Utoo Radio - April 17, 2024 - The National Aboriginal Capital Corporations Association (NACCA) has been included in the Federal Budget 2024, marking a significant milestone in the advancement of Indigenous entrepreneurialism and economic prosperity.

The organization sayd the $350 million allocation for the IFI Network in Budget 2024 is "a clear indication" of the Government of Canada's commitment to investing in the Indigenous economy.

NACCA has been funding the network of Indigenous Financial Institutions (IFIs) for over 35 years, supporting Indigenous self-determination and economic empowerment. This investment underscores the government's recognition of the importance of Indigenous Peoples, businesses, and communities fully engaging in the economy, in alignment with their constitutionally protected rights.

They say the inclusion of NACCA in Budget 2024 demonstrates the government's commitment to advancing Indigenous economic prosperity.

NACCA, comprising a network of 50+ Indigenous Financial Institutions (IFIs), has been quietly catalyzing Indigenous business development for over 35 years. Through its steadfast commitment, NACCA has facilitated the issuance of 53,000 loans totaling $3.3 billion to small and medium-sized Indigenous businesses across Canada. A $150 million injection into the Indigenous Growth Fund aims to attract additional investors and establish a sustainable reservoir of capital for ongoing prosperity for Indigenous enterprises.

NACCA's impact extends beyond financial metrics directly having positive social impacts on Indigenous communities, facilitating economic growth, job creation, and community development, particularly in remote areas where conventional lenders hesitate to invest. In 35+ years, NACCA's contributions have amounted to approximately $12 billion in economic growth, creating over 126,000 jobs and improving the well-being of Indigenous communities.