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