KAMLOOPS, BC, June 17, 2015 /CNW/ - Parliamentary Secretary Mark Strahl, on behalf of the Honourable Bernard Valcourt, Minister of Aboriginal Affairs and Northern Development, today announced an increased investment to the National Aboriginal Capital Corporations Association (NACCA).
Parliamentary Secretary Strahl made the announcement during the NACCA's annual general meeting in Kamloops B.C. where he recognized the key role the NACCA and the Aboriginal Financial Institutions' network play in creating jobs and opportunities for Aboriginal peoples, while building stronger and more prosperous First Nation, Métis and Inuit communities.
The two-year contribution of $62 million, over and above their existing funding, will enable the NACCA to increase its role and in turn that of the Aboriginal Financial Institutions' network to assist Aboriginal owned businesses through business planning, financial consulting, developmental loans and non-repayable contributions.
- 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.
- Broadening the funding portfolio of NACCA will allow for better support to the over 55 Aboriginal Financial Institutions, who provide over 1,100 developmental loans to Aboriginal businesses annually.
- NACCA is the association representing the network of Aboriginal Financial Institutions, which provide business financing and support to Aboriginal businesses. This support includes business loans, financial consulting services, aftercare and start-up support.
"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 increase this important organization's role in continuing to provide a suite of valuable services aimed at strengthening Aboriginal entrepreneurship and increasing Aboriginal participation in the Canadian economy."
Minister of Aboriginal Affairs and Northern Development
"Broadening the funding portfolio of the NACCA is a clear indication of our Government's commitment to better support the Aboriginal Financial Institutions and consequently Aboriginal owned businesses. Our Government has made improving economic outcomes for Aboriginal people a pillar of its agenda as we are committed to improving their economic conditions."
Parliamentary Secretary to the Minister of Aboriginal Affairs and Northern Development
"On behalf of the National Aboriginal Capital Corporation Association, I would like to commend Minister Valcourt and Mark Strahl, MP, Parliamentary Secretary to the Minister, Aboriginal Affairs and Northern Development, for their recognition of the valuable role our member Aboriginal Financial Institutions serve in the development of the Aboriginal economy. The enhanced support will enable the Aboriginal Financial Institutions to continue to build upon their success in support of Aboriginal entrepreneurs throughout Canada."
Chair, NACCA Board of Directors
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SOURCE Government of Canada
For further information: Emily Hillstrom, 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