NACCA SIGNS FIRST OF ITS KIND 10-YEAR FUNDING AGREEMENT WITH THE GOVERNMENT OF CANADA
"This agreement testifies to the proven value of the Indigenous Financial Institutions network and the deepening trust of our government partner," says Shannin Metatawabin, NACCA's Chief Executive Officer. "Providing an average of $83 million per year, the funds will enable our long-established network of 50+ developmental lenders to continue promoting jobs, services, and empowerment for businesses in Indigenous communities across the country."
Indigenous Financial Institutions offer not just loan capital, but access to tools and supports to achieve better daily business practices and focus on sustainability. With this funding, they can continue providing Indigenous entrepreneurs and community-owned businesses with non-repayable contributions to cover eligible project expenses, in addition to their repayable loans.
The funds will support delivery of the network's flagship Aboriginal Entrepreneurship Program to promote Indigenous business success, as well as popular new programming tailored to women and youth Indigenous entrepreneurs. A portion will reinforce the network itself, helping NACCA and our members enhance capacity to manage the increasing demand.
"We are grateful for the trust the federal government has placed in NACCA and the network to deliver," says NACCA chair Elaine Chambers. "That trust is well placed. Our members are Indigenous professional organizations committed to rebuilding their communities and economies. We've worked so hard to get here—it's exciting to think of all we will achieve together over the next decade."
Now that it has the master agreement, NACCA will conclude agreements with individual IFIs. The funds will support the business success of Indigenous clients this fiscal year and beyond.
Quick Facts
A first of its kind agreement between the Government of Canada and an Indigenous Economic organization.
NACCA is the national voice for over 50 Indigenous Financial Institutions (IFIs) working to advance economic reconciliation by providing Indigenous entrepreneurs with the capital and support they need to thrive.
The IFI network has provided $53,000+ loans totaling $3.3 billion to businesses owned by First Nations, Métis, and Inuit.
About NACCA
NACCA, the National Aboriginal Capital Corporations Association, is a network of over 50 Indigenous Financial Institutions (IFIs) dedicated to stimulating economic growth for all Indigenous people in Canada. These efforts increase social and economic self-reliance and sustainability for Indigenous people and communities nationwide.
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