OTTAWA, ON, March 31, 2023 /CNW/ – The National Aboriginal Capital Corporations Association (NACCA) expresses disappointment in the Liberal Government 2023 Federal Budget, as it fails in addressing and supporting the growing needs of Indigenous businesses and entrepreneurs across Canada. This budget will stifle the significant, positive advancements that have been made toward economic reconciliation in recent years and it is a surprising departure for a government that seemed willing to take the necessary steps to ensure economic self-reliance and prosperity in Indigenous communities.
NACCA believes that access to capital and support are essential for Indigenous entrepreneurs to thrive and contribute to the Canadian economy. However, the budget lacks the necessary investments to ensure that Indigenous-managed Financial Institutions (IFIs) have the resources needed to support Indigenous entrepreneurs effectively. This is particularly concerning, as demand for NACCA program support through the IFIs has increased substantially.
The Federal government has fallen short to meet their commitments and responsibilities to Indigenous communities. Not providing adequate resources for Important programs that build self-sufficiency and self-reliance through business ownership runs counter to economic reconciliation with Indigenous Peoples and the implementation of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) principles. This budget is a surprising diversion from the path to Indigenous prosperity and will certainly slow growth and momentum.
Shannin Metatawabin, CEO of NACCA stated, “The lack of sufficient investment in Indigenous businesses in the 2023 federal budget is concerning. It fails to prioritize support for economic prosperity for Indigenous communities and we urge the government to take more proactive steps towards ensuring Indigenous self-determination and economic empowerment.” Chair of the NACCA Board of Directors, Jean Vincent added, “We are disappointed that the government has missed an opportunity to support the growth and development of Indigenous businesses and entrepreneurs. A more inclusive and collaborative approach that prioritizes sustainability and self-determination for Indigenous communities is required. This must include long-term meaningful investments for Indigenous entrepreneurs and the supports they require to prosper.”
Despite our disappointment in the federal budget, NACCA remains steadfast in our commitment to championing the growth of Indigenous businesses and entrepreneurs, strengthening them to greater economic equality and self-determination. The NACCA network’s 35 years of programming and advocacy have generated tremendous impact and tangible results with over $3 billion in loans distributed and more than 3,600 jobs created annually.
As we move forward, it is imperative that Indigenous inclusiveness and empowerment are prioritized as integral parts of Canada’s economy. Reconciliation requires action and taking the necessary steps towards healing the past to create a brighter future. Supporting Indigenous businesses and entrepreneurs creates a pathway to prosperity and equitable futures that benefit everyone. We call on Canada to build a truly inclusive and sustainable economy that is grounded in respect for Indigenous Peoples, their traditions, and their contributions.
NACCA, the National Aboriginal Capital Corporations Association, is a network of over 50 Indigenous Financial Institutions (IFIs) dedicated to stimulating economic growth for all Indigenous people in Canada. These efforts increase social and economic self-reliance and sustainability for Indigenous people and communities nationwide.
SOURCE National Aboriginal Capital Corporations Association
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