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Aboriginal businesses face growth hurdles – Toronto Star

Apr 07 2014

The vast majority of Aboriginal businesses in Ontario do not have a formal business plan and have concerns about attracting employees with the right skills, says a new report.

Although Aboriginal business owners are mostly positive about their achievements and are optimistic about the future, they point to key risks to future growth, including access to financing and better technology infrastructure, says the study released Monday by the Canadian Council for Aboriginal Business.

Most are dependent on personal savings rather than on loans, equity or debt to launch a business, the report shows, though entrepreneurs under 45 were more apt to have used Ontario or federal government grants or loans.

That could be due to the older generation’s mistrust of government in general, said CCAB’s president Jean Paul Gladu.

The report also shows that only one-third of these businesses have had a written business plan in place over the last year.

“It is troublesome because most businesses succeed because of planning, so they are at an incredible disadvantage in this area,” he said.

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