(OTTAWA, Ontario, November 25, 2014) – Aboriginal Financial Institutions grow a federal government investment of $240M into $2 billion in loans to Aboriginal small businesses for economic development.

The National Aboriginal Capital Corporations Association (“NACCA”) is an association of 55 Aboriginal Financial Institutions (AFIs) throughout Canada. AFIs were established by Aboriginal leaders and the Canadian government in the mid-1980s to early 1990s to stimulate business development in the Aboriginal community. The Saskatchewan Indian Loan Company, now part of Saskatchewan Indian Equity Foundation (SIEF), was the first AFI to provide loans totaling $173,500 to Aboriginal entrepreneurs in 1985-86. The network of AFIs has since grown and matured into a significant developmental lending force in Canada with unparalleled reach. Continue reading