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Feds renew Indigenous Community Business Fund

An additional $117 million earmarked for program that helps community-owned enterprises
The Manitoulin Hotel and Conference Centre in Little Current on Manitoulin Island

The federal government has renewed a fund that helps Indigenous businesses stay afloat while recovering from the pandemic.

Launched last year in direct response to the impacts of COVID-19 on businesses, the Indigenous Community Business Fund (ICBF) provides capital to Indigenous microbusinesses and community- or collectively owned businesses that don't qualify for other business supports.

An additional $117 million for the initiative was reannounced by the federal government on June 16.

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Under the program, applicants can apply under two streams.

Under Stream 1, funds will be transferred directly to communities and collectives to immediately support their COVID-19 economic priorities. No applications are required for Stream 1 funding.

Under Stream 2, 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.

The funding is outlined alongside a number of other Indigenous supports in Budget 2021, which was delivered in April.