March 31, 2023

OTTAWA, ON – The National Aboriginal Capital Corporations Association (NACCA) expresses disappointment in the Liberal Government 2023 Federal Budget, as it fails in addressing and supporting the growing needs of Indigenous businesses and entrepreneurs across Canada. This budget will stifle the significant, positive advancements that have been made toward economic reconciliation in recent years and it is a surprising departure for a government that seemed willing to take the necessary steps to ensure economic self-reliance and prosperity in Indigenous communities.

NACCA believes that access to capital and support are essential for Indigenous entrepreneurs to thrive and contribute to the Canadian economy. However, the budget lacks the necessary investments to ensure that Indigenous-managed Financial Institutions (IFIs) have the resources needed to support Indigenous entrepreneurs effectively. This is particularly concerning, as demand for NACCA program support through the IFIs has increased substantially.

The Federal government has fallen short to meet their commitments and responsibilities to Indigenous communities.  Not providing adequate resources for Important programs that build self-sufficiency and self-reliance through business ownership runs counter to economic reconciliation with Indigenous Peoples and the implementation of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) principles.  This budget is a surprising diversion from the path to Indigenous prosperity and will certainly slow growth and momentum.

Shannin Metatawabin, CEO of NACCA stated, “The lack of sufficient investment in Indigenous businesses in the 2023 federal budget is concerning. It fails to prioritize support for economic prosperity for Indigenous communities and we urge the government to take more proactive steps towards ensuring Indigenous self-determination and economic empowerment.”  Chair of the NACCA Board of Directors, Jean Vincent added, “We are disappointed that the government did not continue the positive momentum we’ve gained by supporting the growth and development of Indigenous businesses and entrepreneurs.” A more inclusive and collaborative approach that prioritizes sustainability and self-determination for Indigenous communities is required.  This must include long-term meaningful investments for Indigenous entrepreneurs and the supports they require to prosper.”

Despite our disappointment in the federal budget, NACCA remains steadfast in our commitment to championing the growth of Indigenous businesses and entrepreneurs, strengthening them to greater economic equality and self-determination.  The NACCA network’s 35 years of programming and advocacy have generated tremendous impact and tangible results with over $3 billion in loans distributed and more than 3,600 jobs created annually.

As we move forward, it is imperative that Indigenous inclusiveness and empowerment are prioritized as integral parts of Canada’s economy. Reconciliation requires action and taking the necessary steps towards healing the past to create a brighter future.  Supporting Indigenous businesses and entrepreneurs creates a pathway to prosperity and equitable futures that benefit everyone. We call on Canada to build a truly inclusive and sustainable economy that is grounded in respect for Indigenous Peoples, their traditions, and their contributions.

-30 –

For more information please, contact jlamoureux@nacca.ca

NACCA, the National Aboriginal Capital Corporations Association, is a network of over 50 Indigenous Financial Institutions (IFIs) dedicated to stimulating economic growth for all Indigenous people in Canada.  These efforts increase social and economic self-reliance and sustainability for Indigenous people and communities nationwide.

——————————————————————-
L’Association nationale des sociétés autochtones de capitaux (NACCA) exprime sa déception à l’égard  du budget fédéral 2023 du gouvernement libéral, alors qu’il s’agitde répondre aux  besoins croissants des entreprises et des entrepreneurs autochtones partout au Canada et de  les  soutenir. Le budget étouffera les progrès importants et positifs qui ont été réalisés vers la réconciliation économique au cours des dernières années et il est surprenant pour un gouvernement qui semblait prêt à prendre les mesures nécessaires pour assurer l’autonomie économique et la prospérité dans les communautés autochtones.

La NACCA croit que l’accès au capital et au soutien est essentiel pour que les entrepreneurs autochtonesuissent prospérer et contribuer à l’économie canadienne. Toutefois, le budget ne prévoit pas les investissements nécessaires pour s’assurer que les institutions financières (IFI) gérées par les Autochtones disposent des ressources nécessaires pour soutenir efficacement les entrepreneurs autochtones . Cela est particulièrement préoccupant, car la demande de soutien du programme NACCA  par l’intermédiaire des IFI a considérablement augmenté.

Le gouvernement fédéral  n’a pas respecté ses engagements et ses responsabilités envers les collectivités autochtones.  Le fait de ne pas fournir de ressources adéquates pour les programmes  importants qui renforcent l’autosuffisance et l’autonomie grâce à la propriété d’entreprises  va à l’encontre  de la réconciliation économique avec les peuples autochtones et de la mise en œuvre des   principes de la Déclaration des Nations Unies sur les droits des peuples autochtones (UNDRIP).    Ce budget est un détournement surprenant de la voie vers la prospérité des Autochtones et ralentira certainement la croissance et l’élan.

Shannin Metatawabin, chef de la direction de la NACCA, a déclaré : « Le manque d’investissements suffisants dans les entreprises autochtones dans le budget fédéral de 2023 est préoccupant.  Il ne donne pas la priorité au soutien à  la prospérité économique des communautés autochtones et exhorte le gouvernement à prendre des mesures plus proactives pour assurer l’autodétermination et l’autonomisation économique des Autochtones.  Le président du conseil d’administration de l’ANSAFC, Jean Vincent, a ajouté : « Nous sommes déçus que le gouvernement n’ait pas poursuivi l’élan positif que nous avons acquis en soutenant la croissance et le développement des entreprises et des entrepreneurs autochtones. » Une approche plus inclusive et collaborative qui accorde la priorité à la durabilité et à l’autodétermination des communautés autochtones est nécessaire.  Cela doit inclure des investissements significatifs à long terme pour les entrepreneurs autochtones et le soutien dont ils ont besoin pour prospérer.

Malgré notre déception à l’égard du budget fédéral, la NACCA demeure inébranlable dans son engagement à promouvoir la croissance des entreprises et des entrepreneurs autochtones, en les renforçant vers une plus grande égalité économique et une plus grande autodétermination.  Les 35 années de programmation et de défense des intérêts du  réseau NACCA ont généré un impact énorme  et des résultats tangibles  avec plus de 3 milliards de dollars en prêts distribués et plus de 3 600 emplois créés chaque année.

À mesure que nous allons de l’avant, il est impératif que l’inclusion et l’autonomisation des Autochtones soient prioritaires  en tant que parties intégrantes de l’économie canadienne. La réconciliation exige d’agir et de prendre les mesures nécessaires pour guérir le passé afin de créer un avenir meilleur.  L’upporting des entreprises et des entrepreneurs autochtones crée une voie vers la prospérité et un avenir équitable qui profitent à tous.  Nous demandons au Canada de bâtir une économie véritablement inclusive et durable qui est fondée sur le respect des peuples autochtones, de leurs traditions et de leurs contributions.

-30-

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

The Indigenous Procurement Working Group is pleased to present the procurement research and public policy papers, including a Summary Paper, to inform discussions on how the Federal Government can meet Indigenous procurement targets. This work builds upon the announcement made by Minister Anand on August 6, 2021, implementing a mandatory requirement for Federal departments and agencies to ensure a minimum of 5% of the total value of contracts are held by Indigenous businesses by 2024.

The purpose of these papers is to underline the importance of Indigenous procurement, as not an exercise in “supplier diversity,” but rather as economic reconciliation. As an act of reconciliation, the journey to include Indigenous peoples as meaningful participants in the Canadian economy will require changes to the procurement status quo.

Each of the recommendations within these papers, taken collectively, would effectively support every Federal organization to procure at least 5% of its goods and services from Indigenous businesses by 2024. They should be viewed as an informative roadmap that will help the Government of Canada to start their journey of increasing Federal procurement from Indigenous businesses.

Read the Research and Policy Papers

April 29, 2022 –The National Aboriginal Capital Corporations Association is set to reConnect the network of Aboriginal Financial Institutions it represents with partners and Indigenous economic stakeholders for 2022’s Indigenous Prosperity Forum.

In its third year, and after a postponed 2021 event, the Forum is set to gather the diverse Indigenous economic community from May 4-5 at the Hilton Lac-Leamy in Gatineau, QC.

This year’s theme is “reConnecting – Investing in the Return to Indigenous Prosperity” and includes discussions around the increased barriers Indigenous entrepreneurs have been experiencing, will continue to experience, and how we can continue to break down even more of them through innovative solutions that allow Indigenous entrepreneurs and economies to thrive.

This year’s lineup reflects the diversity of the clients, communities, and partners NACCA and the AFIs support and work with, from 11-year-old Kitigan Zibi entrepreneur Mya Beaudry off to an early start on her career to the retiring Bank of Canada’s Deputy Governor Lawrence L. Schembri reflecting on his, and many in between, including:

• Indigenous Services Minister Patty Hajdu
• 2022 Juno-nominated Inuk Opera Singer Deantha Edmunds
• International Trade, Export Promotion, Small Business and Economic Development

Minister Mary Ng

• Business Development Bank of Canada President and CEO Isabelle Hudon
  • The newly-formed National Indigenous Youth Business Advisory Council
    • Farm Credit Canada CEO and President Michael Hoffort

“Indigenous businesses still need all of our support as we look towards recovering together,” says NACCA CEO Shannin Metatawabin. “Our lending network will continue to accompany Indigenous entrepreneurs on that path, providing the capital and care they need to prosper. Our members are crucial links between Indigenous entrepreneurs and markets and government along the quest for economic reconciliation.”

The 2022 Forum will be co-hosted by Pow Wow Pitch’s Sunshine Tenasco and NACCA’s own André Jetté, who will also help facilitate important discussions around NACCA’s recently-launched Indigenous Growth Fund and Indigenous Women Entrepreneurship Program, and topics such as Innovations in Indigenous Financing and moving from Pandemic to Prosperity.

Another highlight will be the Indigenous Prosperity Gala and presentation of the AFI and Indigenous Business Awards on the evening of May 4, 2022.

With support from Indigenous Services Canada, all First Nations, Inuit, Métis, and partners in economic reconciliation are invited to join in-person or virtually for an event NACCA hopes will help kick off a return to gathering and provide an opportunity to start healing and recovering, together.

For more information about the Indigenous Prosperity Forum, please visit NACCA.CA/FORUM.

Media inquiries can be directed to: relations@nacca.ca

613-897-5345

(This Press Release is also available as a PDF)

The star blanket design is widely recognized as a symbol of celebration in Indigenous homes across Turtle Island. The star blanket is used in celebration of life events – birth, growth, prosperity. When we are wrapped in a star blanket, we also honour our interconnectness with the land and all life. When we gift a star blanket, there is a ceremony of exchange and gratitude.

Star blanket teachings include a reminder that the energy we put into the creation of star blankets is transferred to the recipient. The star then becomes a symbol of that reciprocity and respect. These teachings carry over into how we live, how we conduct business, and how we interact with each other.

Much like in the creation of star blankets, the Indigenous Growth Fund (IGF) is a transfer of good energy into economic reconciliation and economic self-determination for Indigenous entrepreneurs. Investors, along with the Aboriginal Financial Institutions (AFIs), become a part of the star design, contributing to the celebration of Indigenous business growth and prosperity.

The four points of the IGF star are rooted in Indigenous values and the four directions, also repre- sent the four stages of business growth – startup, growth, maturity and renewal.

The blues of the IGF star represent the colours of the sky, linking us to the sky and stars, where we look when we need guidance from our ancestors, and where we look when we see a path forward with clarity and hope. With the IGF, many more Indigenous businesses will look up as they walk the path of Indigenous growth and prosperity.

To download this story, click here (English)