WENDAKE, QC - Canada's first venture capital corporation for aboriginal entrepreneurs, Venture Capital Limited Partnership of Quebec (NVCLPQ), has received $1.7 million in federal funding. The money will be distributed through its founding partners, Societe de credit commercial autochtone (SOCCA) and Corporation de development economique montagnaise (CDEM).

First Nations' entrepreneurs whose project development and business activities will have a positive impact on economic development and job creation are the primary targets of the partnership.

Assistance will also be given the Indian Affairs and Northern Development department to identify areas of greatest aboriginal business opportunities for venture capital and services that would best serve the community.

Indian Affairs and Northern Development is contributing $1 million directly to the NVCLPQ, with the other $700,000 coming from Industry Canada through its Aboriginal Business Program.

"Today's announcement," said federal Indian and Northern Affairs Minister Robert D. Nault, "represents an improvement in the financial outlook of First Nations and reflects the maturity of the aboriginal private business sector in Canada."

Another $6 million has been raised for the initiative through the private sector, including Fonds de solidarite de la Federation des travailleurs du Quebec, mouvement Desjardins and the Native Benefits Plan.

 

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