Harper Government Continues to Support Aboriginal Entrepreneurs and Businesses

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.

Quick facts

Since their inception in the late 1980s the Aboriginal Financial Institutions have provided over $2 billion in financing to Aboriginal small businesses, which represents over 38,000 loans.
NACCA is the association representing the network of Aboriginal Financial Institutions, who provide business financing and support to Aboriginal businesses. This support includes business loans, financial consulting services, aftercare and start-up support. NACCA is holding its annual meeting in Gatineau, Quebec November 26 and 27, 2014.

Quotes

“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
Additional links

Contacts

Erica Meekes
Press Secretary
Office of the Minister of Aboriginal Affairs and Northern Development
819-997-0002

Media Relations
Aboriginal Affairs and Northern Development Canada
819-953-1160

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