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Financial Support for Indigenous Businesses and Aboriginal Financial Institutions

Eskandar Elmarzougui
Published on June 18, 2020 PDF(opens a new window)

Introducing the Financial Support for Indigenous Businesses and Aboriginal Financial Institutions (FSIBAFI) to provide up to $40,000, interest-free loan of $30,000 and non-repayable contribution of $10,000, to First Nations, Inuit, and Métis small and medium-sized businesses, to help them cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus. The financial support will be provided through Aboriginal Financial Institutions and administered by the National Aboriginal Capital Corporations Association and the Métis Capital Corporations in partnership with Indigenous Services Canada. PBO estimates this program to cost $75 million in 2020-2021. The time horizon for this costing is aligned to PBO’s June 18, 2020 Economic and Fiscal Scenario.

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