Supporting Indigenous businesses begins with addressing lack of loan capital
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.
Ottawa, January 24, 2018 – The National Aboriginal Capital Corporations Association (NACCA) was eager to hear about the priorities of Canada’s new Department of Indigenous Services Canada (DISC). For over a year now, NACCA has been advocating on behalf of its members to increase the availability of capital and support services for Indigenous businesses. Currently about half of the members are operating under capacity due to lack of resources.
Halifax, NS/June 22, 2017 – BBB Serving the Atlantic Provinces was honoured to present a Torch Award for Business Ethics to the first ever Aboriginal business recipient last week. On Friday, June 23, Truro’s Ulnooweg Development Group received a Torch Award for the 11 to 49 employee category. Torch Awards are given to companies who go above and beyond to give back to their communities and inspire marketplace trust.
By Shannin Metatawabin
For the last several years, the Canadian Chamber of Commerce has published an annual list of the Top 10 Barriers to Canadian Competitiveness. That document listed some of the self-inflicted wounds that have prevented Canada’s economy from achieving its full potential and set out their recommendations for change.
Ottawa, March 23, 2017 – The National Aboriginal Capital Corporations Association (NACCA) is pleased to announce the appointment of Gerry Huebner as Chief Strategy Officer. Gerry graduated from Trent University in 1983 with a Bachelor’s Degree in Business Administration and went on to earn his Master’s Degree in Public Administration from Queens University in 1986.
The Purdy Crawford Chair in Aboriginal Business Studies
Ottawa, March 7, 2017 – The National Aboriginal Capital Corporations Association (NACCA) and the Business Development Bank of Canada (BDC) commissioned a study of the financial ecosystem that provides support for Aboriginal entrepreneurship in Canada. NACCA and its member Aboriginal Financial Institutions (AFIs) provide financing and support to Aboriginal entrepreneurs. The number of AFIs across Canada has grown to over 50 and include Aboriginal Capital Corporations, Aboriginal Developmental Lenders and Aboriginal Community Futures Development Corporations. In addition to BDC’s mainstream financial services and advice, BDC’s Aboriginal Banking Unit offers two specialized streams of financing for Aboriginal entrepreneurs including the “Aboriginal Business Development Fund,” and “Growth Capital for Aboriginal Business.”