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.