Question Period Note: INDIGENOUS ECONOMIC DEVELOPMENT

How does Budget 2024 support Indigenous economic development?

• Indigenous entrepreneurs and businesses make important contributions to their communities and to the Canadian economy.

• That is why Budget 2024 proposes boosting Indigenous economic opportunity with $388 million to support Indigenous entrepreneurship, Indigenous tourism, the Strategic Partnerships Initiative, and unlock new clean energy opportunities.

• This builds on previous recent investments of $42 million to expand the Aboriginal Entrepreneurship Program; $2.4 million for the Indigenous Tourism Association of Canada and $22 million to support the Indigenous Women’s Entrepreneurship Initiative.

• These investments will boost Indigenous entrepreneurship and businesses, who already contribute more than $50 billion to the Canadian economy, and carry great potential to drive innovation.

• The Government of Canada is investing in Indigenous entrepreneurship through Women Entrepreneurship Strategy (WES) programs like the Women Entrepreneurship Loan Fund. With funding from the Loan Fund, the National Aboriginal Capital Corporations Association (NACCA) is helping small businesses owned by Indigenous women get affordable loans through partner financial institutions.

• The WES Ecosystem Fund has also invested $100 million in not-for-profit organizations to strengthen capacity within the entrepreneurship ecosystem and close gaps in service for women entrepreneurs. A number of Indigenous organizations received funding including, the National Aboriginal Capital Corporations Association (NACCA and Pauktuutit Inuit Women of Canada.

• Other federally funded programs and federal investments to support Indigenous entrepreneurs and businesses include:

o The Indigenous Growth Fund: On April 14, 2021, NACCA launched the Indigenous Growth Fund with anchor investments from the Business Development Bank of Canada and the Government of Canada. The $153 million investment fund provides improved access to capital to Indigenous financial institutions that support Indigenous small and medium-sized enterprises across the country.

o The Aboriginal Entrepreneurship Program: This program promotes entrepreneurship in Indigenous communities and seeks to increase the number of viable Indigenous-owned businesses. Budget 2021 invested $42 million to expand the program.

o The Indigenous Skills and Employment Training Program: Budget 2018 invested $2 billion over five years, and $408.2 million per year ongoing, to create and support this program, which includes a stronger focus on training for higher-quality, better-paying jobs rather than rapid re-employment.

o The Business Reconciliation in Canada Guidebook: This resource, aimed at non-Indigenous businesses, provides guidance on how businesses might engage in meaningful partnerships with Indigenous communities. It was developed in partnership with the CCAB and responds directly to the Truth and Reconciliation Commission’s Call to Action 92. To date, it is the major action by the government in this area.

o The Indigenous Intellectual Property program: This provides greater opportunities for Indigenous businesses and community organizations to build their intellectual property awareness and capacity, encourage use and participate in the development and implementation of related policies and programs in Canada and abroad.

• Indigenous entrepreneurship matters because vibrant Indigenous businesses and economies are fundamental to self-determination. Rebuilding Canada's relations with Indigenous Peoples requires rebalancing political and economic power.

• Budget 2024 proposes to provide $350 million over five years, to Indigenous Financial Institutions starting in 2024-25, including $30 million over five years for the Métis Capital Corporations. Indigenous Financial Institutions, including Métis Capital Corporations, provide critical support to First Nations, Inuit, and Métis nation entrepreneurs and businesses.

• By promoting Indigenous entrepreneurship and business, the government is helping First Nations, Inuit, and the Métis Nation fully share in and contribute to Canada’s economic success.