environmental assessment. The grant covers up to 75% of the cost, excluding GST, of an independent third-party consultant. LRCC requires at least two quotes and approval before work starts. LRCC business plans
Waubetek (North-Eastern Ontario)
Waubetek’s Business Financing Program lists business valuations among the costs it may fund. BFP may provide up to 75% of these costs, and the applicant provides 25% equity. Waubetek plans and valuations
Other funders. SIEF, Clarence Campeau / SMEDCO, NEDC and other Indigenous Financial Institutions fund business plans and business support, but their websites do not say whether a valuation is covered. Ask your business development officer. See our pages for SIEF, Clarence Campeau and NEDC.
When Is a Business Valuation Required?
FPEGF requires one. If you are asking the Business Contribution Fund for a non-repayable contribution toward buying a business, FPEGF’s page says it will require an independent business valuation, done by a “Certified Business Valuator”. In Canada the professional designation is Chartered Business Valuator (CBV). If you are unsure whether a valuator meets the requirement, ask FPEGF before you hire anyone.
LRCC will fund one. LRCC’s acquisition checklist asks for at least two years of financial statements and an offer to purchase with a financing condition, prepared by a lawyer. It does not list a valuation as a required document, but the Business Support Program can pay for one if you want an independent opinion on the price before you commit.
Waubetek will fund one. Waubetek lists business valuations as an eligible cost. Ask your Business Development Officer whether your purchase needs one.
Even when no funder requires it, a valuation gives you a reasoned price from someone who is not paid on the outcome of the sale. That helps you negotiate, spot problems before closing and explain the deal to your lender. More on this in our guide, Buying a Business with FPEGF or LRCC Funding.
- Your funder requires one for the acquisition
- The asking price is based on a rule of thumb
- The business depends heavily on the current owner
- You are buying shares, not just assets
- Your lender wants support for the price
- A board, council or partners must approve the purchase
Buying as an Individual or as a First Nation
FPEGF’s Business Contribution Fund sets different maximums depending on who owns the business. For a business owned by a First Nation individual, the contribution is up to 40% of eligible costs, to a maximum of $99,999. For a business owned by a Manitoba First Nation or a group of Manitoba First Nations, it is up to 40% of eligible costs, to a maximum of $250,000.
When a First Nation or its economic development corporation buys a business, more people have a say in the price: chief and council, a board, and often community members. An independent valuation gives them a written explanation of how the price was tested, not just the seller’s number.
The valuation and the business plan usually travel together. FPEGF requires a business plan that shows viability and management capacity, and many acquisitions need both documents. Acadia Hill prepares Indigenous business plans as well as valuations.
FPEGF Acquisitions at a Glance
- For First Nations businesses in Manitoba
- At least 51% owned by a First Nation band, band member or group of First Nations
- Three years of historical financial statements
- Independent business valuation, up to 75% paid by FPEGF
- At least 10% cash equity
- A commercial loan of at least 40% of total financing
- Contribution up to 40% of eligible costs: $99,999 (individual) or $250,000 (Manitoba First Nation-owned)
What the Valuation Covers
What you are buying. Shares or assets, and which equipment, inventory, contracts and property are included.
What the business really earns. Several years of results, adjusted for items that will not continue under new ownership, such as the owner’s personal expenses or one-time costs.
Whether the earnings will last. The customer base, the local market, the industry, and how much depends on the current owner.
Tangible assets and goodwill. Equipment, vehicles, inventory and real estate, and the value above those assets that comes from customers, reputation and location. Where equipment is a large part of the price, we can also prepare a machinery and equipment appraisal.
The report explains how the conclusion was reached in plain language, so you, your lender and your funder can follow it. For the methods, see How a CBV Values a Small Business.
What You Receive
- Written quote for your funding application
- Independent valuation report from a CBV-led firm
- Value of the business or shares you are buying
- Normalized earnings, with each adjustment explained
- The risks a lender and funder will ask about
- Draft review call before the final report
How a Funded Valuation Works
The order matters. LRCC says costs incurred before program approval are not eligible, so the valuation starts only after your funder approves it.
Talk to Us and Your Funder
A free call about the purchase. Contact your funder early to confirm what it needs from you.
Quote and Application
We provide a written fixed-fee quote for your application. LRCC requires at least two quotes.
Valuation
Once approved, we gather the seller’s information, prepare the valuation and review the draft with you by phone or Zoom.
Financing Request
You use the final report, with your business plan, in your funding and loan applications.
Business Valuation Pricing and Your Share
If FPEGF or Waubetek pays 75% of a $6,000 valuation, the funder pays $4,500 and your share is $1,500. LRCC’s 75% is calculated on the cost before GST, so with LRCC your share is $1,500 plus the GST, and LRCC asks you to have your share and the taxes available as cash you have not borrowed.
Business Valuation for an Acquisition
- Independent valuation from a CBV-led firm
- Value of the business or shares you are buying
- Written quote for your funding application
- Draft review before the final report
Business Plan
- Plan built to your funder’s requirements
- Financial projections tied to the valuation
- Market analysis and management section
- See Indigenous business plans
Indigenous Business Valuation FAQ
Does FPEGF require a Chartered Business Valuator?
Will LRCC pay for a valuation if I am buying a business?
Can the valuation start before the funder approves it?
What do you need from the seller?
How long does a valuation take?
Who sees the valuation report?
Do you work with buyers outside Manitoba?
Is a business valuation the same as an equipment appraisal?
Discuss the Business You Are Buying
Start with a free, confidential conversation. Tell us about the business, the price and your funder, and we will scope the valuation and give you a written quote for your application. You can also contact us here.
- Phone 204-951-4751
- Email info@acadiahill.com
Funder Contacts
First Peoples Economic Growth Fund: 204-942-6026, toll-free 1-888-942-6026, firstpeoplesfund.ca
Louis Riel Capital Corporation: 204-589-0772, toll-free in Manitoba 1-800-387-6004, lrcc.mb.ca
Waubetek Business Development Corporation: 705-285-4275, waubetek.com