Economic Development Fund launched by government

Details for the Aboriginal Economic Development Fund, which is a three-year, $25-million initiative to support business, employment and training opportunities in First Nation communities have been released. There will be three funding streams: a Business and Community Fund to help create economic opportunities; Economic Diversification Grants†to enable First Nation communities to diversify; and, Regional Partnership Grants to help communities collaborate. The first stream will be delivered in partnership with First Nation financial institutions. Businesses will be able to submit proposals starting early 2015. A survey indicated there are 9,000 entrepreneurs who identify as Aboriginals in Ontario and many face difficulties in accessing capital. “The insight provided by the survey helped shape the development of our newest initiative,” said Aboriginal Affairs Minister David Zimmer. The fund was announced by the provincial government in the 2014 budget.