December 2, 2015
Province Introduces Legislation That Would Create Opportunities For Indigenous Entrepreneurs in Winnipeg
Indigenous entrepreneurs living in Winnipeg would benefit from new proposed legislation that would allow the highly successful Communities Economic Development Fund (CEDF) to include First Nation, Métis and Inuit entrepreneurs residing in Winnipeg, Aboriginal and Northern Affairs Minister Eric Robinson announced today.
“Winnipeg has changed dramatically over the past four decades since CEDF was created,” Minister Robinson said. “The Indigenous population is the fastest-growing segment of the city’s population and approximately one-third of all Indigenous people in Manitoba now reside in Winnipeg. As a result, the number of Indigenous business people in the city has also increased greatly and we are here to support them to create new opportunities to succeed.”
The minister noted the province helped to create and sponsor the very successful Métis Economic Development Fund (MEDF) and the First Peoples Economic Growth Fund (FPEGF), both of which have been creating jobs and opportunities for Indigenous people inside and outside of Winnipeg. CEDF has partnered on some of these projects, but has not been able to work in Winnipeg. The minister said CEDF’s expanded mandate would complement, not compete against, existing programs geared towards Indigenous financing such as MEDF, FPEGF, the Louis Riel Capital Corporation (LRCC) and others.
“In our view, expanding CEDF to allow it to work directly in Winnipeg would be an important step forward in addressing reconciliation with the Indigenous people of this country,” said Minister Robinson. “For far too long there have been few opportunities for Indigenous peoples to become active participants in the economy. As we move forward with more urban Indigenous investment in Manitoba, it makes sense that the province work with organizations such as MEDF, FPEGF and the LRCC to foster greater economic growth for all Manitobans.”
The minister noted since it started tracking such information in 1999, CEDF business and fisher clients have generated close to $1.1 billion in income ($840 million in business revenue and close to $268 million in fishing revenue). Business clients have paid more than $213 million in wages during this time period.
CEDF is headquartered in Thompson and has been providing consulting services and commercial loans for businesses and fishers in Northern Manitoba since 1971. During that time, CEDF has approved developmental funding loans totaling more than $205 million. It is currently creating or maintaining close to 7,000 jobs and providing annual support to approximately 1,150 fishers.
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