NACCA, the National Aboriginal Capital Corporations Association, is a membership-driven national association for a network of Aboriginal Financial Institutions, or AFIs. NACCA supports the AFI network, which offers financing to First Nations, Métis, and Inuit businesses and communities. NACCA is committed to the needs of AFIs and the Aboriginal businesses that they serve.
Indigenous Growth Fund raises $150M in First Round to Support Indigenous Entrepreneurs in Canada
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
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.
NACCA and Aboriginal Financial Institutions Across the Country Roll Out Emergency Loans to Indigenous Businesses
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.