Canada Indigenous Loan Guarantee Corporation
December 16, 2024
The Government of Canada has announced the creation of the Canada Indigenous Loan Guarantee Corporation (CILGC), a new independent Crown corporation that will provide loan guarantees to Indigenous businesses and entrepreneurs.
The CILGC will be funded with $200 million over five years, and will provide loan guarantees of up to $1 million to Indigenous businesses and entrepreneurs. The guarantees will reduce the risk to lenders, making it easier for Indigenous businesses to access financing.
“The Canada Indigenous Loan Guarantee Corporation is a key part of our government’s commitment to supporting Indigenous economic development,” said Indigenous Services Minister Patty Hajdu. “This new corporation will help Indigenous businesses and entrepreneurs access the financing they need to grow and succeed.”
The CILGC will be governed by a board of directors that includes Indigenous business leaders and representatives from the Government of Canada. The board will be responsible for setting the policies and procedures for the corporation, and for approving loan guarantees.
The CILGC is expected to be operational in early 2025.
Background
The creation of the CILGC is part of the Government of Canada’s broader efforts to support Indigenous economic development. In recent years, the government has made a number of investments in Indigenous businesses and entrepreneurs, including:
- The Indigenous Business Initiative, which provides funding to Indigenous businesses and entrepreneurs
- The Indigenous Economic Development Fund, which provides loans and grants to Indigenous businesses and entrepreneurs
- The Indigenous Tourism Fund, which provides funding to support the growth of Indigenous tourism businesses
The CILGC is designed to complement these existing programs by providing loan guarantees to Indigenous businesses and entrepreneurs. This will help to reduce the risk to lenders, making it easier for Indigenous businesses to access financing.
Expected Impact
The CILGC is expected to have a significant impact on Indigenous economic development. By providing loan guarantees to Indigenous businesses and entrepreneurs, the CILGC will help to:
- Increase access to financing for Indigenous businesses
- Reduce the risk to lenders
- Support the growth of Indigenous businesses
- Create jobs and economic opportunities for Indigenous people
The CILGC is a key part of the Government of Canada’s commitment to supporting Indigenous economic development. This new corporation will help Indigenous businesses and entrepreneurs access the financing they need to grow and succeed.
Canada Indigenous Loan Guarantee Corporation
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