NationTalk: Budget 2023 increases support for Indigenous job creators and entrepreneurs by boosting funding to the Aboriginal Business Investment Fund (ABIF) by 50 per cent.
Indigenous community-owned businesses directly benefit their communities by creating jobs, generating revenue and strengthening their local economies. Alberta’s government is reducing barriers faced by these businesses by expanding ABIF to provide capital funding for eligible Indigenous business projects.
“We are proud of what we have accomplished through the Aboriginal Business Investment Fund. Our partnership has helped create hundreds of jobs, and we look forward to building on that success through this year’s budget increase.”
Rick Wilson, Minister of Indigenous Relations
In Budget 2023, Alberta’s government is expanding ABIF by 50 per cent, to $7.5 million from $5 million per year. This equals a total investment of $23 million in Indigenous community-owned business initiatives over the next three years. Additionally, starting April 21, the grant program will accept applications on an ongoing basis to allow more flexibility for grant applicants, giving them more time to work with the Alberta government and improve their application submissions.
Increased funding to ABIF is an important step to keep pace with a growing number of applicants. Since 2014-2015, ABIF has consistently received more eligible applications than its funding could support, meaning some community-owned businesses were unable to secure funding. This funding increase will help more Indigenous community-owned businesses create jobs in their local areas, boosting their economy and building a better future.
“Alberta’s government is committed to partnering with Indigenous communities so that all Albertans can succeed, strengthen local economies and follow their dreams. This investment fund is an important example of how we are fostering collaboration between Indigenous people, industry and government to create jobs and strengthen the economy.”
Brian Jean, Minister of Jobs, Economy and Northern Development
Alberta’s government has heard from Indigenous communities that one of the most significant barriers they face when it comes to economic development is lack of access to capital funding from traditional financial institutions. ABIF changes that by providing opportunities for Indigenous community-owned businesses to apply for grants that will help drive their economy forward, create jobs and generate revenue for years to come.
“ABIF opened a great door of financial opportunity in that it reduced the amount of money needed from lenders to finance the business. In turn, this made the business attractive to the lenders because their risk was reduced. We are certainly thankful to the Government of Alberta for this funding and ongoing support for our business.”
George Addai, CEO, Montana First Nation, Business Arm
One ABIF success story is Montana First Nation’s Green House Project, which benefited from an ABIF grant in 2022-23. It is now positioned to contribute to its local community, and the project created a total of 20 construction jobs and six permanent jobs within its community alone.