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Province to expand Aboriginal economic development fund

The province has announced additional funding for the Aboriginal Economic Development Fund, which will also get a new name: the Indigenous Economic Development Fund. The fund will get $70 million over the next seven years, which launched in 2014.
Northern Ontario Business Staff
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The economic development fund will help provide training and employment for Indigenous people.

The province has announced additional funding for the Aboriginal Economic Development Fund, which will also get a new name: the Indigenous Economic Development Fund.

The fund will get $70 million over the next seven years, which launched in 2014. The original investment was $95 million over 10 years.

The fund’s purpose is to help Indigenous communities develop long-term strategies to diversify their economies; increase access to employment and training opportunities for Indigenous people; provide access to financing to start and expand Indigenous businesses; and enable communities and businesses to collaborate on region-wide employment and skills training projects.

The fund has three funding streams: regional partnership grants, economic diversification grants, and the business and community fund.

To date, Ontario has funded 51 projects with Indigenous partners through the Aboriginal Economic Development Fund.

Aboriginal Financial Institutions are continuing to accept applications for grants, loans, equity and other financing products from the current phase of the Aboriginal Economic Development Fund until March 31, 2017.