Block invests $3 million CAD in Canada’s
largest and most innovative Indigenous social impact fund
The Indigenous Growth Fund (IGF Inc.) welcomes its first private
investment, marking an important public and private partnership
milestone focused on restoring growth and prosperity for the
Indigenous economy. The IGF, an Indigenous investment fund, is
under the management of National Aboriginal Capital Corporations
Association (NACCA).
As the IGF’s first private investor, Block (formerly Square,
Inc.), a technology company with a focus on financial services and
expanding economic access for everyone, is investing $3 million
(CAD). Block’s investment, as part of its $100 million (USD) social
impact investment, will make loans available to more Indigenous
entrepreneurs who require capital to start or expand their
businesses through a growing number of Aboriginal Financial
Institutions (AFIs) across Canada.
Creating a Sustainable Stream of Capital for Indigenous
Entrepreneurs
“Our partnership with Block demonstrates how similar private and
public social impact investors are. We all need to work together to
contribute to economic reconciliation, and by investing into
Indigenous investment vehicles, we put reconciliation to action.
Private investors like Block are essential to ensuring the IGF
thrives as an enduring and evergreen fund, providing an ongoing
stream of capital for Aboriginal Financial Institutions to support
future generations of Indigenous entrepreneurs,” explains Shannin
Metatawabin, Chief Executive Officer of the National Aboriginal
Capital Corporations Association. “We know this investment will
spark and inspire other companies to also contribute to economic
reconciliation,” says Metatawabin.
The Return to Indigenous Prosperity
“Block shares NACCA’s vision to accelerate the speed and scale
of the return to Indigenous prosperity through the
first-of-its-kind Indigenous Growth Fund,” explains Courtney
Robinson, Global Head of Financial Inclusion, Block. “Our
investment in the Indigenous Growth Fund puts our commitment to
economic reconciliation into action and reflects Block’s purpose to
increase access to the economy,” says Robinson.
Since opening applications for AFIs in November 2021, the IGF
has committed $10 million to AFIs who are making business loans
available to their clients.
“Although Indigenous businesses are currently in-demand in
Canada and globally, accessing capital remains a challenge for
Indigenous entrepreneurs who want to grow their businesses,” says
Nicole McLaren, Founder and CEO of Raven Reads, which offers an
Indigenous subscription box that features award-winning Indigenous
content and literature direct to your door. “Consumers, business
owners and investors all can play a role in supporting the growth
of Indigenous businesses, which has a direct and positive impact on
Indigenous families and communities.”
“When our government first invested in the Indigenous Growth
Fund last year, NACCA issued a call to action for partners to come
to the table, expand access to capital and provide more
opportunities for Indigenous entrepreneurs,” said Hon. Mary Ng,
Minister of International Trade, Export Promotion, Small Business
and Economic Development. “Today, Block has responded to that call,
joining NACCA, and our government, in advancing a societal effort
towards reconciliation.”
“Block’s investment in the Indigenous Growth Fund is a great
step forward in ensuring Indigenous businesses can continue to
contribute to their vibrant communities and local economies. By
helping further unlock the creative and entrepreneurial spirit in
Indigenous communities, Block is positioning itself as a new
partner on the federal government’s shared path towards economic
reconciliation,” said Hon. Patty Hajdu, Minister of Indigenous
Services.
Self-Determination for Indigenous Entrepreneurs
“The Indigenous Growth Fund represents a transfer of good energy
into economic reconciliation and economic self-determination for
Indigenous entrepreneurs,” sums up Metatawabin. “Accepting our
first private investment is an important milestone to allow the
Indigenous Growth Fund to deliver on its vision of helping more
Indigenous business owners to take their businesses to the next
level of growth and prosperity,” says Metatawabin. “Block’s
investment also signals that private investors are looking at the
IGF as a well-structured, institutional-grade fund. One that will
begin to anchor real growth for our AFI network and their
clients.”
About NACCA
NACCA, the National Aboriginal Capital Corporations Association,
is a network of over 50 Aboriginal Financial Institutions (AFIs)
dedicated to stimulating economic growth for all Indigenous people
in Canada. The AFI network has provided 50,000 loans totaling $3
billion to businesses owned by First Nations, Métis and Inuit
people. NACCA supports the network by building AFI capacity and
fostering Indigenous business development. NACCA’s goal is to
provide opportunities for Indigenous entrepreneurs and increase
prosperity for Indigenous people in Canada. These efforts increase
social and economic self-reliance and sustainability for Indigenous
people and communities. NACCA advocates for Indigenous economic
development by focusing on the following: representing the unified
voice of AFIs; publishing national and regional results of AFI
work; fostering partnerships and building capacity; and delivering
the Aboriginal Entrepreneurship Program (AEP) products and services
to AFIs. Learn more at nacca.ca.
About The Indigenous Growth Fund
The Indigenous Growth Fund (IGF) is a new $153M investment fund,
under the management of the National Aboriginal Capital
Corporations Association (NACCA), that will provide access to the
capital that Indigenous small-and medium-sized enterprises (SMEs)
have long sought and lacked. Indigenous entrepreneurs across all
industries will be able to access the Fund via business loans from
a network of Aboriginal Financial Institutions (AFIs) throughout the country. Lead investments in the
IGF come from the Government of Canada and the Business Development
Bank of Canada (BDC), with further commitments made by Export
Development Canada (EDC) and Farm Credit Canada (FCC). The
structure relies on AFIs’ ability to deploy capital based on their
unique understanding of, and connection to, the communities they
serve. Learn more at nacca.ca/igf/
About Block
Block (NYSE: SQ) is a global technology company with a focus on
financial services. Made up of Square, Cash App, Spiral, TIDAL and
TBD, we build tools to help more people access the economy. Square
helps sellers run and grow their businesses with its integrated
ecosystem of commerce solutions, business software and banking
services. With Cash App, anyone can easily send, spend or invest
their money in stocks or bitcoin. Spiral (formerly Square Crypto)
builds and funds free, open-source Bitcoin projects. Artists use
TIDAL to help them succeed as entrepreneurs and connect more deeply
with fans. TBD is building an open developer platform to make it
easier to access Bitcoin and other blockchain technologies without
having to go through an institution. To learn more, visit
block.xyz
About Block’s Social Impact Investment
In 2020, Block established a $100 million (USD) social impact
investment in support of minority and underserved communities,
driven by the company’s purpose of economic empowerment and its
ongoing commitment to racial equality. $10 million has been
allocated as an investment in international funds and lenders
focusing on underserved communities in Block’s markets outside the
U.S.
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version on businesswire.com: https://www.businesswire.com/news/home/20220616005226/en/
Block Media Contact press@block.xyz
NACCA Media Contact smacneil@NACCA.ca
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