OTTAWA,
ON, April 17, 2024 /CNW/ - 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
totaling $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.
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.
SOURCE National Aboriginal Capital Corporations Association