Alberta increases funding to $10M for Aboriginal businesses
As a part of supporting Indigenous-owned businesses in Alberta, the province is increasing its funding for the Aboriginal Business Investment Fund (ABIF) by $2.5 million for the second year in a row.
The province said in a media release that the new funding doubled the budget from $5 million in Budget 2022 to $10 million in the 2024-2025 fiscal year.
Since it was launched 10 years ago, the ABIF program has provided capital grants to more than 85 Indigenous businesses and helped create more than 800 permanent jobs for Indigenous people in Alberta.
“What better way to celebrate 10 years of the Aboriginal Business Investment Fund than by increasing it to $10 million in annual funding? The projects ABIF supports are having a significant impact on Indigenous communities, and I’m excited about the future of this program. Supporting Indigenous business development is a key part of Alberta’s commitment to economic reconciliation,” said Rick Wilson, Minister of Indigenous Relations.
The ABIF provides capital grants of up to $750,000 to help Indigenous-owned businesses develop and grow, as per the release.
It gives them the means to build, enhance, or purchase the infrastructure and equipment they need to increase revenue, create jobs, and contribute even more to their communities.
Montana First Nation, one of four First Nations in Maskwacis, is one success story that has led to the government increasing the total program funding.
In 2021 through 2022, Montana First Nation received a $500,000 ABIF grant to support the development of Akamihk Fresh greenhouse, which is now providing fresh vegetables and freeze-dried herbs to markets and restaurants in central Alberta and the Edmonton area.
“The Aboriginal Business Investment Fund has been an amazing tool for bringing an economic boost to Indigenous communities across the province, and I’m grateful to see Alberta’s government continuing to honour their commitment towards reconciliation with this increase in funding,” said Ralph Cattleman, Chief, Montana First Nation.
“This increase will provide even more communities with opportunities to pursue business ventures that will create jobs and drive economic prosperity,” Cattleman added.
The greenhouse also supplies many schools in Maskwacis with fresh food for their students. Montana First Nation is working to expand the greenhouse this summer. When complete, it will provide up to 16 permanent jobs for Indigenous people, as well as help address food security for the community.
In 2023-24, Alberta’s government provided ABIF grants to 10 First Nations businesses and three Metis Settlement businesses.
This program is an important part of a suite of Alberta government initiatives focused on economic reconciliation with Indigenous Peoples.