The federal government has announced support for Indigenous Businesses in the form of short term, interest-free loans and contributions. As more information becomes available we will be able to share more details.
Quick Facts (copied from the Prime Minister’s Website Post)
- Financial support for Indigenous businesses will be provided through Aboriginal Financial Institutions, and administered by the National Aboriginal Capital Corporations Association and the Métis capital corporations in partnership with Indigenous Services Canada.
- The funding will allow for interest-free loans, as well as non-repayable contributions, to help Indigenous businesses unable to access the government’s existing COVID-19 support measures. Additional funding will help Aboriginal Financial Institutions cover operational expenses, and help the National Aboriginal Capital Corporations Association increase its operational capacity.
- The National Aboriginal Capital Corporations Association is a network of 59 Aboriginal Financial Institutions providing a full range of financial services, loans, and grants to Indigenous entrepreneurs to start new and expand existing businesses.
- On March 18, 2020, the Government of Canada announced that it would provide $305 million for a new distinctions-based Indigenous Community Support Fund, to address immediate needs in First Nations, Inuit, and Métis communities.