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.
The Prime Minister, Justin Trudeau, today 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.
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.
Today’s announcement is part of the Government of Canada’s COVID-19 Economic Response Plan. We will continue to monitor and respond to the wide-ranging impacts of COVID-19, and take additional actions as needed to protect the health and safety of Canadians and stabilize our economy.
(SOURCE: OFFICE OF THE PRIME MINISTER PRESS RELEASE, April 18, 2020)