By Gabriel Louër
A Resource for Young Indigenous Entrepreneurs
Starting a business presents both challenges and opportunities, particularly for young Indigenous entrepreneurs, where access to key resources, such as financing and mentorship, is scarce. This brief article will explore some of the available resources that can help aspiring entrepreneurs acquire the necessary funding to launch their businesses into long-term successes.
Access to Capital: Your Gateway to Starting Strong
The most important aspect of launching any business venture is obtaining capital. For young entrepreneurs this is particularly difficult to obtain given the high barrier to access financing, such as a strong credit history.
Fortunately, there exists a vast network of Indigenous Financial Institutions (IFIs) across the country that are wholly owned and operated by Indigenous communities who will provide funding at competitive rates. These institutions provide developmental lending, business loans, non-repayable contributions, in addition to consulting services to support start-up ventures with the aim of minimizing financial barriers typically faced by Indigenous businesses.
In addition to these IFIs, there also exists organizations explicitly dedicated to assisting start-up ventures, such as Futurpreneur with its Core Startup Program, as well as financing options through the Business Development Bank of Canada (BDC), geared toward Indigenous entrepreneurs.
Business Support: Connect with Guidance That Matters
Once your business is up and running, maintaining and growing it requires ongoing support. Many of the institutions that provide financing for entrepreneurs also provide an array of key resources to help you prosper.
Many IFIs provide business aftercare services, including financial and management consulting, to assist entrepreneurs in navigating the challenges of business ownership.
Additionally, organizations like Futurpreneur and CPA Manitoba offer educational resources designed to enhance financial literacy, empowering young Indigenous entrepreneurs to make informed and confident financial decisions.
Network Building: Growing Your Business Community
Networking is essential for the growth of any business, and the Indigenous Chamber of Commerce (ICC) plays a pivotal role in connecting entrepreneurs with a network of opportunities. By becoming a member, you gain access to a community of Indigenous business owners, potential partners, and industry experts, all of whom can offer valuable insights, resources, and procurement opportunities that are otherwise difficult to obtain.
Additionally, the ICC can enhance your business’ visibility by including you in the Indigenous Business Directory, helping to expand your reach and attract clientele. This expanded network and increased visibility provide the tools you need to thrive in a competitive marketplace.
For Indigenous entrepreneurs, financing, resources, financial literacy, and networking are essential tools for turning business ideas into reality. By connecting with IFIs, accessing government programs, and utilizing educational resources, you can lay a strong foundation for both starting and sustaining your business. Through continuous learning and community-building, you can unlock the full potential of your entrepreneurial journey.
