Why reconciliation means supporting Indigenous entrepreneurs
Haley Lews is TVO‘s Indigenous Hub reporter. She recently had a conversation with NACCA CEO Shannin Metatawabin, which formed the basis for the following article:
Indigenous-led businesses help combat economic marginalization — but they face many barriers. TVO.org spoke with three organizations about how to foster entrepreneurship and keep money in communities.
From 2003 to 2011, the estimated number of Indigenous entrepreneurs across the country increased from 27,195 to 38,000. According to a countrywide survey from the Canadian Council for Aboriginal Business, more than 43,000 Indigenous people were self-employed in 2016 — 10,320 of them were based in Ontario.
But, as the Conference Board of Canada notes, research shows that Indigenous people continue to “face significant barriers to accessing various forms of support (e.g., capital, equity, business training, business planning) for their start-ups.” One of the most commonly referenced issues, it says, is locational — would-be business owners simply don’t have access to financial services.
And even when they can access such services, loans can be difficult to obtain: Indigenous entrepreneurs are sometimes seen as “high-risk,” says Shannin Metatawabin, CEO of the National Aboriginal Capital Corporations Association.
“We have policies that the Indian Act put in place that say we can’t put up security on our communities,” he says. “We’re not close to the market. We don’t have any equity. Our families are not rich.”
Please read the rest of the article on TVO website at tvo.org (https://www.tvo.org/article/why-reconciliation-means-supporting-indigenous-entrepreneurs)
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.