NACCA APPLAUDS INCLUSION IN FEDERAL BUDGET 2024, ENABLING INDIGENOUS ENTREPRENEURIAL ADVANCEMENT
FOR IMMEDIATE RELEASE
Ottawa, April 17, 2024 – The National Aboriginal Capital Corporations Association (NACCA) is pleased that Minister Freeland included NACCA and the IFI network in the Federal Budget 2024, marking a significant milestone in the advancement of Indigenous entrepreneurialism and economic prosperity.
The allocation of $350 million for the IFI Network in Budget 2024 is a clear indication the Government of Canada understands the necessity to invest in the Indigenous economy. The success of the 35 plus year track of NACCA providing funding to the network of Indigenous Financial Institutions (IFIs) who endeavour to create and support Indigenous entrepreneurs is validated by this announcement. The funding will play a pivotal role in supporting Indigenous self-determination and economic empowerment. This crucial investment underscores the government’s recognition of the importance of Indigenous Peoples, businesses, and communities fully engaging in the economy, in alignment with their constitutionally protected rights.
“The inclusion of NACCA in Budget 2024 demonstrates the government’s commitment to advancing Indigenous economic prosperity,” said Shannin Metatawabin, CEO of NACCA. “This funding will enable us to continue our transformative work, breaking down systemic barriers and fostering economic participation aligned with Indigenous cultural values. We acknowledge and thank the Government of Canada for their strong belief, support and inclusion of NACCA and the network of IFIs as we look forward to a continuance of collaborative positive outcomes towards Indigenous Prosperity.”
NACCA, comprising a network of 50+ Indigenous Financial Institutions (IFIs), has been quietly catalyzing Indigenous business development for over 35 years. Through its steadfast commitment, NACCA has facilitated the issuance of 53,000 loans totalling $3.3 billion to small and medium-sized Indigenous businesses across Canada.
These funds will go a long way in supporting vital programs, those empowering Indigenous women and youth entrepreneurs, essential for leveraging private sector capital and deploying loans to Indigenous businesses. Additionally, a $150 million injection into the Indigenous Growth Fund aims to not only attract additional investors but also to establish a sustainable reservoir of capital. This capital infusion is designed to foster ongoing prosperity for Indigenous enterprises.
NACCA’s impact extends beyond financial metrics directly having positive social impact on Indigenous communities. This includes facilitating economic growth, job creation, and community development; particularly in remote areas where conventional lenders hesitate to invest. In 35+ years, NACCA’s contributions have amounted to approximately $12 billion in economic growth, creating over 126,000 jobs while improving the well-being of Indigenous communities.
The government’s investment in NACCA underscores its commitment to building a more inclusive and prosperous future for all Canadians. NACCA extends its heartfelt gratitude to the Government and the many MPs and Senators from all parties/groups for their unwavering support of NACCA’s mission.
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For media inquiries, please contact: jlamoureux@nacca.ca
About NACCA:
The National Aboriginal Capital Corporations Association, (NACCA) is a network comprising 50+ Indigenous Financial Institutions (IFIs) committed to driving economic growth for Indigenous Peoples across Canada. Through fostering social and economic self-reliance, NACCA and its members strive to cultivate sustainable prosperity within Indigenous communities from coast to coast to coast.