THUNDER BAY — A new project implemented through a partnership between the Thunder Bay Community Economic Development Commission (CEDC), the Anishnawbe Business Professional Association (ABPA) and the Nishnawbe Aski Development Fund (NADF) aims to evaluate the economic impact of Indigenous business in Thunder Bay.
The project involves a comprehensive survey that will be prepared by the Indigenous and Community Engagement (ICE).
Jamie Taylor, chief executive officer of the Thunder Bay Community Economic Development Commission, said it's crucial to engage directly with Indigenous business owners through the exploration of the economic impact of Indigenous spending in Thunder Bay.
"Their insights and experiences are invaluable in shaping a future where our community thrives as a regional hub," she told The Chronicle-Journal.
"I strongly encourage all Indigenous entrepreneurs to participate in the upcoming events and provide their input. Together, we can create meaningful growth and ensure Indigenous contributions are recognized and amplified."
Jason Rasevych, president of the Anishnawbe Business Professional Association, said while the study seeks to highlight the economic benefits of Indigenous spending in Thunder Bay, it will also foster a deeper understanding of the role Indigenous people and communities play in shaping a more inclusive and prosperous future for all citizens.
The study will also support economic reconciliation efforts by showcasing the positive impact of Indigenous businesses and services.
"The study aims to measure the economic impact of Indigenous businesses in terms of gross output, gross domestic product (GDP), labour income, and job creation," Rasevych said.
"It also aims to promote economic reconciliation by highlighting the significant contributions of Indigenous businesses and foster a deeper understanding and appreciation of their role in the local economy."
He added the study will challenge misconceptions by debunking myths about the economic involvement of First Nations while providing accurate insights into their investments and contributions.
Rasevych noted how selected Indigenous businesses in the Thunder Bay CEDC Indigenous Impact Study can benefit from several opportunities.
"The study highlights the contributions of Indigenous businesses, providing them with greater recognition and visibility within the community," he said. "By showcasing their economic impact, these businesses may attract more support and investment from both public and private sectors."
He said the findings of the study can influence local policies and programs, potentially leading to more favourable conditions for Indigenous businesses.
Indigenous businesses face several challenges that can impact their growth and success. These challenges include access to capital.
"Indigenous businesses often struggle to secure financing due to limited access to mainstream financial institutions and the constraints of the Indian Act, which prohibits the use of reserve land as collateral," he said.
Other challenges include:
• Lack of access to established business networks.
• Finding and retaining skilled employees.
• Inadequate infrastructure, such as unreliable internet and lack of transportation.
• Limited access to education and training.
• Racial discrimination.
• Community support in urban settings.
• Redwashing (when non-Indigenous businesses promote the concept of economic reconciliation but fail to meet their procurement targets or are not following through on their commitments.)
To qualify for participation selection, Rasevych explained that businesses typically need to meet certain criteria. This includes Indigenous ownership, community engagement, and alignment with promoting economic reconciliation and inclusive growth.
"There has been notable growth in Indigenous businesses in Thunder Bay, and nationally, Indigenous business is growing at nine times the Canadian average," he said, noting several factors contribute to this positive trend.
"Initiatives like the Miinikaanan Badakidoon program, launched by the Thunder Bay (Community Economic Development Commission), provide funding, training, and mentorship to Indigenous entrepreneurs. These programs help new businesses start, and existing ones expand."
He added partnerships between organizations such as the Thunder Bay Community Economic Development Commission, Fort William First Nation, Anishnawbe Business Professional Association, and the Nishnawbe Aski Development Fund have been instrumental in supporting Indigenous businesses as well.
Indigenous entrepreneurs are invited to register for a virtual information session by email at [email protected].
The Chronicle Journal / Local Journalism Initiative
