Empowering Indigenous prosperity and reconciliation with economy

As we celebrate Indigenous History Month and acknowledge a path to true reconciliation, it is essential to recognize the progress made towards Indigenous prosperity and economic inclusion in Canada. When we think of Indigenous businesses, many still envision small retail and service ventures. However, the economic landscape has evolved significantly since the early 1980s. Indigenous entrepreneurs have made strides in all sectors of the economy, including large-scale enterprises. Indigenous Peoples are now active participants in major projects—not just as beneficiaries, but also as equity stakeholders. This transformation demonstrates the resilience and tenacity of Indigenous business leaders who have become formidable forces within their communities, creating jobs, generating income, and setting a path to prosperity for others to follow. Recently, an event was held in Ottawa entitled “Lunch and Learn on Advancing Economic Reconciliation on Parliament Hill,” hosted by Senator Brian Francis and Senator Marty Klyne in collaboration with the National Aboriginal Capital Corporations Association (NACCA). At the event, Parliamentarians engaged with leaders in the Indigenous economy to hear firsthand about contemporary Indigenous success stories and witness a panel discussion on why the economic inclusion of Indigenous Peoples is key to reconciliation. While progress has been made, barriers to economic inclusion persist. The NACCA network plays an essential role in supporting Indigenous entrepreneurship and business growth through the provision of much-needed capital, tailored programs, and business support services. Indeed, this network of more than 50 member Indigenous Financial Institutions (IFIs) has clearly demonstrated its collective ability to address these barriers creatively and effectively. Today, IFIs have transformed an initial federal investment of $240-million into over 50,000 loans worth more than $3-billion, fostering Indigenous business development and setting an international best practice. The network is also engaging with the private sector to examine market-based solutions for emerging issues such as housing and connectivity and to attract investment in Indigenous business to help companies reach their environmental, social, and governance (ESG) goals. Frankly, these Indigenous-led solutions have produced the most meaningful and substantive results to date.For example, the National Indigenous Economic Strategy was developed with input from more than 20 Indigenous organizations and designed as a living document that includes a list of 107 Calls to Economic Prosperity— informed by the findings in the Truth and Reconciliation Commission report. These serve as a roadmap for reconciliation and address a wide range of issues affecting Indigenous Peoples, including economic development. One example is Call to Economic Prosperity No. 92, which emphasizes the need to close the economic gap between Indigenous and non-Indigenous peoples. Through increased access to capital, training, and mentorship programs, Indigenous individuals can build sustainable enterprises, generate employment opportunities within their communities, and contribute to the overall economic growth of the country. Government collaboration is vital in addressing the remaining barriers to Indigenous economic growth. By listening to Indigenous voices, providing access to affordable capital, and making necessary policy changes, the federal government can empower Indigenous ingenuity. In the housing sector, government support could include support to access to affordable capital and changes in the legal and policy frameworks. Similarly, in addressing connectivity issues, governments should recognize the expertise and solutions offered by Indigenous private actors. Avoiding one-size-fits-all approaches and considering ESG investment and Indigenous procurement targets can level the playing field for Indigenous businesses. As we reflect on Indigenous History Month and our collective journey towards reconciliation, it is imperative to acknowledge the progress made in Indigenous prosperity. The growth of Indigenous businesses and the pivotal role played by IFIs demonstrate the transformative power of economic inclusion. By empowering Indigenous entrepreneurs, addressing barriers to economic growth, and collaborating with Indigenous-led solutions, we can create harmony and well-being for all. Let us embrace Indigenous resourcefulness and ensure a future where Indigenous communities thrive, paving the way for true reconciliation and self-determination in Canada. Shannin Metatawabin is Cree/Inninow from the Peetabeck Community of the Mushkegowuk Nation and is the father of four children. He is CEO of the National Aboriginal Capital Corporations Association, an organization representing a national network of 50-plus Indigenous Financial Institutions that spur economic growth through loans to small and medium-sized Indigenous businesses. The Hill Times