Indigenous Community Business Fund
The Canadian Government has announced some good news for First Nation, Inuit and Metis communities and collectives about access funding for their community-owned businesses affected by COVID-19.
About the program
The Indigenous Community Business Fund will provide $117 million in non-repayable financial contributions to help support operating costs for First Nation, Inuit and Métis community-or collectively owned businesses and microbusinesses whose revenues have been affected by the COVID-19 pandemic. The fund seeks to provide support for businesses that do not qualify for other Government of Canada COVID-19 relief measures.
It is intended to relieve financial pressure and allow these businesses and microbusinesses to strengthen operations and support their viability during the pandemic, with the goal of positioning them for recovery.
The fund has 2 streams:
Funding will be transferred directly to communities and collectives to immediately support their COVID-19 economic priorities. No applications are required for stream 1 funding.
Funding will be proposal-based. Applications must be submitted by the community or collectives on behalf of the business. Funding will be transferred directly to communities and collectives. For First Nations and Inuit community-owned businesses, the funding will be administered by Indigenous Services Canada (ISC) regional offices. For Métis collectively-owned businesses, funding will be administered by delivery partners.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.