Defining Indigenous businesses in Canada – On-Site Magazine

March 25, 2024

Definitions created by coalition of Indigenous economic organizations aim to ensure contracts genuinely empower Indigenous entrepreneurs.

A national set of consistent definitions is now available to direct the procurement of goods and services to legitimate Indigenous businesses across the country. The Indigenous Business Definitions, were released earlier this month by the National Aboriginal Capital Corporations Association (NACCA), an umbrella organization for a network of more than 50 Indigenous Financial Institutions (IFIs) across Canada.

In 2021, the federal government announced a government-wide procurement target of five per cent for Indigenous businesses. With annual expenditures of $22 billion overall, this amounts to hundreds of millions of dollars per year in business for First Nations, Métis, and Inuit entrepreneurs, explained NACCA as the organization introduced the list.

“We welcome the five per cent target,” stated Shannin Metatawabin, CEO of NACCA. “But we need to ensure that the contracts are going to Indigenous entrepreneurs—enhancing the well-being of our people, their families, and their communities. This is why we’ve developed the Indigenous Business Definitions.”

Read More: https://www.on-sitemag.com/leadership/defining-indigenous-businesses-in-canada/1003981688/