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.
Block invests $3 million CAD in Canada’s largest and most innovative Indigenous social impact fund
The Indigenous Growth Fund (IGF Inc.) welcomes its first private investment, marking an important public and private partnership milestone focused on restoring growth and prosperity for the Indigenous economy. The IGF, an Indigenous investment fund, is under the management of National Aboriginal Capital Corporations Association (NACCA).
As the IGF’s first private investor, Block, a technology company with a focus on financial services and expanding economic access for everyone, is investing $3 million (CAD). Block’s investment, as part of its $100 million (USD) global social impact investment, will make loans available to more Indigenous entrepreneurs who require capital to start or expand their businesses through a growing number of Aboriginal Financial Institutions (AFIs) across Canada.
Creating a Sustainable Stream of Capital for Indigenous Entrepreneurs
“Our partnership with Block demonstrates how similar private and public social impact investors are. We all need to work together to contribute to economic reconciliation, and by investing into Indigenous investment vehicles, we put reconciliation to action. Private investors like Block are essential to ensuring the IGF thrives as an enduring and evergreen fund, providing an ongoing stream of capital for Aboriginal Financial Institutions to support future generations of Indigenous entrepreneurs,” explains Shannin Metatawabin, Chief Executive Officer of the National Aboriginal Capital Corporations Association. “We know this investment will spark and inspire other companies to also contribute to economic reconciliation,” says Metatawabin. Continue reading
The Indigenous Procurement Working Group is pleased to present the procurement research and public policy papers, including a Summary Paper, to inform discussions on how the Federal Government can meet Indigenous procurement targets. This work builds upon the announcement made by Minister Anand on August 6, 2021, implementing a mandatory requirement for Federal departments and agencies to ensure a minimum of 5% of the total value of contracts are held by Indigenous businesses by 2024.
The purpose of these papers is to underline the importance of Indigenous procurement, as not an exercise in “supplier diversity,” but rather as economic reconciliation. As an act of reconciliation, the journey to include Indigenous peoples as meaningful participants in the Canadian economy will require changes to the procurement status quo.
Each of the recommendations within these papers, taken collectively, would effectively support every Federal organization to procure at least 5% of its goods and services from Indigenous businesses by 2024. They should be viewed as an informative roadmap that will help the Government of Canada to start their journey of increasing Federal procurement from Indigenous businesses.