NACCA, the National Aboriginal Capital Corporations Association, is a membership-driven national association for a network of Aboriginal Financial Institutions, or AFIs. NACCA supports the AFI network, which offers financing to First Nations, Métis, and Inuit businesses and communities. NACCA is committed to the needs of AFIs and the Aboriginal businesses that they serve.
OTTAWA, June 13, 2019 /CNW/ - The National Aboriginal Capital Corporations Association (NACCA) welcomes yesterday's announcement from the Government of Canada supporting social finance initiatives for Indigenous entrepreneurs. NACCA is one of only four Readiness Support Partners, and is now in position to launch its Indigenous Growth Fund to support First Nations, Inuit and Métis entrepreneurs and communities across Canada.
Indigenous people share their fellow Canadians' aspiration for a prosperous and healthy future. "Business development is critical to the well-being of any community, including Indigenous communities," said Shannin Metatawabin, Chief Executive Officer of NACCA, which represents over 50 Aboriginal Financial Institutions. "Despite tremendous odds and distinct barriers, Indigenous businesses create jobs and opportunities in our communities right across Canada."
NACCA is working to help Indigenous people achieve their aspirations. It has advocated tirelessly for a renewed and meaningful investment in the network of Aboriginal Financial Institutions that provide developmental lending and business support services to Indigenous businesses across Canada.
Budget 2019 identified a $100 million investment for NACCA's Indigenous Growth Fund. Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, approved additional support of $3.1 million to NACCA under the Investment Readiness Program at Employment and Social Development Canada. This announcement, confirming the Government's priority to support social innovation and social finance, will ensure that NACCA is resourced to successfully launch the Indigenous Growth Fund. More importantly, it will also ensure that its network of Aboriginal Financial Institutions is better positioned to support businesses in their communities, including the development of community-based social enterprise.
Indigenous businesses are a key driver of employment, wealth creation and better socio-economic outcomes for Indigenous people and communities. They are crucial to achieving greater inclusion in the prosperity of this country. NACCA, through the network of Aboriginal Financial Institutions, is a logical vehicle to deliver economic development programs and funds to the Indigenous Peoples from coast to coast to coast.
For more information about NACCA and the network of Aboriginal Financial Institutions, please visit our website at NACCA.ca and follow us on social media at @NACCAinfo.
For more information about the Government of Canada's Social Finance Fund and the Investment Readiness Program, please visit https://www.canada.ca/en/employment-social-development/news/2019/06/backgrounder-investment-readiness-program-funding-recipients.html
For further information: please contact:
André Jetté, Communications Manager, email@example.com, 613-688-0894, Ext 506;
Shannin Metatawabin, CEO, firstname.lastname@example.org, 613-688-0894, Ext 517
Indigenous-led businesses help combat economic marginalization — but they face many barriers. TVO.org spoke with three organizations about how to foster entrepreneurship and keep money in communities.
From 2003 to 2011, the estimated number of Indigenous entrepreneurs across the country increased from 27,195 to 38,000. According to a countrywide survey from the Canadian Council for Aboriginal Business, more than 43,000 Indigenous people were self-employed in 2016 — 10,320 of them were based in Ontario.
But, as the Conference Board of Canada notes, research shows that Indigenous people continue to “face significant barriers to accessing various forms of support (e.g., capital, equity, business training, business planning) for their start-ups.” One of the most commonly referenced issues, it says, is locational — would-be business owners simply don’t have access to financial services.
And even when they can access such services, loans can be difficult to obtain: Indigenous entrepreneurs are sometimes seen as “high-risk,” says Shannin Metatawabin, CEO of the National Aboriginal Capital Corporations Association.
“We have policies that the Indian Act put in place that say we can’t put up security on our communities,” he says. “We’re not close to the market. We don't have any equity. Our families are not rich.”
Please read the rest of the article on TVO website at tvo.org (https://www.tvo.org/article/why-reconciliation-means-supporting-indigenous-entrepreneurs)