Economic programs take new direction

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On June 24, Industry Canada announced its new directions and priorities in support of Aboriginal economic programs. Emphasis will be placed on proposals supporting these objectives.

- trade and export and development;'

- increased adaptation of technology by Aboriginal businesses, and;

- encouragement of young Aboriginal entrepreneurs.

To reflect the new directions and to make Aboriginal Economic Programs more visibly business-focused, they have been grouped under a new name, Aboriginal Business Canada.

Aboriginal Business Canada (formally the Aboriginal Business Development Program or ABDP) provides programs to Canadian status and non-status Indians,

Metis, Inuit and associations, partnerships, corporations, non-profit groups and other organization that are majority-owned and controlled by Aboriginal people. It provides help in several ways:

- helps in developing business plans by providing business planning guides, other written materials, videos, advice, and access to business consultants if required.

- helping applicants contact lenders for the financing requirements of the business.

- providing financial assistance to help clients, buy, startup or expand a business. - providing financing towards the costs of management training and for business advisors once the business is operating.

Another helpful change is giving the regional offices the authority to approve contributions of up to $25,000. This means a contribution for a business plan, for example, can be approved faster.