Indigenous businesses contribute $1.6 billion to the Atlantic Canadian economy

Press Release

June 19, 2019

HALIFAX – Indigenous businesses in Atlantic Canada are making a sizable contribution to the regional economy and are expanding rapidly, but financial obstacles remain a significant barrier to their future growth, according to an APEC report released today.

APEC’s report highlights successful Atlantic Indigenous businesses and the impact they have on Atlantic Canada’s economy. The study notes that Atlantic Indigenous business revenues were valued at $1.6 billion in 2016, almost 137% more than in 2012. These firms are benefitting the region, creating jobs and income for both Indigenous and non-Indigenous workers: 40% of employees are non-Indigenous workers receiving $118 million in wages.

“The rapid growth in Indigenous self-employment and business revenues over the last five years requires increased capital to maintain annual growth in the Atlantic Indigenous business sector,” says lead author and APEC’s Senior Policy Analyst, Fred Bergman. “Our research identified access to financing as a significant barrier for many firms.”

APEC identifies several opportunities to support growth of Indigenous businesses including:

1. Adoption of the First Nations Fiscal Management Act, First Nations Land Management Act, or First Nations Housing Market Fund to improve access to collateral and financing.
2. Provide financing for community-based and private entrepreneurs.
3. Acquire commercially viable land, such as the Glooscap Landing Development Project in Nova Scotia, to create power centres.

Strategic policy initiatives include:

1. Provide more government support for Indigenous businesses and community economic development, such as federal and provincial government procurement from Indigenous businesses, export promotion and land acquisition.
2. Promote application of the Atlantic Growth Strategy to Indigenous communities.
3. Consider developing a lending program for women entrepreneurs.

APEC completed the report on behalf of the Atlantic Policy Congress of First Nation Chiefs Secretariat, under the Atlantic Aboriginal Economic Development Integrated Research Program (AAEDIRP).

“The Atlantic Policy Congress of First Nation Chiefs Secretariat is committed to leveraging the economic potential of its Indigenous entrepreneurs to grow a prosperous Atlantic region,” says John Paul, Executive Director of the Atlantic Policy Congress of First Nations Chiefs Secretariat. “The study highlights the importance of the Atlantic Indigenous business sector to the entire Atlantic economy – the importance extends far beyond Indigenous communities; non-Indigenous businesses benefit, and it also helps meet the supply chain needs of the region.”

The study created an Atlantic region Indigenous business database and collected and analyzed online survey and business interview data from companies located throughout Atlantic Canada. The purpose of the study was to highlight Atlantic Indigenous business success stories and how these can inform and assist further growth.

A full copy of the report and a four-page policy brief are available on APEC’s website as well as AAEDIRP’s website.

To arrange an interview with Fred Bergman, please contact:

Erica Parrill
Communications & Events Manager
Atlantic Provinces Economic Council
Tel. 902.422.6516 ext 230 / Mobile: 902.702.2701
erica.parrill@apec-econ.ca

To arrange an interview with John Paul, please contact:

John Paul
Executive Director
Atlantic Policy Congress of First Nation Chiefs Secretariat
Tel. 902.830.5023
John.Paul@apcfnc.ca

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