Ottawa, Ontario, Traditional unceded Algonquin Territory - Indigenous Services Canada
Small and medium-sized Indigenous businesses across the country have experienced tremendous volatility during the COVID-19 pandemic, and continue to feel the effects as our economy rebounds. Many were able to take advantage loans available through the Indigenous Business Initiative and remain operational.
In response to these challenging events and as part of Budget 2022 measures, Indigenous Services Canada, the National Aboriginal Capital Corporations Association (NACCA) and Métis Capital Corporations are supporting Indigenous small and medium-size enterprises by forgiving up to 50 per cent of the COVID Indigenous Business Initiative loans, which provided much needed assistance during the pandemic.
Loan forgiveness measures means businesses like Nemesis Coffee in Vancouver can recover faster for the long term, support their local economy, and maintain good quality jobs. At the onset of the pandemic, Nemesis Coffee had to close their café and bakery to convert to a takeout model, and halt construction on other projects. They were able to receive support through the Indigenous Business Initiative, allowing them to keep the lights on, and remain resilient throughout.
These measures will benefit approximately 3,800 small and medium-sized businesses and entrepreneurs across the country, and represent $82.5 million in loan forgiveness. Loans are administered through both NACCA's network of financial institutions and through five Métis Capital Corporations.
Implementation of the Indigenous Business Initiative loan forgiveness began mid-summer, and Indigenous businesses and entrepreneurs are encouraged to contact their respective financial institutions and Métis Capital Corporations regarding their loans.
