Trudeau Announces $306M In Funding For Indigenous Businesses. The Funding Will Help 6,000 Indigenous Businesses
Indigenous businesses provide jobs, goods, and services to communities, and are an important part of the Canadian economy. Right now, they are facing challenges and economic hardships due to COVID-19. That is why the Government of Canada is taking action to make sure that Indigenous business owners have access to the support they need to get through this crisis.
Today Prime Minister Trudeau announced up to $306.8 million in funding to help small and medium-sized Indigenous businesses, and to support Aboriginal Financial Institutions that offer financing to these businesses.
“We will always be there for Canadian businesses, and we are working hard to make sure that Indigenous business owners have the support they need during this period of uncertainty. Entrepreneurs are at the heart of communities right across the country, and we’re going to help them bridge to better times.”The Rt. Hon. Justin Trudeau, Prime Minister of Canada
The funding will allow for short-term, interest-free loans and non-repayable contributions through Aboriginal Financial Institutions, which offer financing and business support services to First Nations, Inuit, and Métis businesses. These measures will help 6,000 Indigenous-owned businesses get through these difficult times.
“We continue to work in close coordination with communities, Indigenous partners, and provinces and territories to ensure necessary support to everyone in Canada. ”The Hon. Marc Miller, Minister of Indigenous Services
The funding will allow for interest-free loans, as well as non-repayable contributions, to help Indigenous businesses unable to access the government’s existing COVID-19 support measures. Additional funding will help Aboriginal Financial Institutions cover operational expenses, and help the National Aboriginal Capital Corporations Association increase its operational capacity.
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