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November 26, 2014 – Ottawa, On – Aboriginal Affairs and Northern Development Canada
The Honourable Bernard Valcourt, Minister of Aboriginal Affairs and Northern Development, today announced an investment of $7.8 million to the National Aboriginal Capital Corporations Association (NACCA).
The contribution of just over $7.8 million will enable NACCA to increase its role and that of the Aboriginal Financial Institutions network to assist the Aboriginal business community through business planning, financial consulting, developmental loans and non-repayable contributions.
Minister Valcourt made the announcement during NACCA‘s annual general managers meeting in Gatineau where he celebrated the important milestone reached by the Aboriginal Financial Institutions (AFIs), regarding $2 billion in developmental loans to Aboriginal entrepreneurs.
“Our Government is committed to enabling Aboriginal entrepreneurs and businesses to participate fully in the economic prosperity of this country. This support to the National Aboriginal Capital Corporations Association will help ensure that this important organization can continue to provide a suite of valuable services aimed at strengthening Aboriginal entrepreneurship and increasing Aboriginal participation in the Canadian economy.”
– Bernard Valcourt,
Minister of Aboriginal Affairs and Northern Development
“Aboriginal Financial Institutions have become a significant developmental lending force in Aboriginal communities across Canada with good financial lending practices evident in the 6.5% cumulative write-offs that are absorbed by the AFI Network, a performance rate which is comparable to and exceeds some mainstream developmental lenders.”
– Warren Sault,
Chair, NACCA Board of Directors
Office of the Minister of Aboriginal Affairs and Northern Development
Aboriginal Affairs and Northern Development Canada
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