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.
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.