NACCA, the Government of Canada, BDC and other government partners increase access to capital with an innovative, evergreen fund, a first of its kind in Canada.

Ottawa, Ontario, April 14th 2021, 6:00am EST
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Summary

• The Indigenous Growth Fund (IGF) has completed its first close. The IGF is Canada’s newest and largest Indigenous social impact fund and will be under the management of the National Aboriginal Capital Corporations Association (NACCA).
• The IGF will enable Indigenous entrepreneurs throughout Canada to receive the capital they require to start or expand their businesses through the Aboriginal Financial Institution (AFI) that serves them.  AFIs will access the IGF for capital to build on their 30-year track record of lending to Indigenous-led small and medium-sized businesses.
• The IGF’s innovative evergreen fund model will offer institutional and social impact investors a vehicle for investment that will directly contribute to economic reconciliation.
• The Fund’s lead investors are the Government of Canada and Business Development Bank of Canada (BDC), with further commitments from Export Development Canada (EDC) and Farm Credit Canada (FCC).
• BDC’s partnership with NACCA has been integral in bringing the Fund to fruition leading negotiations on behalf of the federal government and other investing Crown corporations and supporting NACCA with additional resources.
• The Fund will be operational and capital will begin to be deployed to AFIs later in 2021. Once fully utilized, the Fund will increase AFI lending by $75M annually with loans to roughly 500 businesses.

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June 25, 2020, Ottawa ON – The National Aboriginal Capital Corporations Association (NACCA) is very pleased to announce that Indigenous businesses have begun accessing economic relief from NACCA and Aboriginal Financial Institutions (AFIs). The AFI network provides financial and business services to First Nations, Inuit, and Métis communities from coast to coast to coast.

As a national leader in Indigenous economic development, NACCA began seeking a COVID-19 response tailored to the needs of Indigenous entrepreneurs when the crisis first hit in March. Working with Indigenous Services Canada, the Association put forward a plan to help Indigenous businesses survive and recover. In late April, the federal government confirmed that it will provide $307 million in relief, including $204 million for an Emergency Loan Program (ELP) to be delivered by NACCA and AFIs.

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NACCA’s goal is by 2025, the number of Indigenous women entrepreneurs accessing financing through the AFI network will increase by 50 percent.

 July 28, 2020 – Ottawa, ON – The National Aboriginal Capital Corporations Association (NACCA) recently launched a series of research reports and success stories on Indigenous women entrepreneurs across Canada.

In 2020, NACCA launched a role model campaign to share stories of successful Indigenous women entrepreneurs and completed a national research project on Indigenous women’s entrepreneurship. The research shows that while Indigenous women make up 51% of the Indigenous population, they only account for 41% of the self-employed Indigenous population in Canada.

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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, ajette@nacca.ca, 613-688-0894, Ext 506;
Shannin Metatawabin, CEO, ceo@nacca.ca, 613-688-0894, Ext 517

At the inaugural Indigenous Economic Prosperity Forum, six companies were honoured with the National Aboriginal Capital Corporations Association (NACCA) Indigenous Business Awards of Excellence.

Nominated by Aboriginal Financial Institutions (AFIs), these awards showcase the strength and resilience of First Nations, Inuit and Métis entrepreneurs across Canada. NACCA CEO Shannin Metatawabin is clear that, “by any standard, Indigenous entrepreneurs impact more than just the bottom line. All six winners have a substantial impact on their local community, not only through employment but the larger social impact of improved health, bringing pride to families, and building local economies.”

Capital makes the world go round: it’s a basic rule of business. Whether a startup or an established company, whatever the sector, entrepreneurs need ready access to capital to start and expand their businesses. This rule also applies to Indigenous entrepreneurs, who too often find themselves in an economic environment that works against them.

Capital accumulation generally comes from land ownership. And yet to this day, land is a major barrier to economic reconciliation with Indigenous peoples. Where “Indian lands” are concerned, Canada still operates in the 1800s. Antiquated federal laws and policies continue to stand in the way of Indigenous people – rights-holders in their own land – realizing our economic potential.

But here’s the thing: With the lending supports Indigenous entrepreneurs have had, we have demonstrated high rates of business success. Located in rural and urban centres, both on and off reserves, First Nations, Inuit and Métis businesses have created jobs, wealth and health for our people – where we live, in our own communities.

This is an opinion article written by NACCA Chair, Andrew Leach.

Read the entire article on the Globe and Mail.

Shannin Metatawabin
Indigenous issues
The Hill Times – September 18, 2017

In the 1980s, the federal government and Indigenous leaders were on the right track. Prior to the United Nations Declaration on the Rights of Indigenous Peoples, the Truth and Reconciliation Commission and even prior to the Royal Commission on Aboriginal Peoples, it was known that the Indigenous economy needed attention. This resulted in the creation of a network of Indigenous business development financial institutions. With an initial federal investment of $240-million, these institutions have since provided more than 42,000 loans totalling $2.3-billion to Indigenous communities and entrepreneurs.

The businesses these loans made possible are diverse. One factor unites them: all are led by Indigenous individuals or communities taking their economic futures into their own hands. In very concrete, everyday ways, these businesses help realize the right to economic self-determination guaranteed in the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP).

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