The National Aboriginal Capital Corporations Association (NACCA) on Monday threw its support behind the recent federal budget saying it welcomes the “significant investment” made in Indigenous entrepreneurs.
“We commend Canada for recognizing the crucial role of (them) in sustaining thriving communities, and are grateful for the funds the federal government has entrusted to NACCA and the network,” said Jean Vincent, chair of NACCA’s board. “The investments we make now will help equip a new generation of Indigenous businesses and economies to thrive and prosper.”
NACCA is the umbrella organization for a network of 59 Aboriginal Financial Institutions (AFIs) across Canada.
Budget 2021 includes additional investments of $42 million over three years in NACCA’s Aboriginal Entrepreneurship Program, which assists business owners seeking to access capital from the network of AFIs.
“The new funds will also ensure that the AFI network will be ready to issue loans under the Indigenous Growth Fund, a $150 million fund launching later this year,” a NACCA release stated.
“Together, the expanded program and Indigenous Growth Fund will provide Indigenous small- and medium-sized businesses with access to the business capital they have long sought, but too often could not obtain from mainstream lenders.”
Budget 2021 also includes $22 million over three years to expand the Indigenous Women’s Entrepreneurship program.
“This dedicated funding will allow NACCA and the network to tailor its supports to Indigenous women seeking to start or expand their businesses,” the release said.
“Finally, Budget 2021 entails important commitments on ensuring that Canada will meet its procurement target of 5% of federal contracts awarded to businesses managed and led by Indigenous people.”
NACCA CEO Shannin Metatawabin added that with the new budget, which was tabled last week, “Canada has shown that it is serious about including Indigenous people in this country’s prosperity.
“As we have over the past three decades, our network will continue the hard work to ensure that these government investments pay dividends for Indigenous business people, communities, and economies for decades to come.”
