About the Business
The National Aboriginal Capital Corporations Association (NACCA) is a network of over 50 Aboriginal Financial Institutions (AFIs) dedicated to stimulating economic growth for Indigenous people across Canada. NACCA supports AFIs by building financial capacity and fostering Indigenous business development. With NACCA’s support, the AFI network has made more than 48,000 loans to date, totaling over $2.7 billion to businesses owned by First Nations, Métis, and Inuit people.
About the Loan
Supporting Indigenous business is one of the pillars of VCIB’s purpose-driven approach. In April 2020, VCIB provided commercial mortgage financing to enable NACCA’s acquisition of a converted heritage building in Centretown Ottawa. This building will serve as NACCA’s new headquarters, replacing the organization’s aging leased office space.
About the Impact
Indigenous small businesses already face unique barriers and challenges, and today, these businesses are among those most vulnerable to the impacts of COVID-19. NACCA and the AFI network are providing critical relief as entrepreneurs work to sustain themselves and prepare to rebuild. In this context, VCIB has provided NACCA with commercial mortgage financing for its new headquarters, totalling 7,540 square feet of social purpose real estate. This financing has enabled NACCA to move from renter to real estate owner, providing both social and financial benefits.
From a financial perspective, VCIB’s financing allows for greater control over NACCA’s costs and the capacity to direct more funds to its critical work in rebuilding. From a social perspective, ownership of the building gives NACCA new resources to expand its offerings and programming for the community. With a new directly owned office space in Ottawa, NACCA is cementing its place in the community as it continues to work with government organizations to increase access to financing for indigenous businesses.
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