NACCA’S INDIGENOUS WOMEN’S
Are you an Indigenous woman thinking of starting your own business?
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Entrepreneurship is a promising pathway for Indigenous women to create their own employment and independent sources of income.
NACCA and the Aboriginal Financial Institutions (AFIs) offer financial support — including loans, grants & programming guidance — to Indigenous women entrepreneurs.
The Indigenous Growth Fund is a new, innovative fund created by NACCA that will leverage government investment to raise additional capital from institutional investors. The fund will make capital available to the Aboriginal Financial Institutions (AFIs) to provide loans to new and expanding Indigenous businesses.
September 22, 2022, Ottawa, ON – The National Aboriginal Capital Corporations Association (NACCA) and participating Aboriginal Financial Institutions (AFIs) are pleased to announce the establishment of a new $5 million Women Entrepreneurship Loan Fund.
AFIs across the country are now delivering the Women Entrepreneurship Loan Fund on behalf of Innovation, Science, and Economic Development Canada (ISED). First Nations, Inuit, and Métis women entrepreneurs from across the nation are now able to access loans up to $50,000 dollars to start or grow their business.
“Indigenous women are smart, resilient and driven, but they continue to face systemic barriers when starting or growing their businesses,” said the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development. “That is why we ensured the Women Entrepreneurship Loan Fund provides targeted support for Indigenous women so they can reach their full potential, create local jobs, and drive economic growth in their communities.”
In 2020, NACCA set a goal to increase the number of Indigenous women entrepreneurs accessing financing through the AFIs by 50 percent by 2025. Currently, about 30 percent of the businesses supported by the network are owned or co-owned by women. The new Women Entrepreneurship Loan Fund will help NACCA and the network reach its goal of serving more Indigenous women entrepreneurs.
“Indigenous women often have difficulty accessing financing due to barriers like requirements for equity, full-time participation in their business, and more. The Women Entrepreneurship Loan Fund addresses these barriers by providing Indigenous women with access to micro-financing to help them achieve the success they deserve,” says NACCA Chief Executive Officer, Shannin Metatawabin.
Block invests $3 million CAD in Canada’s largest and most innovative Indigenous social impact fund
The Indigenous Growth Fund (IGF Inc.) welcomes its first private investment, marking an important public and private partnership milestone focused on restoring growth and prosperity for the Indigenous economy. The IGF, an Indigenous investment fund, is under the management of National Aboriginal Capital Corporations Association (NACCA).
As the IGF’s first private investor, Block, a technology company with a focus on financial services and expanding economic access for everyone, is investing $3 million (CAD). Block’s investment, as part of its $100 million (USD) global social impact investment, will make loans available to more Indigenous entrepreneurs who require capital to start or expand their businesses through a growing number of Aboriginal Financial Institutions (AFIs) across Canada.
Creating a Sustainable Stream of Capital for Indigenous Entrepreneurs
“Our partnership with Block demonstrates how similar private and public social impact investors are. We all need to work together to contribute to economic reconciliation, and by investing into Indigenous investment vehicles, we put reconciliation to action. Private investors like Block are essential to ensuring the IGF thrives as an enduring and evergreen fund, providing an ongoing stream of capital for Aboriginal Financial Institutions to support future generations of Indigenous entrepreneurs,” explains Shannin Metatawabin, Chief Executive Officer of the National Aboriginal Capital Corporations Association. “We know this investment will spark and inspire other companies to also contribute to economic reconciliation,” says Metatawabin. Continue reading