Feds support long-term development

Page 5

The federal government has committed itself to long-term support for aboriginal and economic development, says the administrator for the Canadian Aboriginal Economic Development Strategy.

Tony Reynolds, administrator for the program, told 300 delegates at the 1989 Working Conference on Indian Economic Development that an allocation of $874 million for the first five years is the

first time a long-term commitment has been included in the federal government's budget.

"The federal government realizes the relationship between economic and political success of self-government structures. The federal government believes that a strong and vibrant Aboriginal

business sector is an essential aspect in achieving self-reliance," said Reynolds in explaining the rational behind the commitment.

The CAEDS replaces the Native Economic Development program that ended March 31 of this year. The goals of the strategy is in supporting aboriginal efforts in creating and expanding

commercial enterprises.

The program will provide a comprehensive service to aboriginal business from the early stages of developing a business plan until the business is established. After that, they perform the role of a

consultant.

One of the strategy components is community planning and developing businesses by accessing the resources which are operated largely by the department of Indian Affairs.

A well-defined proposal and 33 percent equity is necessary to access monies from programs. For those that can't afford the 33 percent, it was suggested they pursue a smaller project and earn the

equity.