UPDATED: Alberta government to spend $30 million on indigenous businesses

The Alberta government has committed to achieving reconciliation with indigenous people. To try to improve relationships with indigenous people, the Alberta government will be spending $30 million on indigenous community-owned businesses over the next three years through Budget 2024. “What better way to celebrate 10 years of the Aboriginal Business Investment Fund (ABIF) than by increasing it to $10 million in annual funding,” said Alberta Indigenous Relations Minister Rick Wilson in a Wednesday press release.“The projects ABIF supports are having a significant impact on indigenous communities, and I’m excited for the future of this program.”Wilson called supporting indigenous business development “a key part of Alberta’s commitment to economic reconciliation.”The Alberta government pointed out indigenous communities face significant barriers when trying to access funding from traditional financial institutions. In collaboration with indigenous businesses, it said they can ensure the success and sustainability of these communities across Alberta. It will be increasing the ABIF by $2.5 million for the second year in a row, doubling it from $5 million in Budget 2022 to $10 million in the 2024-2025 fiscal year. Since it was launched 10 years ago, it has provided capital grants to more than 85 indigenous businesses and created more than 800 permanent jobs for indigenous people in Alberta. The Alberta government said the ABIF provides capital grants of up to $750,000 to help indigenous businesses develop and grow. It added it gives them the means to build, enhance or purchase the infrastructure and equipment they need to increase revenue, create jobs and contribute more to their communities. The ABIF has supported businesses in construction, agriculture, oil and gas, retail, tourism and other industries. These businesses have made a profound economic impact on local communities and supported broader growth. Montana First Nation is one success story that led the Alberta government to increase funding. In 2021-2022, 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.Montana First Nation Chief Ralph Cattleman said the ABIF “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.”“This increase will provide even more communities with opportunities to pursue business ventures that will create jobs and drive economic prosperity,” said Cattleman. The greenhouse supplies many schools in Maskwacis with fresh food for their students. Montana First Nation is working on expanding the greenhouse this summer, which will provide up to 16 permanent jobs for indigenous people and address food insecurity for the community. In 2023-2024, the Alberta government provided ABIF grants to 10 First Nations businesses and three Metis Settlement businesses. This program was part of a suite of initiatives focused on economic reconciliation with indigenous people.Wilson followed up by saying he has taken his role seriously. “I looked at all of the things that I could do as a minister to fulfill all of the promises made under the Truth and Reconciliation [Commission],” he said. “I think there was about 23 things done at provincial level.” While he has not completed all of the promises, he said he is moving forward on them. One of the promises he said he was most proud of was the garden established on the Alberta Legislature’s grounds. Alberta Premier Danielle Smith said in her State of the Province Address in October her government is prepared to put in the work and do whatever it takes to become the most business-friendly environment in Canada.READ MORE: Smith says she wants to make Alberta most business-friendly Canadian jurisdiction“We want job creators to succeed so you can do what you do best — create jobs and grow our economy,” said Smith. Smith acknowledged the Alberta government was a few days away from the new legislative session, with the Speech from the Throne spelling out its plans. While she could not go into details, she said it is no secret she is looking to increase competitiveness in new, effective ways.

UPDATED: Alberta government to spend $30 million on indigenous businesses

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